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Are Business Services Stocks Lagging Spotify Technology (SPOT) This Year?
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Investors interested in Business Services stocks should always be looking to find the best-performing companies in the group. Is Spotify (SPOT - Free Report) one of those stocks right now? Let's take a closer look at the stock's year-to-date performance to find out.
Spotify is a member of the Business Services sector. This group includes 316 individual stocks and currently holds a Zacks Sector Rank of #3. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.
The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. Spotify is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past 90 days, the Zacks Consensus Estimate for SPOT's full-year earnings has moved 33.9% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
According to our latest data, SPOT has moved about 57.9% on a year-to-date basis. In comparison, Business Services companies have returned an average of 4.1%. This means that Spotify is outperforming the sector as a whole this year.
Seagate (STX - Free Report) is another Business Services stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 9.2%.
The consensus estimate for Seagate's current year EPS has increased 1920% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Spotify belongs to the Technology Services industry, a group that includes 173 individual stocks and currently sits at #65 in the Zacks Industry Rank. Stocks in this group have gained about 13.4% so far this year, so SPOT is performing better this group in terms of year-to-date returns. Seagate is also part of the same industry.
Investors with an interest in Business Services stocks should continue to track Spotify and Seagate. These stocks will be looking to continue their solid performance.
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Are Business Services Stocks Lagging Spotify Technology (SPOT) This Year?
Investors interested in Business Services stocks should always be looking to find the best-performing companies in the group. Is Spotify (SPOT - Free Report) one of those stocks right now? Let's take a closer look at the stock's year-to-date performance to find out.
Spotify is a member of the Business Services sector. This group includes 316 individual stocks and currently holds a Zacks Sector Rank of #3. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.
The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. Spotify is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past 90 days, the Zacks Consensus Estimate for SPOT's full-year earnings has moved 33.9% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
According to our latest data, SPOT has moved about 57.9% on a year-to-date basis. In comparison, Business Services companies have returned an average of 4.1%. This means that Spotify is outperforming the sector as a whole this year.
Seagate (STX - Free Report) is another Business Services stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 9.2%.
The consensus estimate for Seagate's current year EPS has increased 1920% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Spotify belongs to the Technology Services industry, a group that includes 173 individual stocks and currently sits at #65 in the Zacks Industry Rank. Stocks in this group have gained about 13.4% so far this year, so SPOT is performing better this group in terms of year-to-date returns. Seagate is also part of the same industry.
Investors with an interest in Business Services stocks should continue to track Spotify and Seagate. These stocks will be looking to continue their solid performance.