New Big Money Means RingCentral Inc. (RNG) Investors Could Reap Benefit

RingCentral Inc. (NYSE: RNG) is -1.74% lower on its value in year-to-date trading and has touched a low of $25.08 and a high of $49.32 in the current 52-week trading range. The question becomes, what are the chances the stock will make a comeback and enjoy potential growth. Why not look at analysts view on what the future holds for the stock. The RNG stock was last observed hovering at around $32.92 in the last trading session, with the day’s gains setting it 0.44%.

Currently trading at $33.36, the stock is -2.37% and 0.99% above its SMA20 and SMA50 respectively. However, with a daily trading volume of 0.91 million and changing 1.34% at the moment leaves the stock 5.16% off its SMA200. RNG registered -26.33% loss for a year compared to 6-month gain of 12.29%. The firm has a 50-day simple moving average (SMA 50) of $2.19 and a 200-day simple moving average (SMA200) of -$34.83.

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The stock witnessed a 2.11% loss in the last 1 month and extending the period to 3 months gives it a 14.99%, and is -1.24% down over the last 5 days. If we measure the stock’s price variations over the week and the month, we find that the volatility rates stand at 2.86% over the week and 3.50% over the month.

RingCentral Inc. (RNG) has around 3902 employees, a market worth around $3.13B and $2.16B in sales. Fwd P/E is 9.50. Profit margin for the company is -18.65%. Distance from 52-week low is 33.04% and -32.36% from its 52-week high. The company has generated returns on investments over the last 12 months (-26.54%).

RingCentral Inc. quarterly earnings per share for the current quarter are estimated at $0.82 with sales reaching $570.42M over the same period.The EPS is expected to grow by 60.50% this year, but quarterly earnings will post 10.70% year-over-year. Quarterly sales are estimated to grow 8.70% in year-over-year returns.

361 institutions hold shares in RingCentral Inc. (RNG), with institutional investors hold 103.61% of the company’s shares. The shares outstanding are 85.46M, and float is at 81.82M with Short Float at 5.73%. Institutions hold 102.59% of the Float.

The top institutional shareholder in the company is Capital World Investors with over 12.38 million shares valued at $405.21 million. The investor’s holdings represent 14.61% of the RNG Shares outstanding. As of Jun 29, 2023, the second largest holder is Vanguard Group Inc with 9.52 million shares valued at $311.58 million to account for 11.23% of the shares outstanding. The other top investors are Sylebra Capital Ltd which holds 8.16 million shares representing 9.63% and valued at over $267.2 million, while Blackrock Inc. holds 6.87% of the shares totaling 5.82 million with a market value of $190.49 million.

RingCentral Inc. (RNG) Insider Activity

A total of 22 insider transactions have happened at RingCentral Inc. (RNG) in the last six months, with sales accounting for 14 and purchases happening 8 times. The most recent transaction is an insider sale by Parekh Sonalee Elizabeth, the company’s Chief Financial Officer. SEC filings show that Parekh Sonalee Elizabeth sold 51,962 shares of the company’s common stock on Dec 01 at a price of $29.93 per share for a total of $1.56 million. Following the sale, the insider now owns 0.22 million shares.

RingCentral Inc. disclosed in a document filed with the SEC on Nov 22 that Shmunis Vladimir (Executive Chairman) sold a total of 9,502 shares of the company’s common stock. The trade occurred on Nov 22 and was made at $29.28 per share for $0.28 million. Following the transaction, the insider now directly holds 0.36 million shares of the RNG stock.

Still, SEC filings show that on Nov 21, Shmunis Vladimir (Executive Chairman) disposed off 58,223 shares at an average price of $28.90 for $1.68 million. The insider now directly holds 371,751 shares of RingCentral Inc. (RNG).

RingCentral Inc. (RNG): Who are the competitors?

One of the company’s main competitors (and peers) include Akamai Technologies Inc. (AKAM) that is trading 48.28% up over the past 12 months.AT&T Inc. (T) lies in the list of competitors of the RingCentral Inc. and is -11.80% lower over the same period from RNG8X8 Inc. (EGHT) is -51.14% down on the 1-year trading charts.