U.S. Markets open in 3 hrs

Slack Technologies (WORK) Outpaces Stock Market Gains: What You Should Know

Zacks Equity Research

Slack Technologies (WORK) closed at $24 in the latest trading session, marking a +1.52% move from the prior day. This change outpaced the S&P 500's 0.28% gain on the day. At the same time, the Dow added 0.09%, and the tech-heavy Nasdaq gained 0.4%.

Heading into today, shares of the work messaging service had lost 8.05% over the past month, lagging the Business Services sector's loss of 0.1% and the S&P 500's loss of 0.14% in that time.

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

Investors might also notice recent changes to analyst estimates for WORK. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.81% higher. WORK is currently a Zacks Rank #2 (Buy).

The Technology Services industry is part of the Business Services sector. This industry currently has a Zacks Industry Rank of 103, which puts it in the top 41% 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.

Make sure to utilize Zacks. Com to follow all of these stock-moving metrics, and more, in the coming trading sessions.


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
Slack Technologies, Inc. (WORK) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research