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? A quick glance at the company's year-to-date performance in comparison to the rest of the Business Services sector should help us answer this question.
Slack Technologies is one of 213 companies in the Business Services group. The Business Services group currently sits at #13 within the Zacks Sector Rank. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.
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).
Within the past quarter, the Zacks Consensus Estimate for WORK's full-year earnings has moved 8.25% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
According to our latest data, WORK has moved about 2.37% on a year-to-date basis. At the same time, Business Services stocks have gained an average of 0.97%. This means that Slack Technologies is performing better than its sector in terms of year-to-date returns.
Looking more specifically, WORK belongs to the Technology Services industry, a group that includes 82 individual stocks and currently sits at #215 in the Zacks Industry Rank. On average, stocks in this group have gained 15.87% this year, meaning that WORK is slightly underperforming its industry in terms of year-to-date returns.
Going forward, investors interested in Business Services stocks should continue to pay close attention to WORK as it looks to continue its solid performance.