RingCentral Inc. [NYSE: RNG] gained 8.96% or 3.79 points to close at $46.07 with a heavy trading volume of 3484835 shares. The company report on January 23, 2023 that RingCentral Announces Date of Fourth Quarter 2022 Financial Results Conference Call.
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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 it will report financial results for the fourth quarter ended December 31, 2022 after market close on Wednesday, February 15, 2023. The company also announced that it will hold a conference call on the same day at 2:00 PM Pacific Time (5:00 PM Eastern Time) to discuss its quarterly financial results.
The conference call can be accessed by dialing 1-888-349-0093 from the United States or 1-412-317-5201 internationally with reference to the company name and conference title. Following the completion of the call through 11:59 PM Eastern Time on February 22, 2023, a telephone replay will also be available by dialing 1-844-512-2921 from the United States or 1-412-317-6671 internationally with recording access code 10174186. A live webcast and replay of the conference call can also be accessed from the company’s investor relations website at http://ir.ringcentral.com.
It opened the trading session at $43.17, the shares rose to $48.115 and dropped to $43.17, the range by which the price of stock traded the whole day. The daily chart for RNG points out that the company has recorded -13.14% loss over the past six months. However, it is still -64.54% lower than its most recent low trading price.
If we look at the average trading volume of 1.92M shares, RNG reached to a volume of 3484835 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 $52.58 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 2.10. 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 Neutral, with their previous recommendation back on January 23, 2023. The new note on the price target was released on January 17, 2023, representing the official price target for RingCentral Inc. stock.
The Average True Range (ATR) for RingCentral Inc. is set at 2.47, with the Price to Sales ratio for RNG stock in the period of the last 12 months amounting to 2.23. Price to Free Cash Flow for RNG in the course of the last twelve months was 25.24 with Quick ratio for the last quarter at 1.20.
Trading performance analysis for RNG stock
RingCentral Inc. [RNG] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 19.91. With this latest performance, RNG shares gained by 33.23% in over the last four-week period, additionally sinking by -13.14% over the last 6 months – not to mention a drop of -73.73% 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 72.31, with the RSI for the last a single of trading hit 78.20, and the three-weeks RSI is set at 67.13 for RingCentral Inc. [RNG]. The present Moving Average for the last 50 days of trading for this stock 36.69, while it was recorded at 40.98 for the last single week of trading, and 47.97 for the last 200 days.
RingCentral Inc. [RNG]: A deeper dive into fundamental analysis
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 35.40%.
An analysis of insider ownership at RingCentral Inc. [RNG]
There are presently around $3,846 million, or 99.70% of RNG stock, in the hands of institutional investors. The top three institutional holders of RNG stocks are: CAPITAL WORLD INVESTORS with ownership of 9,895,466, which is approximately -5.41% of the company’s market cap and around 1.00% of the total institutional ownership; VANGUARD GROUP INC, holding 8,927,410 shares of the stock with an approximate value of $411.29 million in RNG stocks shares; and BLACKROCK INC., currently with $310.57 million in RNG stock with ownership of nearly 12.351% of the company’s market capitalization.
Positions in RingCentral Inc. stocks held by institutional investors increased at the end of February and at the time of the February reporting period, where 199 institutional holders increased their position in RingCentral Inc. [NYSE:RNG] by around 16,833,902 shares. Additionally, 176 investors decreased positions by around 14,823,562 shares, while 44 investors held positions by with 51,820,465 shares. The mentioned changes placed institutional holdings at 83,477,929 shares, according to the latest SEC report filing. RNG stock had 55 new institutional investments in for a total of 2,817,064 shares, while 68 institutional investors sold positions of 2,543,949 shares during the same period.