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Peter Kimani

Should I buy Slack shares?


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Hi Peter, based on the company's crazy ride over the past few weeks, I'd say that Slack's immediate future looks promising as the company has seen a massive increase in demand for its products due to COVID-19 pandemic. The company recently announced that it had crossed the 10 million mark in terms of simultaneously connected users. Six days later, the company hit the 11.5 million mark and crossed the 12.5 million mark a day later.

It's clear that the lockdown measures in the US and in other countries have unlocked an avalanche of demand for Slack's business instant messaging product. The high demand for Slack's product is likely to last as long as government's maintain the current lockdown measures that have forced many employees to work from home.

Slack shares have since rallied from a low of about $15 to a high of $30, which is quite an impressive rally. The stock has previously traded at a high of $41 and there's a chance that it could rally to these levels. I believe Slack is a solid company, though its share price might be a bit extended for now, I'd buy the stock on any significant pullbacks.

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