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Is Elastic N.V. (ESTC) Outperforming Other Business Services Stocks This Year?

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Zacks Equity Research
·2 min read
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For those looking to find strong Business Services stocks, it is prudent to search for companies in the group that are outperforming their peers. Is Elastic N.V. (ESTC) one of those stocks right now? 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.

Elastic N.V. is a member of the Business Services sector. This group includes 210 individual stocks and currently holds a Zacks Sector Rank of #10. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.

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. 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 27.14% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.

According to our latest data, ESTC has moved about 126.80% on a year-to-date basis. In comparison, Business Services companies have returned an average of -2.79%. 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 74 individual companies and currently sits at #171 in the Zacks Industry Rank. Stocks in this group have gained about 16.29% so far this year, so ESTC is performing better this group 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.


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Zacks Investment Research