Wall Street Analyst Initiated RingCentral Inc. [RNG]. What else is Wall St. saying

RingCentral Inc. [NYSE: RNG] gained 0.65% or 0.31 points to close at $47.78 with a heavy trading volume of 2158631 shares. The company report on August 9, 2022 that Ryder Turns to RingCentral Cloud Communications to Improve Service, Enhance Mobility, and Empower Call Center Agents.

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RingCentral, Inc. (NYSE: RNG), a leading provider of global enterprise cloud communications, video meetings, collaboration, and contact center solutions, today announced that Ryder System, Inc. (NYSE: R), a leader in supply chain, dedicated transportation, and commercial fleet management solutions, has turned to RingCentral for end-to-end business communications needs at Ryder’s fleet maintenance and rental locations. With nearly 800 locations nationally, Ryder uses RingCentral MVP™ (Message, Video, Phone™) to unify operations to a large number of facilities so representatives can seamlessly operate from anywhere. Operational improvements from the rollout of RingCentral MVP has led Ryder to additionally deploy RingCentral Contact Center™ to power customer support for Ryder Last Mile, providing home delivery of big and bulky products with white glove installation through a network of carriers throughout the U.S. and Canada.

With nearly 90 years of experience in commercial trucking and transportation logistics, Ryder has become an industry leader in meeting all aspects of businesses’ supply-chain needs, including warehousing, distribution, truck leasing, third-party logistics, cross-border transportation, last-mile delivery, and more. As a large and growing company, Ryder attributes its success to always looking for ways to improve the customer experience. The RingCentral platform allows each location to more easily configure systems and route calls to specific branch sites, which enhances the customer experience.

It opened the trading session at $47.10, the shares rose to $48.091 and dropped to $46.3091, the range by which the price of stock traded the whole day. The daily chart for RNG points out that the company has recorded -71.03% loss over the past six months. However, it is still -1.79% lower than its most recent low trading price.

If we look at the average trading volume of 2.17M shares, RNG reached to a volume of 2158631 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about RingCentral Inc. [RNG]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for RNG shares is $99.75 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on RNG stock is a recommendation set at 1.90. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

MKM Partners have made an estimate for RingCentral Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on August 04, 2022. The new note on the price target was released on July 06, 2022, representing the official price target for RingCentral Inc. stock. Previously, the target price had yet another drop from $95 to $80, while Robert W. Baird kept a Neutral rating on RNG stock.

The Average True Range (ATR) for RingCentral Inc. is set at 3.59, with the Price to Sales ratio for RNG stock in the period of the last 12 months amounting to 2.40. Price to Free Cash Flow for RNG in the course of the last twelve months was 25.60 with Quick ratio for the last quarter at 1.20.

Trading performance analysis for RNG stock

RingCentral Inc. [RNG] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -5.82. With this latest performance, RNG shares dropped by -18.10% in over the last four-week period, additionally sinking by -71.03% over the last 6 months – not to mention a drop of -80.82% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for RNG stock in for the last two-week period is set at 43.31, with the RSI for the last a single of trading hit 41.44, and the three-weeks RSI is set at 43.57 for RingCentral Inc. [RNG]. The present Moving Average for the last 50 days of trading for this stock 53.08, while it was recorded at 50.18 for the last single week of trading, and 123.27 for the last 200 days.

RingCentral Inc. [RNG]: A deeper dive into fundamental analysis

Operating Margin for any stock indicates how profitable investing would be, and RingCentral Inc. [RNG] shares currently have an operating margin of -18.92 and a Gross Margin at +71.88. RingCentral Inc.’s Net Margin is presently recorded at -23.59.

Return on Equity for this stock declined to -88.46, with Return on Assets sitting at -15.80.

RingCentral Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.20 and a Current Ratio set at 1.20.

RingCentral Inc. [RNG]: An earnings per share (EPS) analysis

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for RNG. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for RingCentral Inc. go to 35.00%.

An analysis of insider ownership at RingCentral Inc. [RNG]

There are presently around $3,950 million, or 99.00% of RNG stock, in the hands of institutional investors. The top three institutional holders of RNG stocks are: CAPITAL WORLD INVESTORS with ownership of 10,461,460, which is approximately -9.637% of the company’s market cap and around 1.10% of the total institutional ownership; VANGUARD GROUP INC, holding 8,506,843 shares of the stock with an approximate value of $406.46 million in RNG stocks shares; and CAPITAL INTERNATIONAL INVESTORS, currently with $304.59 million in RNG stock with ownership of nearly -27.847% of the company’s market capitalization.

Positions in RingCentral Inc. stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 217 institutional holders increased their position in RingCentral Inc. [NYSE:RNG] by around 17,552,724 shares. Additionally, 205 investors decreased positions by around 15,043,149 shares, while 53 investors held positions by with 50,070,158 shares. The mentioned changes placed institutional holdings at 82,666,031 shares, according to the latest SEC report filing. RNG stock had 51 new institutional investments in for a total of 2,098,502 shares, while 93 institutional investors sold positions of 3,436,320 shares during the same period.


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