Investors interested in Business Services stocks should always be looking to find the best-performing companies in the group. Is Elastic N.V. (ESTC - Free Report) one of those stocks right now? 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.
Elastic N.V. is a member of the Business Services sector. This group includes 189 individual stocks and currently holds a Zacks Sector Rank of #4. 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 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. ESTC is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for ESTC's full-year earnings has moved 4.83% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Our latest available data shows that ESTC has returned about 2.32% since the start of the calendar year. At the same time, Business Services stocks have gained an average of 1.02%. This means that Elastic N.V. is outperforming the sector as a whole this year.
To break things down more, ESTC belongs to the Technology Services industry, a group that includes 54 individual companies and currently sits at #101 in the Zacks Industry Rank. On average, stocks in this group have gained 1.71% this year, meaning that ESTC is performing better in terms of year-to-date returns.
Going forward, investors interested in Business Services stocks should continue to pay close attention to ESTC as it looks to continue its solid performance.