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Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.
Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors use fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.
Zacks has developed the innovative Style Scores system to highlight stocks with specific traits. For example, value investors will be interested in stocks with great grades in the "Value" category. When paired with a high Zacks Rank, "A" grades in the Value category are among the strongest value stocks on the market today.
Ringcentral (RNG) is a stock many investors are watching right now. RNG is currently sporting a Zacks Rank of #2 (Buy) and an A for Value. The stock holds a P/E ratio of 7.51, while its industry has an average P/E of 20.62. Over the past 52 weeks, RNG's Forward P/E has been as high as 10.63 and as low as 6.89, with a median of 8.73.
We also note that RNG holds a PEG ratio of 0.37. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. RNG's PEG compares to its industry's average PEG of 0.96. Over the last 12 months, RNG's PEG has been as high as 0.48 and as low as 0.24, with a median of 0.35.
Value investors also love the P/S ratio, which is calculated by simply dividing a stock's price with the company's sales. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. RNG has a P/S ratio of 1.2. This compares to its industry's average P/S of 2.53.
Finally, investors will want to recognize that RNG has a P/CF ratio of 11.02. This metric focuses on a firm's operating cash flow and is often used to find stocks that are undervalued based on the strength of their cash outlook. RNG's P/CF compares to its industry's average P/CF of 13.08. Over the past 52 weeks, RNG's P/CF has been as high as 16.16 and as low as -126.77, with a median of 11.82.
These are only a few of the key metrics included in Ringcentral's strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, RNG looks like an impressive value stock at the moment.
Zacks Investment Research
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. Luckily, Zacks Premium offers several different ways to do both.
Featuring daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, the research service can help you become a smarter, more self-assured investor.
Zacks Premium includes access to the Zacks Style Scores as well.
What are the Zacks Style Scores?
Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.
Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.
The Style Scores are broken down into four categories:
Value Score
Value investors love finding good stocks at good prices, especially before the broader market catches on to a stock's true value. Utilizing ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and many other multiples, the Value Style Score identifies the most attractive and most discounted stocks.
Growth Score
Growth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.
Momentum Score
Momentum traders and 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.
VGM Score
What if you like to use all three types of investing? The VGM Score is a combination of all Style Scores, making it one of the most comprehensive indicators to use with the Zacks Rank. It rates each stock on their combined weighted styles, which helps narrow down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank
A proprietary stock-rating model, the Zacks Rank utilizes the power of earnings estimate revisions, or changes to a company's earnings outlook, to help investors create a successful portfolio.
It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +25.41% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
But it can feel overwhelming to pick the right stocks for you and your investing goals with over 800 top-rated stocks to choose from.
That's where the Style Scores come in.
To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.
The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.
A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall too.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: 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 #2 (Buy) on the Zacks Rank, with a VGM Score of A.
It also boasts a Value Style Score of A thanks to attractive valuation metrics like a forward P/E ratio of 7.66; value investors should take notice.
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%.
With a solid Zacks Rank and top-tier Value and VGM Style Scores, RNG should be on investors' short list.
Zacks Investment Research
The most oversold stocks in the information technology sector presents an opportunity to buy into undervalued companies.
The RSI is a momentum indicator, which compares a stock’s strength on days when prices go up to its strength on days when prices go down. When compared to a stock’s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered oversold when the RSI is below 30, according to Benzinga Pro.
Here's the latest list of major oversold players in this sector, having an RSI near or below 30.
Read More:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
RingCentral RNG shares have declined 18.3% year to date compared with the Zacks Computer & Technology sector’s rise of 12.6%. The underperformance can be attributed to the challenging macroeconomic conditions, unfavorable forex and stiff competition.
However, RingCentral’s expanding partner base is expected to boost its prospects. It recently partnered with Zayo, a major communications infrastructure provider, to launch Zayo UC+ with RingCentral.
This new offering integrates RingCentral’s AI-driven, cloud-based Unified Communications as a Service (UCaaS) solution with Zayo’s extensive network infrastructure, delivering an all-in-one platform for voice, video, messaging and contact center services.
Designed to enhance workforce productivity and elevate customer experiences, Zayo UC+ with RingCentral provides secure, customizable workflows and actionable AI-powered capabilities, supporting seamless communication across multiple channels.
Ringcentral, Inc. Price and Consensus
Ringcentral, Inc. price-consensus-chart | Ringcentral, Inc. Quote
However, does RNG’s strong portfolio make it worth buying despite a weak price performance? Let’s analyze the fundamental drivers, or lack of any.
RNG’s Prospects Ride on Strong AI Prowess
RNG’s focus on adding AI-supported features to its platforms is a key catalyst. It is constantly riding on solid demand for UCaaS and contact center software-as-a-service (SaaS) solutions.
Strong momentum across the enterprise segment is an upside. In the second quarter of 2024, RingCentral saw continued strength in its UCaaS business. Enterprise business grew double-digit on a year-over-year basis. RNG closed roughly 20 deals with more than $1 million total contract value (TCV). The average TCV of large deals grew 30% year over year.
RingCentral is benefiting from an expanding partner base that includes the likes of Cox Communications, Vodafone VOD, ServiceNow NOW and Microsoft MSFT.
RNG announced an expanded strategic partnership with Vodafone Business to offer Vodafone Business Contact Center with RingCentral, powered by RingCX, extending to 30 markets by early 2025.
In the second quarter, RingCentral’s AI-powered contact center, RingCX, secured a top 25 U.S. county as a client and added more than 300 new features, including integrations with ServiceNow, HubSpot and Microsoft Teams.
RingCentral’s increasing international presence is noteworthy. Its solutions are getting adopted in the Europe and Asia Pacific region.
RNG’s Q3 Guidance Positive
RingCentral’s robust portfolio and expanding partner base are contributing to its growth prospects continuously, driving top-line growth.
For the third quarter of 2024, RingCentral expects revenues between $600.5 million and $603.5 million, indicating year-over-year growth of 8%.
The Zacks Consensus Estimate for third-quarter 2024 revenues is currently pegged at $601.9 million, suggesting 7.84% growth over the figure reported in the year-ago quarter.
The consensus mark for earnings is currently pegged at 92 cents, unchanged over the past 30 days, indicating 17.95% year-over-year growth.
Here’s What Investors Should do With RNG Stock
RingCentral is an attractive stock for investors looking for growth due to its initiatives to leverage. It has a Growth Score of A.
With a Valuation Score of A, the stock appears to be undervalued at present. The forward 12-month Price/Sales ratio for RNG stands at 1.12, significantly below the industry average of 3.08.
RingCentral currently carries Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Investment Research
Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.
Featuring daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, the research service can help you become a smarter, more self-assured investor.
Zacks Premium includes access to the Zacks Style Scores as well.
What are the Zacks Style Scores?
The Zacks Style Scores, developed alongside the Zacks Rank, are complementary indicators that rate stocks based on three widely-followed investing methodologies; they also help investors pick stocks with the best chances of beating the market over the next 30 days.
Based on their value, growth, and momentum characteristics, each stock is assigned a rating of A, B, C, D, or F. The better the score, the better chance the stock will outperform; an A is better than a B, a B is better than a C, and so on.
The Style Scores are broken down into four categories:
Value Score
Finding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.
Growth Score
Growth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.
Momentum Score
Momentum trading is all about taking advantage of upward or downward trends in a stock's price or earnings outlook, and these investors live by the saying "the trend is your friend." The Momentum Style Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.
VGM Score
What if you like to use all three types of investing? The VGM Score is a combination of all Style Scores, making it one of the most comprehensive indicators to use with the Zacks Rank. It rates each stock on their combined weighted styles, which helps narrow down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank
The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.
Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +25.41% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
This totals more than 800 top-rated stocks, and it can be overwhelming to try and pick the best stocks for you and your portfolio.
That's where the Style Scores come in.
You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only as a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.
Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.
A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall too.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: 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 #2 (Buy) on the Zacks Rank, with a VGM Score of A.
Additionally, the company could be a top pick for growth investors. RNG has a Growth Style Score of A, forecasting year-over-year earnings growth of 13% for the current fiscal year.
Seven analysts revised their earnings estimate higher in the last 60 days for fiscal 2024, while the Zacks Consensus Estimate has increased $0.02 to $3.65 per share. RNG also boasts an average earnings surprise of 4.6%.
With a solid Zacks Rank and top-tier Growth and VGM Style Scores, RNG should be on investors' short list.
Zacks Investment Research
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