Is Elastic N.V. (ESTC) Stock Outpacing Its Business Services Peers This Year?
For those looking to find strong Business Services stocks, it is prudent to search for companies in the group that are outperforming their peers. Has Elastic N.V. (ESTC) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.
Elastic N.V. is one of 209 individual stocks in the Business Services sector. Collectively, these companies sit at #4 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.
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. ESTC is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for ESTC's full-year earnings has moved 27.73% higher within the past quarter. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the most recent data, ESTC has returned 130.51% so far this year. In comparison, Business Services companies have returned an average of -1.52%. This shows that Elastic N.V. is outperforming its peers so far 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 #167 in the Zacks Industry Rank. On average, this group has gained an average of 14.50% so far 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.
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