Has Ringcentral (RNG) Outpaced Other Computer and Technology Stocks This Year?

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Investors focused on the Computer and Technology space have likely heard of Ringcentral (RNG), but is the stock performing well in comparison to the rest of its sector peers? By taking a look at the stock's year-to-date performance in comparison to its Computer and Technology peers, we might be able to answer that question.

Ringcentral is a member of the Computer and Technology sector. This group includes 625 individual stocks and currently holds a Zacks Sector Rank of #3. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.

The Zacks Rank is a successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. RNG is currently sporting a Zacks Rank of #2 (Buy).

Over the past 90 days, the Zacks Consensus Estimate for RNG's full-year earnings has moved 31.62% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.

According to our latest data, RNG has moved about 93.70% on a year-to-date basis. Meanwhile, the Computer and Technology sector has returned an average of 12.96% on a year-to-date basis. As we can see, Ringcentral is performing better than its sector in the calendar year.

Breaking things down more, RNG is a member of the Internet - Software and Services industry, which includes 21 individual companies and currently sits at #174 in the Zacks Industry Rank. On average, this group has lost an average of 0.55% so far this year, meaning that RNG is performing better in terms of year-to-date returns.

Investors with an interest in Computer and Technology stocks should continue to track RNG. The stock will be looking to continue its solid performance.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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