RingCentral Inc. [NYSE: RNG] surged by $8.54 during the normal trading session on Thursday and reaching a high of $38.65 during the day while it closed the day at $36.90. The company report on November 9, 2022 that RingCentral Announces Third Quarter 2022 Results.
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Q3’22 results exceed high end of guidance across key metrics, with record operating margin.
Raising 2022 operating margin outlook; Reiterating midpoint of 2022 subscriptions revenue guide.
RingCentral Inc. stock has also gained 13.36% of its value over the past 7 days. However, RNG stock has declined by -30.38% in the 3 months of the year. Over the past six months meanwhile, it has lost -40.46% and lost -80.30% year-on date.
The market cap for RNG stock reached $3.53 billion, with 95.13 million shares outstanding and 84.54 million shares in the current float. Compared to the average trading volume of 2.05M shares, RNG reached a trading volume of 7545989 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here’s what leading stock market gurus have to say 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 $83.35 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.
BTIG Research have made an estimate for RingCentral Inc. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on October 18, 2022. While these analysts kept the previous recommendation, Credit Suisse raised their target price to Neutral. The new note on the price target was released on September 23, 2022, representing the official price target for RingCentral Inc. stock. Previously, the target price had yet another raise to $90, while MoffettNathanson analysts kept a Buy rating on RNG stock.
The Average True Range (ATR) for RingCentral Inc. is set at 2.76, with the Price to Sales ratio for RNG stock in the period of the last 12 months amounting to 1.94. Price to Free Cash Flow for RNG in the course of the last twelve months was 20.73 with Quick ratio for the last quarter at 1.20.
RNG stock trade performance evaluation
RingCentral Inc. [RNG] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 13.36. With this latest performance, RNG shares gained by 11.38% in over the last four-week period, additionally sinking by -40.46% over the last 6 months – not to mention a drop of -86.90% 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 55.31, with the RSI for the last a single of trading hit 61.58, and the three-weeks RSI is set at 51.05 for RingCentral Inc. [RNG]. The present Moving Average for the last 50 days of trading for this stock 38.08, while it was recorded at 30.91 for the last single week of trading, and 74.66 for the last 200 days.
RingCentral Inc. [RNG]: An insightful look at the core fundamentals
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.
Earnings per share (EPS) analysis for RingCentral Inc. [RNG] stock
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 32.98%.
RingCentral Inc. [RNG]: Insider Ownership positions
There are presently around $3,026 million, or 89.70% 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 $313.9 million in RNG stocks shares; and CAPITAL INTERNATIONAL INVESTORS, currently with $235.23 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 November and at the time of the November reporting period, where 207 institutional holders increased their position in RingCentral Inc. [NYSE:RNG] by around 17,462,065 shares. Additionally, 193 investors decreased positions by around 14,856,082 shares, while 43 investors held positions by with 49,695,857 shares. The mentioned changes placed institutional holdings at 82,014,004 shares, according to the latest SEC report filing. RNG stock had 53 new institutional investments in for a total of 1,579,427 shares, while 78 institutional investors sold positions of 2,848,231 shares during the same period.