Semiconductors occupy a fast growing portion within the technology sector.  The iShares semiconductor ETF SOXX speaks to the growth in the industry, and the strong investor demand for securities in the space.

In fact, for 2014 the ETF rose 31.28%.  Growth expectations for 2015 are high as well.  The Zacks Industry Rank reflects a positive market space for semiconductors, as they stand among the top 8% of all industries.

As a matter of fact, Gartner Inc. (IT) expects semiconductor sales to reach $358 billion in 2015.  This assumes a 5.4% increase from the success semiconductors saw in sales in 2014.  Gartner attributes this to factors, such as anticipating more stable DRAM supply in 2015.  Theoretically, this would lower the price on DRAM, which would do semiconductor companies a lot of good.

Below we highlight 3 stocks with Zacks Rank #1 and positive analyst EPS revision momentum in the past 4 weeks.  These criteria liken the chance to ride volatility in a positive way going into the earnings report for these companies:

United Microelectronics Corporation-UMC

UMC is a Zacks Rank #1 (Strong Buy).  The company is known for providing foundry services for high performance semiconductor application solutions.  In the past 4 weeks, our EPS consensus for fiscal 2015 has increased 9.52%. 

The company has a PE of 10.74.  However, the PEG of 0.54 is especially impressive.  The company’s growth rate is exceedingly good in comparison to the price it is currently trading at right now.  UMC didn’t disappoint this past earnings season when it reported its Q4 earnings, beating our consensus by 100%!  The company reports its earnings 4/29/15.

Cirrus Logic Inc-CRUS

Cirrus Logic focuses on providing analog circuits and advanced mixed signal chip solutions.  CRUS is currently a Zacks Rank #1 (Strong Buy).  The company has been building considerable momentum as of late, with the EPS consensus for fiscal 2015 increasing 23.11% in the past 4 weeks.

CRUS has a PE of 14.48.  Its growth rate is well in line with its current price, seeing how it has a PEG of 2.13.  Cirrus has an impressive track record when it comes to earnings.  The company has beaten our EPS consensus in each of the last 4 quarters by an average of 43.43%.  Cirrus Logic Inc. reports its earnings 4/23/15.

Amkor Technology Inc-AMKR

Amkor is the world’s largest independent provider of semiconductor packaging and test services.  It holds a Zacks Rank #1 (Strong Buy). The company has seen recent positive EPS revisions from analysts.  Thus, our EPS consensus for fiscal 2015 has risen 23.08% in the past 4 weeks. 

AMKR has a PE of 11.45.  It has posted a massive earnings surprise just last quarter, beating our consensus by 192%.   Amkor Technology posts its earnings on 4/27/15.

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