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Slack Technologies (WORK) Gains As Market Dips: What You Should Know

Zacks Equity Research

In the latest trading session, Slack Technologies (WORK) closed at $22.99, marking a +1.5% move from the previous day. This change outpaced the S&P 500's 0.54% loss on the day. Meanwhile, the Dow lost 0.94%, and the Nasdaq, a tech-heavy index, lost 0.54%.

Prior to today's trading, shares of the work messaging service had lost 2.24% over the past month. This has lagged the Business Services sector's gain of 5.9% and the S&P 500's gain of 3.22% in that time.

WORK will be looking to display strength as it nears its next earnings release.

Investors should also note any recent changes to analyst estimates for WORK. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. WORK is currently a Zacks Rank #2 (Buy).

The Technology Services industry is part of the Business Services sector. This group has a Zacks Industry Rank of 107, putting it in the top 42% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.

Click to get this free report Slack Technologies, Inc. (WORK) : Free Stock Analysis Report To read this article on Zacks.com click here.