Why This 1 Growth Stock Could Be a Great Addition to Your Portfolio
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.
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 is a Zacks Rank #2 (Buy) stock, with a Growth Style Score of A and VGM Score of A. Earnings are expected to grow 13% year-over-year for the current fiscal year, with sales growth of 8.8%.
Seven analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.01 to $3.65 per share for 2024. RNG boasts an average earnings surprise of 4.6%.
On a historic basis, RingCentral has generated cash flow growth of 34.8%, and is expected to report cash flow expansion of 40.2% this year.
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