RingCentral Inc. [NYSE: RNG] stock went on an upward path that rose over 2.50% on Wednesday, amounting to a one-week price increase of more than 1.15%. The company report on February 20, 2024 at 4:05 PM that RingCX Achieves Industry Leadership Recognition and Market Momentum as Businesses Prioritize AI-first Customer Service.
RingCX has been identified as a Leader in The Aragon Research Globe for Intelligent Contact Center for SMB, 2024.
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RingCentral, Inc. (NYSE: RNG), a leading provider of AI-driven cloud business communications, contact center, video and hybrid event solutions, today announced that RingCX™, a native, AI-first contact center with capabilities powered by its RingSense™ AI platform, has been identified as a Leader in the Aragon Research Globe for the Intelligent Contact Center, SMB, amid increasing momentum in customer adoption.
Over the last 12 months, RNG stock dropped by -14.44%. The one-year RingCentral Inc. stock forecast points to a potential upside of 19.74. The average equity rating for RNG stock is currently 2.11, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $2.97 billion, with 85.46 million shares outstanding and 81.02 million shares in the current float. Compared to the average trading volume of 1.32M shares, RNG stock reached a trading volume of 4520994 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on 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 $39.41 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 2.11. 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.
Wells Fargo have made an estimate for RingCentral Inc. shares, keeping their opinion on the stock as Equal Weight, with their previous recommendation back on December 20, 2023. While these analysts kept the previous recommendation, Jefferies dropped their target price from $40 to $35. The new note on the price target was released on December 12, 2023, representing the official price target for RingCentral Inc. stock. Previously, the target price had yet another drop from $52 to $35, while Rosenblatt kept a Neutral rating on RNG stock.
The Average True Range (ATR) for RingCentral Inc. is set at 1.47, with the Price to Sales ratio for RNG stock in the period of the last 12 months amounting to 1.35. Price to Free Cash Flow for RNG in the course of the last twelve months was 7.88 with Quick ratio for the last quarter at 1.45.
RNG Stock Performance Analysis:
RingCentral Inc. [RNG] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 1.15. With this latest performance, RNG shares dropped by -10.50% in over the last four-week period, additionally plugging by 10.90% over the last 6 months – not to mention a drop of -14.44% 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 43.53, with the RSI for the last a single of trading hit 42.10, and the three-weeks RSI is set at 45.66 for RingCentral Inc. [RNG]. The present Moving Average for the last 50 days of trading for this stock 33.37, while it was recorded at 31.71 for the last single week of trading, and 31.95 for the last 200 days.
Insight into RingCentral Inc. Fundamentals:
RingCentral Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.45 and a Current Ratio set at 1.05.
RNG Stock EPS
With the latest financial reports released by the company, RingCentral Inc. posted 0.76/share EPS, while the average EPS was predicted by analysts to be reported at 0.69/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 10.10%. 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.
RingCentral Inc. [RNG] Institutonal Ownership Details
The top three institutional holders of RNG stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in RNG stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in RNG stock with ownership which is approximately 5.8325%.
