Investors focused on the Business Services space have likely heard of Slack Technologies (WORK - Free Report) , 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 a member of our Business Services group, which includes 189 different companies and currently sits at #4 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
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 90 days, the Zacks Consensus Estimate for WORK's full-year earnings has moved 18.15% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Our latest available data shows that WORK has returned about 4.63% since the start of the calendar year. At the same time, Business Services stocks have gained an average of 0.91%. This means that Slack Technologies is outperforming the sector as a whole this year.
To break things down more, WORK belongs to the Technology Services industry, a group that includes 54 individual companies and currently sits at #105 in the Zacks Industry Rank. On average, stocks in this group have gained 1.96% this year, meaning that WORK is performing better in terms of year-to-date returns.
Investors in the Business Services sector will want to keep a close eye on WORK as it attempts to continue its solid performance.