Why This 1 Momentum Stock Could Be a Great Addition to Your Portfolio
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It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors.
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.
Is This 1 Momentum Stock a Screaming Buy Right Now?
Different than value or growth investors, momentum-oriented investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.
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 Momentum Style Score of A, and has a VGM Score of A. The stock is up 1.2% and up 15.4% over the past one-week and four-week period, respectively, and RingCentral has gained 24.8% in the last one-year period as well. Additionally, an average of 1,238,478.25 shares were traded over the last 20 trading sessions.
Momentum investors also pay close attention to a company's earnings. For RNG, six analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.03 to $3.68 per share for 2024. RNG boasts an average earnings surprise of 4.8%.
RNG should be on investors' short list because of its impressive earnings fundamentals, a good Zacks Rank, and strong Momentum and VGM Style Scores.
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Ringcentral, Inc. (RNG) : Free Stock Analysis Report