Slack Technologies (WORK) Gains But Lags Market: What You Should Know
Slack Technologies (WORK) closed at $30.54 in the latest trading session, marking a +0.13% move from the prior day. This change lagged the S&P 500's 0.36% gain on the day. Meanwhile, the Dow gained 0.62%, and the Nasdaq, a tech-heavy index, added 0.35%.
Investors will be hoping for strength from WORK as it approaches its next earnings release. On that day, WORK is projected to report earnings of -$0.03 per share, which would represent year-over-year growth of 78.57%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $208.33 million, up 43.71% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of -$0.16 per share and revenue of $866.86 million, which would represent changes of +42.86% and +37.51%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for WORK. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, 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. Within the past 30 days, our consensus EPS projection remained stagnant. WORK is holding a Zacks Rank of #2 (Buy) right now.
The Technology Services industry is part of the Business Services sector. This group has a Zacks Industry Rank of 169, putting it in the bottom 34% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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