Here's Why RingCentral (RNG) is a Strong Growth Stock
Taking full advantage of the stock market and investing with confidence are common goals for new and old investors alike.
Achieving those goals is made easier with the Zacks Style Scores, a unique set of guidelines that rates stocks based on popular investing methodologies, namely value, growth, and momentum. The Style Scores can help you narrow down which stocks are better for your portfolio and which ones can beat the market over the long-term.
Why This 1 Growth Stock Should Be On Your Watchlist
Different than value or momentum investors, growth-oriented investors are concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, they'll want to focus on the Growth Style Score, which analyzes characteristics like projected and historical earnings, sales, and cash flow to find stocks that will see sustainable growth over time.
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 Growth Style Score of A and VGM Score of B, and holds a Zacks Rank #3 (Hold) rating. Its bottom-line is projected to rise 59.8% year-over-year for 2023, while Wall Street anticipates its top line to improve by 10.7%.
Six analysts revised their earnings estimate higher in the last 60 days for fiscal 2023, while the Zacks Consensus Estimate has increased $0.03 to $3.18 per share. RNG also boasts an average earnings surprise of 6.3%.
Looking at cash flow, RingCentral is expected to report cash flow growth of 98.5% this year; RNG has generated cash flow growth of 125.4% over the past three to five years.
Investors should take the time to consider RNG for their portfolios due to its solid Zacks Rank rating, notable growth metrics, and impressive Growth and VGM Style Scores.
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Ringcentral, Inc. (RNG) : Free Stock Analysis Report
