If you only listened to the media chasing the biggest names and companies, you might think that tech giants like Amazon.com Inc. (NASDAQ: AMZN), Facebook Inc. (NASDAQ: FB), Alphabet Inc. (NASDAQ: GOOGL) and NVIDIA Corp. (NASDAQ: NVDA) were the best performing stocks of 2017, with an average gain of about 30%.
It is undeniable that these industry leaders have had impressive moves this year. Still, a fresh performance review of major technology stocks in the S&P 500 Index actually brought up many other stocks that generally have large-cap valuations and are up as much or more than the most frequently covered leaders so far in 2017.
Now that summer is kicking off, 24/7 Wall St. wanted to review some of these top S&P tech sector stocks so far in 2017. Some of these stocks are still not quite at all-time highs, but most of the top-performing stocks are now quite close to those highs.
As you will see, and something that has been the case even during most of their recent gains, most of these companies are trading above or close to their consensus analyst price targets. With summertime setting in, should investors look for even more gains or should they consider taking some money off the table after such major gains
For a comparison, here is how much each of the major tech stock gainers getting all the media attention are up so far this year, as of May 31, 2017:
- NVIDIA, up 35.0%
- Amazon, up 32.6%
- Facebook, up 31.6%
- Alphabet, up 24.5%
Performance tracking was screened on FINVIZ for tech stocks in the S&P 500 Index, price and range data was from Yahoo Finance, and relative consensus analyst price targets were from Thomson Reuters.
Here are the top pure technology stocks in the S&P 500 Index with the most impressive gains in 2017 at the end of May.
Adobe Systems Inc. (NASDAQ: ADBE) is up almost 38% so far in 2017, and its recent price of $141.86 is less than $2 shy of its recent all-time high of $143.48. Adobe is up less than 2% over the past week, up about 5% in the past month, up over 17% in the past quarter and up over 42% from a year ago.
Adobe has a consensus analyst price target of $145.07 and a 52-week trading range of $90.35 to $143.48. The company has a total market cap of $70 billion.
Applied Materials Inc. (NASDAQ: AMAT) was last seen up 42% so far in 2017. At $45.88, its shares are almost back to the peak levels from its chart during the 1999 and 2000 technology bubble. Applied Materials has a gain of 2% in the past week, is up 10% in the past month, and is up 24% in the past quarter. Its gain is actually 88% from this time a year ago.
Applied Materials, the leader in semiconductor capital spending, has a market cap nearing $50 billion, and it has a 52-week range of $22.17 to $46.05. Its consensus target price is $49.98.