Canada Markets closed

Why RingCentral (RNG) is a Top Momentum Stock for the Long-Term

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.

Is This 1 Momentum Stock a Screaming Buy Right Now?

Momentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.

RingCentral (RNG)

RingCentral is a leading provider of Unified Communications as a Service (UCaaS) solutions including global enterprise cloud communications, collaboration, and customer engagement solutions that enable businesses to communicate, collaborate, and connect.

RNG is a Zacks Rank #2 (Buy) stock, with a Momentum Style Score of A and VGM Score of A. Shares are down 5.9% over the past one week and up 6.8% over the past four weeks. RNG has lost 83.8% in the last one-year period as well. Looking at trading volume, an average of 2,554,278.25 shares exchanged hands over the last 20 trading days.

Momentum investors also pay close attention to a company's earnings. For RNG, 11 analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.04 to $1.97 per share for 2022. RNG boasts an average earnings surprise of 10.1%.

RNG should be on investors' short list because of its impressive earnings fundamentals, a good Zacks Rank, and strong Momentum and VGM Style Scores.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

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

To read this article on click here.

Zacks Investment Research