The IBD SmartSelect Composite Rating for RingCentral rose from 94 to 98 Thursday.
The new rating is a sign the stock is outpacing 98% of all stocks when it comes to the most important stock-picking criteria. History shows the top market performers tend to have a 95 or higher score as they launch their major moves.
RingCentral is currently working on a cup pattern. The pattern is easier to see on a weekly chart, and has a $49.32 buy point. It is still around 20% below that entry, but definitely one for your watchlist.
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RNG Earnings
The stock has a 99 EPS Rating, meaning its recent quarterly and annual earnings growth tops 99% of all stocks. The next earnings report is scheduled for August 1.
Its Accumulation/Distribution Rating of B shows moderate buying by institutional investors over the last 13 weeks. And it could use an improvement to the RS rating, currently showing 75.
The company reported a 95% earnings-per-share gain for Q1. It has now posted accelerating EPS gains for three consecutive quarters. Top line growth fell to 14%, down from 17% in the prior quarter. The company's next quarterly report is expected on or around Aug. 1.
RingCentral Cl A holds the No. 11 rank among its peers in the Computer Software-Enterprise industry group. Datadog, DigitalOcean and Dynatrace are among the top 5 highly-rated stocks within the group.
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