Slack Technologies (WORK) Stock Sinks As Market Gains: What You Should Know
Slack Technologies (WORK) closed at $32.12 in the latest trading session, marking a -0.77% move from the prior day. This change lagged the S&P 500's daily gain of 0.91%. Meanwhile, the Dow gained 0.85%, and the Nasdaq, a tech-heavy index, added 0.59%.
Heading into today, shares of the work messaging service had gained 0.03% over the past month, lagging the Business Services sector's gain of 3.04% and the S&P 500's gain of 5.26% in that time.
WORK will be looking to display strength as it nears 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%. Our most recent consensus estimate is calling for quarterly revenue 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.
Investors might also notice recent changes to analyst estimates for WORK. These recent revisions tend to reflect the evolving nature of short-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. 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 ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. WORK is holding a Zacks Rank of #3 (Hold) right now.
The Technology Services industry is part of the Business Services sector. This industry currently has a Zacks Industry Rank of 148, which puts it in the bottom 42% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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.
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