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Slack (WORK) Stock Jumped Over 7% as Price Target Raised to $37 from $32 at Stephens

Slack Technologies Inc (NYSE: WORK), a software company that designs and develops communication platform meant to provide real-time messaging. File sharing and also archiving, is getting popular during the COVID-19 lockdowns and social distancing. Since the year began, its shares have been on the rise, whereby it has risen 55.92% YTD, 29.72% in the last three months, 32% in the last month and 10.53% in the past week. Meanwhile, yesterday Slack (WORK) stock jumped by 7.68% to $35.05. And after hours it gained 1.17% more to reach $35.46.

The company is expected to release the first-quarter earnings report on June 4. The report is going to be a decisive indicator of how the shares will move in the next few weeks and probably quarters.

Slack (WORK) stock might rally if the reports align with top expectations, however, a correction might be imminent if the report does not agree with most expectations. This is because a significant number of investors follow what top Wall Street analysts give.

In the past 52 weeks, WORK shares have been ranging between $15.10 at lowest and at $42.00 at its highest. At the time of reporting, Slack Tech shares had a market capitalization of $18.28 billion with around 425.48 million outstanding shares.

“This work messaging service is expected to post quarterly loss of $0.07 per share in its upcoming report, which represents a year-over-year change of +73.1%,” wrote Zack Consensus Estimate. “Revenues are expected to be $186.54 million, up 38.4% from the year-ago quarter,” it added.

The Zacks Earnings ESP do compares the most accurate estimate in relation to the Zacks Consensus Estimate for the given period. A positive Earnings ESP is a strong indicator of a possible earnings beat, essentially when it comes in hand with a Zacks Rank #1, strong buy.

On the other hand, Stephens analyst Ryan MacWilliams raised the Slack stock price target from $32 to $37. According to McWilliams, Slack’s value proposition has been further accentuated in the current remote working environment. However, he is concerned by the level into which investors are expecting too much as the coronavirus holds the market hostage.

According to its metrics on its official webpage, Slack has recorded over 12 million daily active users, over 119 paid customers, 65 of the Fortune 100 use its services whereby it’s in over 150 countries.

The company runs an $80 million fund called The Slack Fund to support developers and also small companies which are building apps for the company.

Slack (WORK) Stock Jumped Over 7% as Price Target Raised to $37 from $32 at Stephens

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