Investors focused on the Business Services space have likely heard of DocuSign (DOCU - Free Report) , 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.
DocuSign is one of 189 individual stocks in the Business Services sector. Collectively, these companies sit at #7 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 successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. DOCU is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for DOCU's full-year earnings has moved 2.73% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Our latest available data shows that DOCU has returned about 4.33% since the start of the calendar year. Meanwhile, the Business Services sector has returned an average of -12.27% on a year-to-date basis. As we can see, DocuSign is performing better than its sector in the calendar year.
Looking more specifically, DOCU belongs to the Technology Services industry, a group that includes 54 individual stocks and currently sits at #72 in the Zacks Industry Rank. This group has lost an average of 5.32% so far this year, so DOCU is performing better in this area.
Going forward, investors interested in Business Services stocks should continue to pay close attention to DOCU as it looks to continue its solid performance.