For those looking to find strong Computer and Technology stocks, it is prudent to search for companies in the group that are outperforming their peers. Has Akamai Technologies (AKAM) been one of those stocks this year? Let’s take a closer look at the stock’s year-to-date performance to find out.
Akamai Technologies is one of 644 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #6 in the Zacks Sector Rank. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.
The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. AKAM is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for AKAM’s full-year earnings has moved 1.90% higher within the past quarter. This shows that analyst sentiment has improved and the company’s earnings outlook is stronger.
According to our latest data, AKAM has moved about 12.67% on a year-to-date basis. At the same time, Computer and Technology stocks have gained an average of 12.09%. As we can see, Akamai Technologies is performing better than its sector in the calendar year.
Breaking things down more, AKAM is a member of the Internet – Services industry, which includes 50 individual companies and currently sits at #104 in the Zacks Industry Rank. On average, this group has gained an average of 9.65% so far this year, meaning that AKAM is performing better in terms of year-to-date returns.
Investors with an interest in Computer and Technology stocks should continue to track AKAM. The stock will be looking to continue its solid performance.