While RingCentral Inc. has overperformed by 1.18%, investors are advised to look at stock chart patterns for technical insight. Within its last year performance, RNG fell by -7.87%, with highs and lows ranging from $38.35 to $25.08, whereas the simple moving average fell by -13.04% in the last 200 days.
On August 02, 2024, Rosenblatt Upgraded RingCentral Inc. (NYSE: RNG) to Buy. A report published by Wells Fargo on December 20, 2023, Downgraded its rating to ‘Equal Weight’ for RNG. Jefferies also Downgraded RNG shares as ‘Hold’, setting a target price of $35 on the company’s shares in a report dated December 12, 2023. Rosenblatt October 23, 2023d the rating to Neutral on October 23, 2023, and set its price target from $52 to $35. Morgan Stanley August 08, 2023d its ‘Overweight’ rating to ‘Equal-Weight’ for RNG, as published in its report on August 08, 2023. Craig Hallum’s report from August 08, 2023 suggests a price prediction of $38 for RNG shares, giving the stock a ‘Hold’ rating. Needham also rated the stock as ‘Buy’.
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Analysis of RingCentral Inc. (RNG)
Further, the quarter-over-quarter increase in sales is 9.94%, showing a positive trend in the upcoming months.
One of the most important indicators of RingCentral Inc.’s future performance is equity, which can be evaluated using several well-rounded types of analysis and research techniques. Taking into account the quick ratio of the company, currently set at 0.84, you can see that the company can cover any debts it may have, which can easily be seen in the annual report of the company.
For any stock, average volume can also provide valuable insight into volatility, and RNG is recording 1.35M average volume. On a monthly basis, the volatility of the stock is set at 3.51%, whereas on a weekly basis, it is put at 3.81%, with a loss of -2.31% over the past seven days. Furthermore, long-term investors anticipate a median target price of $41.44, showing growth from the present price of $28.33, which can serve as yet another indication of whether RNG is worth investing in or should be passed over.
How Do You Analyze RingCentral Inc. Shares?
Along with the fundamentals, it is also important to consider how many employees own shares of the company. This is because the values should be in line with investors’ expectations. As such, the current holdings of company stock inside the company are set at 12.82%. This can enable you to see the extent to which executives own the company’s stock. As opposed to executive stock, institutional ownership accounts for 96.47% of the company’s shares, contributing to an indication of company value, since large shareholders may signify strength within the organization.
RNG shares are owned by institutional investors to the tune of 96.47% at present.
