RingCentral (RNG) is a Top-Ranked Growth Stock: Should You Buy?
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 sits at a Zacks Rank #3 (Hold), holds a Growth Style Score of A, and has a VGM Score of B. Earnings and sales are forecasted to increase 60.3% and 10.7% year-over-year, respectively.
Eight analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.04 to $3.19 per share for 2023. RNG boasts an average earnings surprise of 6.3%.
RingCentral is also cash rich. The company has generated cash flow growth of 125.4%, and is expected to report cash flow expansion of 98.5% in 2023.
RNG should be on investors' short lists because of its impressive growth fundamentals, a good Zacks Rank, and strong Growth and VGM Style Scores.
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Ringcentral, Inc. (RNG) : Free Stock Analysis Report
