RNG Rises 20% in 6 Months: Here is Why It is a Must-Buy Stock Now

RingCentral’s RNG shares have appreciated 20.2% in the past six months, outperforming the Zacks Computer & Technology sector’s return of 2.9% and the Zacks Internet - Software and Services industry’s growth of 6.2%.The leading provider of AI-powered cloud business communications and contact centers has outperformed its peers like Sabre SABR, NetEase NTES and Okta OKTA. In the same period, Sabre’s stock has gained 14.6%, while NetEase and Okta’s shares have lost 2.2% and 11.3%, respectively.RNG’s outperformance is driven by its expanding AI initiatives, strong demand for its cloud phone system, a growing customer base and a solid network of partners.RNG’s Prospects Ride on Strong AI-Powered PlatformRingCentral has been leveraging AI to enhance its product offerings, such as RingCX, RingSense and RingCentral Events, which improve customer experience and streamline business communications.Ringcentral, Inc. Price and Consensus  Ringcentral, Inc. price-consensus-chart | Ringcentral, Inc. QuoteRNG's emphasis on integrating AI-powered features into its platforms serves as a significant growth driver. The company continues to benefit from strong demand for its Unified Communications as a Service (UCaaS) and contact center Software-as-a-Service solutions.RingCentral aims to reach at least $100 million in exit annual recurring revenue from new products by the end of 2025. The company is encouraged by its progress and believes that it is on track to meet this target.RNG's cloud solutions enable seamless communication across devices, quick setup and flexibility for global teams. With API integrations and RingSense AI, it offers workflow customization, automation and improved efficiency.Strong Partner Base & Global Expansion to Drive RingCentralThe company’s partnerships with industry leaders like Verizon and AT&T make its services more accessible, offering broader distribution and tailored solutions for various industries. This strong network ensures that you can rely on a widely adopted and trusted platform.RingCentral Events gained more than 100 customers during the third quarter of 2024, including Trimble, a Fortune 500 tech company that chose the platform for its high-quality branded events. Key customers such as Block, DHL, eBay, NYU, Rutgers and TELUS also renewed their relationships.RNG recently partnered with Verint to enhance RingCX, strengthening its presence in the Contact Center as a Service (CCaaS) market. This collaboration allows RingCX customers to benefit from Verint’s advanced WEM and CX automation solutions, complementing RingCentral’s native AI features.The company has significantly expanded its global presence, now offering its AI-powered contact center, RingCX, in six countries — the United States, Canada, the U.K., France, Germany and Australia.RNG has made significant strides in expanding its global footprint and increasing its presence in international markets. Its AI-powered contact center, RingCX, now offers more than 1,000 features and is available in six countries — the United States, Canada, the U.K., France, Germany and Australia.RingCentral recently received a PAN-India license from the Indian Department of Telecommunications, allowing the company to operate across all 22 telecommunications circles in India. This makes it the first cloud provider to offer fully compliant UCaaS and CCaaS solutions nationwide.RNG’s Estimate Revision Shows Positive TrendThe Zacks Consensus Estimate for first-quarter fiscal 2025 earnings is pegged at $1 per share, which has moved up by a penny over the past 60 days. The estimate suggests year-over-year growth of 14.94%.The consensus mark for first-quarter fiscal 2025 revenues is pegged at $625.21 million, indicating a 7.02% year-over-year increase.The Zacks Consensus Estimate for fiscal 2025 earnings is pegged at $4.19 per share, which has moved up by a penny over the past 60 days. This suggests a 13.61% increase from that reported in fiscal 2024.The consensus mark for 2025 revenues is pegged at $2.57 billion, indicating year-over-year growth of 7.32%.RingCentral’s earnings beat the Zacks Consensus Estimate in the trailing four quarters, the average surprise being 4.76%.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.Zacks RankRingCentral currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.7 Best Stocks for the Next 30 DaysJust released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops."Since 1988, the full list has beaten the market more than 2X over with an average gain of +24.1% per year. So be sure to give these hand picked 7 your immediate attention. See them now >>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 NetEase, Inc. (NTES): Free Stock Analysis Report Ringcentral, Inc. (RNG): Free Stock Analysis Report Sabre Corporation (SABR): Free Stock Analysis Report Okta, Inc. (OKTA): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks