Here's Why RingCentral (RNG) is a Strong Momentum Stock
Taking full advantage of the stock market and investing with confidence are common goals for new and old investors alike.
Many investors also have a go-to methodology that helps guide their buy and sell decisions. One way to find winning stocks based on your preferred way of investing is to use the Zacks Style Scores, which are indicators that rate stocks based on three widely-followed investing types: value, growth, and momentum.
Is This 1 Momentum Stock a Screaming Buy Right Now?
Momentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.
RingCentral (RNG)
RingCentral is a leading provider of contact center software-as-a-service (SaaS) solutions, along with global enterprise cloud communications, video meetings, collaboration, and customer engagement solutions that enable businesses to communicate, collaborate, and connect.
RNG boasts a Momentum Style Score of B and VGM Score of A, and holds a Zacks Rank #3 (Hold) rating. Shares of RingCentral has seen some interesting price action recently; the stock is down 1.2% over the past one week and up 12.9% over the past four weeks. And in the last one-year period, RNG has gained 27.8%. As for the stock's trading volume, 1,203,448 shares on average were traded over the last 20 days.
A company's earnings performance is important for momentum investors as well. For fiscal 2024, 10 analysts revised their earnings estimate higher in the last 60 days for RNG, while the Zacks Consensus Estimate has increased $0.11 to $3.52 per share. RNG also boasts an average earnings surprise of 6.8%.
Investors should take the time to consider RNG for their portfolios due to its solid Zacks Ranks, notable earnings metrics, and impressive Momentum and VGM Style Scores.
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Ringcentral, Inc. (RNG) : Free Stock Analysis Report
