Investors focused on the Business Services space have likely heard of Slack Technologies , but is the stock performing well in comparison to the rest of its sector peers? By taking a look at the stock's year-to-date performance in comparison to its Business Services peers, we might be able to answer that question.
Slack Technologies is a member of the Business Services sector. This group includes 210 individual stocks and currently holds a Zacks Sector Rank of #10. 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. WORK is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for WORK's full-year earnings has moved 0.46% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the most recent data, WORK has returned 87.90% so far this year. Meanwhile, the Business Services sector has returned an average of -4.60% on a year-to-date basis. This means that Slack Technologies is outperforming the sector as a whole this year.
Looking more specifically, WORK belongs to the Technology Services industry, a group that includes 74 individual stocks and currently sits at #172 in the Zacks Industry Rank. Stocks in this group have gained about 15.95% so far this year, so WORK is performing better this group in terms of year-to-date returns.
WORK will likely be looking to continue its solid performance, so investors interested in Business Services stocks should continue to pay close attention to the company.