An Insider Sold 7,823 Shares Of RingCentral Inc. (RNG)


As of Friday close, RingCentral Inc.’s (NYSE:RNG) stock was down -$1.9, moving down -5.94 percent to $30.07. The average number of shares traded per day over the past five days has been 2,416,720 shares. 2 times new highs have been achieved over the past 5 days, with a -$2.77 fall in that time frame. In the last twenty days, the average volume was 2,379,970, while in the previous 50 days, it was 2,039,268.

Since last month, RNG stock retreated -37.88%. Shares of the company fell to $29.61 on 03/17/23, the lowest level in the past month. A 52-week high of $129.72 was reached on 02/15/23 after having rallying from a 52-week low of $28.00. Since the beginning of this year, RNG’s stock price has dropped by -15.06% or -$5.33, and marked a new high 8 times. However, the stock has declined by -76.82% since its 52-week high.

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RNG stock investors should be aware that RingCentral Inc. (RNG) stock had its last reported insider trading activity 19 days ago on Feb 27. Marlow John H, the SVP, CAO & General Counsel of the company, disposed of 7,823 shares for $34.23 on Feb 27. It resulted in a $267,767 divestment by the insider. Katibeh Mohammed sold 7,454 shares at an average price of $35.73 on Feb 22. The insider now owns 110,248 shares following the transaction. On Feb 21, Chief Accounting Officer Agarwal Vaibhav sold 3,150 shares at $35.72 apiece. The transaction was valued at $112,524.

Financial Health

In the three months ended December 30, RingCentral Inc.’s quick ratio stood at 1.20, while its current ratio was 1.20, showing that the company is able to pay off its debt. On the profitability front, the trailing twelve-month gross margin is 67.70% percent. In the year ended December 30, operating margins totaled -32.60%. Based on annual data, RNG earned $1.35 billion in gross profit and brought in $1.99 billion in revenue.

A company’s management is another factor that investors consider when determining the profitability of an investment. In the past year, return on investment (ROI) was -56.50%. Return on equity (ROE) for the past 12 months was 490.80%.

According to the earnings report, the company had a higher net income in the recent quarter than it did in the previous quarter. RNG’s revenue rose 14.53% to $509.03 million during the quarter, while net income inched up to $524.75 million. While analysts expected RingCentral Inc. to report $0.59 quarterly earnings, the actual figure was $0.6 per share, beating the consensus estimate by 1.70%. During the quarter, the company generated -$158.45 million in EBITDA. The liabilities of RingCentral Inc. were 2.56 billion at the end of its most recent quarter ended December 30, and its total debt was $1.68 billion. The value of shareholders’ equity is $95.47 million.

Technical Picture

This quick technical analysis looks at RingCentral Inc.’s (RNG) price momentum. With a historical volatility rate of 34.12%, the RSI 9-day stood at 28.89% on 17 March.

With respect to its five-day moving average, the current RingCentral Inc. price is down by -8.43% percent or -$2.77. At present, RNG shares trade -18.88% below its 20-day simple moving average and -9.89% percent below its 100-day simple moving average. However, the stock is currently trading approximately -15.08% below its SMA50 and -52.38% below its SMA200.

Stochastic coefficient K was 18.15% and Stochastic coefficient D was 19.49%, while ATR was 1.99. Given the Stochastic reading of 5.89% for the 14-day period, the RSI (14) reading has been calculated as 34.64%. As of today, the MACD Oscillator reading stands at -1.24, while the 14-day reading stands at -1.88.

Analyst Ratings

RingCentral Inc. downgraded its rating on RingCentral Inc. (NYSE: RNG) to a Perform in a note to investors on March 17, 2023. The analysts firm previously had an Outperform rating on the stock.RingCentral Inc. (RNG) has been rated Overweight by analysts. According to 0 brokerage firms, RNG is a sell, and 10 firms recommend it is a Hold. There are 0 analysts who say the stock is underweight. A total of 3 analysts rate RingCentral Inc. stock as buy, with 16 recommending it as overweight.

With a median target price of $51.00, the current consensus forecast for the stock is $40.00 – $65.00. Based on these forecasts, analysts predict RingCentral Inc. (RNG) will achieve an average price target of $51.37.


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