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? Let's take a closer look at the stock's year-to-date performance to find out.
Slack Technologies is a member of our Business Services group, which includes 213 different companies and currently sits at #12 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.
The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. 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 7.34% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
According to our latest data, WORK has moved about 0.92% on a year-to-date basis. In comparison, Business Services companies have returned an average of -1.27%. This shows that Slack Technologies is outperforming its peers so far this year.
Looking more specifically, WORK belongs to the Technology Services industry, which includes 82 individual stocks and currently sits at #184 in the Zacks Industry Rank. On average, stocks in this group have gained 8.48% this year, meaning that WORK is slightly underperforming its industry in terms of year-to-date returns.
Investors with an interest in Business Services stocks should continue to track WORK. The stock will be looking to continue its solid performance.