Investors interested in Computer and Technology stocks should always be looking to find the best-performing companies in the group. Is Ringcentral (RNG) one of those stocks right now? By taking a look at the stock's year-to-date performance in comparison to its Computer and Technology peers, we might be able to answer that question.
Ringcentral is one of 594 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #5 in the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.
The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. RNG is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past three months, the Zacks Consensus Estimate for RNG's full-year earnings has moved 31.70% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
According to our latest data, RNG has moved about 70.02% on a year-to-date basis. At the same time, Computer and Technology stocks have gained an average of 6.84%. This shows that Ringcentral is outperforming its peers so far this year.
To break things down more, RNG belongs to the Internet - Software and Services industry, a group that includes 19 individual companies and currently sits at #86 in the Zacks Industry Rank. On average, stocks in this group have lost 7.19% this year, meaning that RNG is performing better in terms of year-to-date returns.
Investors with an interest in Computer and Technology stocks should continue to track RNG. The stock will be looking to continue its solid performance.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Ringcentral, Inc. (RNG) : Free Stock Analysis Report
To read this article on Zacks.com click here.