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Surging Earnings Estimates Signal Good News for Ringcentral (RNG)

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Ringcentral, Inc. RNG is a software-as-a-service solutions provider that could be an interesting play for investors. That is because, not only does the stock have decent short-term momentum, but it is seeing solid activity on the earnings estimate revision front as well.

These positive earnings estimate revisions suggest that analysts are becoming more optimistic on RNG’s earnings for the coming quarter and year. In fact, consensus estimates have moved sharply higher for both of these time frames over the past four weeks, suggesting that Ringcentral could be a solid choice for investors.

Current Quarter Estimates for RNG

In the past 30 days, seven estimates have gone higher for Ringcentral while none have gone lower in the same time period. The trend has been pretty favorable too, with estimates increasing from 15 cents a share 30 days ago, to 16 cents today, a move of 6.7%.

Current Year Estimates for RNG

Meanwhile, Ringcentral’s current year figures are also looking quite promising, with 10 estimates moving higher in the past month, compared to none lower. The consensus estimate trend has also seen a boost for this time frame, increasing from 64 cents per share 30 days ago to 67 cents per share today, an increase of 4.7%.

Ringcentral, Inc. Price and Consensus

Ringcentral, Inc. Price and Consensus | Ringcentral, Inc. Quote

Bottom Line

The stock has also started to move higher lately, adding 8.7% over the past four weeks, suggesting that investors are starting to take note of this impressive story. So, investors may want to consider this Zacks Rank #2 (Buy) stock to profit in the near future. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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