For those looking to find solid IT and tech stocks, it is prudent to look for group companies that are outperforming their peers. Is Axcelis Technologies (ACLS) one of these actions currently? A quick glance at how the company has performed since the start of the year relative to the rest of the IT and tech industry should help answer this question.
Axcelis Technologies is a member of our IT and Technology group, which includes 647 different companies and currently ranks 8th in the Zacks Sector ranking. The Zacks Sector Rankings assesses the strength of our 16 individual Sector Groups by measuring the average Zacks Rank of individual stocks within the groups.
Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings prospects. This system has a long history of success, and these stocks tend to be on track to beat the market over the next one to three months. Axcelis Technologies currently has a Zacks n ° 1 ranking (strong buy).
In the last quarter, Zacks’ consensus estimate for ACLS annual earnings rose 8.8%. This shows that analyst sentiment has improved and the company’s earnings outlook is stronger.
According to our latest data, the ACLS has changed about 136% since the start of the year. Meanwhile, shares of the Computer and Technology group gained about 26.5% on average. This shows that Axcelis Technologies is outperforming its peers so far this year.
Another stock in the IT and tech sector, Broadcom Inc. (AVGO), has outperformed the sector so far this year. The share return since the start of the year is 34.8%.
Over the past three months, Broadcom Inc.’s consensus estimate of EPS for the current year has risen 0.4%. The stock currently has a Zacks Rank # 2 (Buy).
Looking more specifically, Axcelis Technologies belongs to the Electronics Industry – Manufacturing Machinery, which comprises 11 individual stocks and currently ranks 28th in the Zacks industry rankings. On average, stocks in this group have gained 40.8% this year, which means the ACLS has performed better in terms of returns since the start of the year.
Broadcom Inc., however, belongs to the Electronics – Semiconductors industry. Currently, this industry of 40 stocks is ranked No.48. The industry has evolved by + 40.2% so far this year.
Axcelis Technologies and Broadcom Inc. could continue their strong performance, investors interested in IT and technology stocks should therefore continue to pay particular attention to these stocks.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.