The Vanguard Group, Inc. has recently announced that it has increased stake in RingCentral Inc. (NYSE:RNG) by 5.11%. After grabbing 9.85 million shares, the institutional investor is now in possession of 0.48 million shares of the Technology Company. The new investment brought the stake of investor firm to 11.62% having worth around $261.86 million. Moreover, Sylebra Capital Ltd. increased its share by 19323.0 to have a control over 8.18 million shares. And Pictet Asset Management SA raised its holdings to 5.52 million shares by acquiring 5.52 million shares or 6.51% of the stake.
RingCentral Inc. (RNG) concluded trading on 12/07/23 at a closing price of $32.74, with 3.99 million shares of worth about $130.63 million changed hands on the day. Half year performance of the stock remained negative as price took a plunge of -2.15% during that period and on Thursday the price saw a gain of about 3.97%. Currently the company’s common shares owned by public are about 85.46M shares, out of which, 81.73M shares are available for trading.
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A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 28 analysts are covering the RNG stock and their offered price forecasts bring an average price target of $40.81. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $55.00 and could fall to a lowest price of $32.00. The stock’s current price level is 19.77% above of average price target set by the analysts, while a rise to estimated low would result in loss of -2.31% for the stock. However, touching the estimated high of $55.00 would mean a gain of 40.47% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 107 times over the past 12 months. They bought 1,502,191 shares in 45 of the transactions. In 62 selling transactions, insiders dumped 394,323 shares.
American Funds Growth Fund of Ame, Pictet – Robotics, and American Funds Small Cap World Fu are the top 3 mutual funds which are holding stakes in RingCentral Inc. American Funds Growth Fund of Ame is currently holding 5.54 million shares of worth totaling $147.36 million. The company recently came selling 18574.0 shares which brought its stake up to 6.54% of the company’s outstanding shares. Pictet – Robotics bought 1.1 million shares, after which its hold over company’s outstanding shares expand to 4.52%, leaving 3.83 million shares with the mutual fund that have a worth of about $101.82 million. American Funds Small Cap World Fu, after selling 3.29 million shares, have now control over 3.88% of the stake in the company. It holds -0.32 million shares of worth $87.42 million.
RingCentral Inc. (NYSE: RNG) started trading at $31.32, below -$0.17 from concluding price of the previous day. However, the stock later moved at a day high price of 34.37, or with a gain of 3.97%. Stock saw a price change of 15.04% in past 5 days and over the past one month there was a price change of 12.86%. Year-to-date (YTD), RNG shares are showing a performance of -7.51% which decreased to -8.11% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $25.08 but also hit the highest price of $49.32 during that period. The average intraday trading volume for RingCentral Inc. shares is 1.19 million. The stock is currently trading 12.51% above its 20-day simple moving average (SMA20), while that difference is up 14.36% for SMA50 and it goes to 5.04% higher than SMA200.
The Vanguard Group, Inc. acquired 9.85 million shares of RingCentral Inc. having value of about $261.86 million. Data submitted at the U.S SEC by The Vanguard Group, Inc. revealed that the firm now holds 0.48 million shares in the company valued at close to $15690841.44, or have control over 5.11% stake in the company. RingCentral Inc. (NYSE: RNG) currently have 85.46M outstanding shares and institutions hold larger chunk of about 89.68% of that. Holding of mutual funds in the company is about 53.99% while other institutional holders and individual stake holders have control over 9.47% and 45.43% of the stake respectively.
The stock has a current market capitalization of $3.07B and its 3Y-monthly beta is at 0.93. It has posted earnings per share of -$4.21 in the same period. It has Quick Ratio of 1.45. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for RNG, volatility over the week remained 6.81% while standing at 5.55% over the month.
Analysts are in expectations that RingCentral Inc. (RNG) stock would likely to be making an EPS of $0.82 in the current quarter, while forecast for next quarter EPS is $0.82 and it is $3.52 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.78 which is $0.86 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $0.6 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 60.49% while it is estimated to increase by 9.87% in next year.
Analysts at 28 brokerage firms have issued recommendations for the RingCentral Inc. (RNG)’s stock and average of those rates the stock at a “Strong Buy” and assign it a score of 1.96. Out of those 28 Wall Street analysts, 13 recommended a “Buy” rating, while 12 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Rosenblatt on October 23, 2023 offering a Neutral rating for the stock and assigned a target price range of between $52 and $35 to it.
