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.
While you may have an investing style you rely on, finding great stocks is made easier with the Zacks Style Scores. These are complementary indicators that rate stocks based on value, growth, and/or momentum characteristics.
Why This 1 Growth Stock Should Be On Your Watchlist
Growth investors build their portfolios around companies that are financially strong and have a bright future, and the Growth Style Score helps take projected and historical earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.
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 A, and holds a Zacks Rank #2 (Buy) rating. Its bottom-line is projected to rise 13% year-over-year for 2024, while Wall Street anticipates its top line to improve by 8.8%.
Seven analysts revised their earnings estimate upwards in the last 60 days for fiscal 2024. The Zacks Consensus Estimate has increased $0.02 to $3.65 per share. RNG boasts an average earnings surprise of 4.6%.
Looking at cash flow, RingCentral is expected to report cash flow growth of 40.2% this year; RNG has generated cash flow growth of 34.8% over the past three to five years.
With solid fundamentals, a good Zacks Rank, and top-tier Growth and VGM Style Scores, RNG should be on investors' short lists.
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Ringcentral, Inc. (RNG) : Free Stock Analysis Report