Is Backblaze (BLZE) 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 Backblaze, Inc. (BLZE) been one of those stocks this year? By taking a look at the stock's year-to-date performance in comparison to its Computer and Technology peers, we might be able to answer that question.

Backblaze, Inc. is one of 605 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #5 in the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.

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. Backblaze, Inc. is currently sporting a Zacks Rank of #2 (Buy).

Within the past quarter, the Zacks Consensus Estimate for BLZE's full-year earnings has moved 16.4% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.

Based on the latest available data, BLZE has gained about 27.1% so far this year. In comparison, Computer and Technology companies have returned an average of 10.8%. This shows that Backblaze, Inc. is outperforming its peers so far this year.

Analog Devices (ADI) is another Computer and Technology stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 15.3%.

For Analog Devices, the consensus EPS estimate for the current year has increased 2.7% over the past three months. The stock currently has a Zacks Rank #2 (Buy).

To break things down more, Backblaze, Inc. belongs to the Internet - Software industry, a group that includes 173 individual companies and currently sits at #74 in the Zacks Industry Rank. On average, stocks in this group have gained 17.5% this year, meaning that BLZE is performing better in terms of year-to-date returns.

Analog Devices, however, belongs to the Semiconductor - Analog and Mixed industry. Currently, this 10-stock industry is ranked #39. The industry has moved +11.2% so far this year.

Investors with an interest in Computer and Technology stocks should continue to track Backblaze, Inc. and Analog Devices. These stocks will be looking to continue their solid performance.

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This article originally published on Zacks Investment Research (zacks.com).

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