Have you been paying attention to shares of Advanced Energy Industries (AEIS)? Shares have been on the move with the stock up 20.9% over the past month. The stock hit a new 52-week high of $90.12 in the previous session. Advanced Energy Industries has gained 21.8% since the start of the year compared to the 30.5% move for the Zacks Computer and Technology sector and the 34.4% return for the Zacks Semiconductor Equipment - Wafer Fabrication industry.What's Driving the Outperformance?The stock has an impressive record of positive earnings surprises, as it hasn't missed our earnings consensus estimate in any of the last four quarters. In its last earnings report on November 5, 2020, Advanced Energy reported EPS of $1.66 versus consensus estimate of $1.17 while it beat the consensus revenue estimate by 10.63%.For the current fiscal year, Advanced Energy is expected to post earnings of $4.52 per share on $1.38 billion in revenues. This represents an 85.25% change in EPS on a 75.33% change in revenues. For the next fiscal year, the company is expected to earn $4.95 per share on $1.45 billion in revenues. This represents a year-over-year change of 9.51% and 4.61%, respectively.Valuation MetricsAdvanced Energy may be at a 52-week high right now, but what might the future hold for the stock? A key aspect of this question is taking a look at valuation metrics in order to determine if the company has run ahead of itself.On this front, we can look at the Zacks Style Scores, as they provide investors with an additional way to sort through stocks (beyond looking at the Zacks Rank of a security). These styles are represented by grades running from A to F in the categories of Value, Growth, and Momentum, while there is a combined VGM Score as well. The idea behind the style scores is to help investors pick the most appropriate Zacks Rank stocks based on their individual investment style.Advanced Energy has a Value Score of D. The stock's Growth and Momentum Scores are A and D, respectively, giving the company a VGM Score of B.In terms of its value breakdown, the stock currently trades at 19.2X current fiscal year EPS estimates. On a trailing cash flow basis, the stock currently trades at 29.1X versus its peer group's average of 25.9X. This isn't enough to put the company in the top echelon of all stocks we cover from a value perspective.Zacks RankWe also need to consider the stock's Zacks Rank, as this supersedes any trend on the style score front. Fortunately, Advanced Energy currently has a Zacks Rank of #2 (Buy) thanks to rising earnings estimates.Since we recommend that investors select stocks carrying Zacks Rank of 1 (Strong Buy) or 2 (Buy) and Style Scores of A or B, it looks as if Advanced Energy passes the test. Thus, it seems as though Advanced Energy shares could still be poised for more gains ahead.How Does Advanced Energy Stack Up to the Competition?Shares of Advanced Energy have been moving higher, and the company still appears to be a decent choice, but what about the rest of the industry? Some of its industry peers are also looking good, including Cohu (COHU), Kulicke and Soffa Industries (KLIC), and Ultra Clean Holdings (UCTT), all of which currently have a Zacks Rank of at least #2 and a VGM Score of at least B, making them well-rounded choices.The Zacks Industry Rank is in the top 15% of all the industries we have in our universe, so it looks like there are some nice tailwinds for Advanced Energy, even beyond its own solid fundamental situation.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 Energy Industries, Inc. (AEIS): Free Stock Analysis Report Ultra Clean Holdings, Inc. (UCTT): Free Stock Analysis Report Cohu, Inc. (COHU): Free Stock Analysis Report Kulicke and Soffa Industries, Inc. (KLIC): Free Stock Analysis Report To read this article on Zacks.com click here.