Here's Why RingCentral (RNG) is a Strong Momentum Stock
For new and old investors, taking full advantage of the stock market and investing with confidence are common goals.
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?
For momentum investors, upward or downward trends in a stock's price or earnings outlook take precedent, so they'll want to zero in on the Momentum Style Score. This Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.
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 sits at a Zacks Rank #3 (Hold), holds a Momentum Style Score of A, and has a VGM Score of A. The stock is up 7.2% and up 0.5% over the past one-week and four-week period, respectively, and RingCentral has lost 7.2% in the last one-year period as well. Additionally, an average of 1,484,589.75 shares were traded over the last 20 trading sessions.
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
