WORK Stock Rises 0.44%, Company Announces Set of Technologies Slack Connect

UTC by Steve Muchoki · 3 min read
WORK Stock Rises 0.44%, Company Announces Set of Technologies Slack Connect
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Slack Technologies (WORK) is up today after a loss of 6.08% yesterday. The company has announced its news tech package called Slack Connect, which enhances its real time-communication across up to 20 clients.

The American software company, Slack Technologies Inc (NYSE: WORK) is working to position itself as the preferred business partner during the COVID-19 crisis. However, it does not mean its stock is immune from the coronavirus market disruption that has put many businesses globally at risk of running bankruptcy. WORK stock was trading around yesterday’s close at $31.97, which was a drop of over 6%. Today as teh market opened, teh stock is 0.44% up.

The company’s shares have seen the volatility spike in the past 52 weeks, whereby they traded at lows of $15.10 and highs of $40.07. This reciprocates to it being down around 14.04% in the past 52 weeks despite the coronavirus challenges.

However, year-to-date the company has been able to deliver well to its shareholders as its shares have added 42.22%. In addition, the shares have added 23.53% in the past three months, despite reducing the volatility in the past one month.

Slack Technologies has a vantage point against its competitors like Zoom Video Communications Inc (NASDAQ: ZM), which has had issues with system securities. With the trust gained over the first quarter, the company might gunner up more customers in the coming quarters if the coronavirus remains a direct threat to us.

Slack (WORK) Stock May Have Bright Future with New Features Addition

On Wednesday, the company announced that it has launched a set of technologies called Slack Connect. It is a package meant to enhance its user’s real-time communications with capabilities of up to 20 businesses.

The company is promising its customers an ultra-secure system that puts their need for security fast. “Over time one of the biggest ramifications of Connect will be having a medium for enterprise software to run across organizational boundaries,” said Slack CEO Stewart Butterfield.

In a phone interview with a media outlet MarketWatch, Slack CFO Allen Shim said the new tech will work to somehow replace email shortcomings. “Our goal since the company started six years ago has been, How do we replace email as a delivery system…not just within a company but across companies?” Shim said. “It’s a step-up in collaboration capabilities for companies, and a vector for future growth.” He added.

However, the company is facing stiff competition from Microsoft Corporation (NASDAQ: MSFT), which on Monday updated its mobile app with secure video chat calling capabilities. This leaves the company to strive hard to earn its position in the market despite the competition, hence its stock future still lies on its further future fundamentals.

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Steve Muchoki
Author Steve Muchoki

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