In the latest trading session, Advanced Micro Devices (AMD) closed at $104.68, marking a -0.36% move from the previous day. This change was narrower than the S&P 500's 0.69% loss on the day.Coming into today, shares of the chipmaker had lost 0.13% in the past month. In that same time, the Computer and Technology sector lost 5.77%, while the S&P 500 lost 2.58%.Investors will be hoping for strength from AMD as it approaches its next earnings release. In that report, analysts expect AMD to post earnings of $0.66 per share. This would mark year-over-year growth of 60.98%. Meanwhile, our latest consensus estimate is calling for revenue of $4.12 billion, up 47.06% from the prior-year quarter.AMD's full-year Zacks Consensus Estimates are calling for earnings of $2.50 per share and revenue of $15.66 billion. These results would represent year-over-year changes of +93.8% and +60.43%, respectively.Any recent changes to analyst estimates for AMD should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. AMD is currently a Zacks Rank #3 (Hold).Valuation is also important, so investors should note that AMD has a Forward P/E ratio of 41.99 right now. Its industry sports an average Forward P/E of 19.47, so we one might conclude that AMD is trading at a premium comparatively.Also, we should mention that AMD has a PEG ratio of 0.94. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Electronics - Semiconductors industry currently had an average PEG ratio of 1.42 as of yesterday's close.The Electronics - Semiconductors industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 157, which puts it in the bottom 39% of all 250+ industries.The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.You can find more information on all of these metrics, and much more, on Zacks.com. Tech IPOs With Massive Profit Potential In the past few years, many popular platforms and like Uber and Airbnb finally made their way to the public markets. But the biggest paydays came from lesser-known names. For example, electric carmaker X Peng shot up +299.4% in just 2 months. Think of it this way… If you had put $5,000 into XPEV at its IPO in September 2020, you could have cashed out with $19,970 in November. With record amounts of cash flooding into IPOs and a record-setting stock market, this year’s lineup could be even more lucrative.See Zacks Hottest Tech IPOs Now >>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 Advanced Micro Devices, Inc. (AMD): Free Stock Analysis Report To read this article on Zacks.com click here.