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Investors focused on the Business Services space have likely heard of DocuSign (DOCU), but is the stock performing well in comparison to the rest of its sector peers? One simple way to answer this question is to take a look at the year-to-date performance of DOCU and the rest of the Business Services group's stocks.
DocuSign is a member of our Business Services group, which includes 213 different companies and currently sits 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 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. 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 22.73% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Our latest available data shows that DOCU has returned about 2.79% since the start of the calendar year. At the same time, Business Services stocks have lost an average of 1.47%. This means that DocuSign is outperforming the sector as a whole this year.
Looking more specifically, DOCU belongs to the Technology Services industry, a group that includes 82 individual stocks and currently sits at #177 in the Zacks Industry Rank. This group has gained an average of 0.83% so far this year, so DOCU is performing better in this area.
Investors in the Business Services sector will want to keep a close eye on DOCU as it attempts to continue its solid performance.
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