Investors focused on the Computer and Technology space have likely heard of Ringcentral (RNG - Free Report) , 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.