Is Microchip Technology (MCHP) Stock Outpacing Its Computer and Technology Peers This Year?

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 Microchip Technology (MCHP) been one of those stocks this year? A quick glance at the company's year-to-date performance in comparison to the rest of the Computer and Technology sector should help us answer this question.Microchip Technology is one of 607 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #6 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. Microchip Technology is currently sporting a Zacks Rank of #2 (Buy).Over the past 90 days, the Zacks Consensus Estimate for MCHP's full-year earnings has moved 30.2% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.Based on the most recent data, MCHP has returned 29.8% so far this year. At the same time, Computer and Technology stocks have gained an average of 8.6%. This shows that Microchip Technology is outperforming its peers so far this year.Another Computer and Technology stock, which has outperformed the sector so far this year, is Advanced Energy Industries (AEIS). The stock has returned 20.6% year-to-date.The consensus estimate for Advanced Energy Industries' current year EPS has increased 3.7% over the past three months. The stock currently has a Zacks Rank #2 (Buy).Looking more specifically, Microchip Technology belongs to the Semiconductor - Analog and Mixed industry, a group that includes 10 individual stocks and currently sits at #91 in the Zacks Industry Rank. This group has gained an average of 11.2% so far this year, so MCHP is performing better in this area. On the other hand, Advanced Energy Industries belongs to the Semiconductor Equipment - Wafer Fabrication industry. This 2-stock industry is currently ranked #20. The industry has moved +9% year to date.Investors with an interest in Computer and Technology stocks should continue to track Microchip Technology and Advanced Energy Industries. These stocks will be looking to continue their solid performance.Zacks' Research Chief Picks Stock Most Likely to "At Least Double"Our experts have revealed their Top 5 recommendations with money-doubling potential – and Director of Research Sheraz Mian believes one is superior to the others. Of course, all our picks aren’t winners but this one could far surpass earlier recommendations like Hims & Hers Health, which shot up +209%.See Our Top Stock to Double (Plus 4 Runners Up) >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Microchip Technology Incorporated (MCHP): Free Stock Analysis Report Advanced Energy Industries, Inc. (AEIS): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks