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Here's Why RingCentral (RNG) is a Strong Growth Stock

Zacks Equity Research
·2-min read

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.

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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 #3 (Hold) stock, with a Growth Style Score of A and VGM Score of A. Earnings are expected to grow 61.8% year-over-year for the current fiscal year, with sales growth of 10.4%.

12 analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.13 to $3.22 per share for 2023. RNG boasts an average earnings surprise of 8%.

Looking at cash flow, RingCentral is expected to report cash flow growth of 98.5% this year; RNG has generated cash flow growth of 125.4% over the past three to five years.

Investors should take the time to consider RNG for their portfolios due to its solid Zacks Rank rating, notable growth metrics, and impressive Growth and VGM Style Scores.

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Ringcentral, Inc. (RNG) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research