The stock of RingCentral Inc. (NYSE:RNG) increased by $0.42 on Friday to finish at $29.02, up 1.47 percent. The last five days have seen an average of 1,104,160 shares of common stock traded. 8 times new highs were reached in the current year, with a fall of -$6.38. The average number of shares traded over the last 20 days was 1,716,855, while the average volume over the last 50 days totaled 1,377,756.
RNG stock dropped -25.84% since last month. On 08/17/23, the company’s shares reached a one-month low of $27.51. The stock touched a high of $49.32 on 02/15/23, after rallying from a low of $25.32 in 52 weeks. The price of RNG stock has declined by -18.02% or -$6.38 this year, reaching a new high 8 times. Still, the stock price is down -41.16% from the 52-week high.
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Insider Transactions
RNG stock investors should be aware that RingCentral Inc. (RNG) stock had its last reported insider trading activity 6 days ago on Aug 22. On Aug 22, CEO & Chairman Shmunis Vladimir sold 9,502 shares at $28.35 each. This transaction resulted in the insider making $269,344. On Aug 22, Agarwal Vaibhav sold 5,434 shares at a price of US$28.73. After the transaction, the insider now owns 108,370 shares. CEO & Chairman Shmunis Vladimir had earlier sold 58,222 shares on Aug 21 for $28.56 a share. The transaction was completed for $1,662,652.
Valuation Metrics
Beta for the stock is 0.96. There are also a few other valuation ratios worth considering, including the trailing price-to-sales (P/S) ratio of 1.29, and the price-to-cash flow ratio of 13.74.
Financial Health
For the three months ended June 29, RingCentral Inc.’s quick ratio was 1.40, while its current ratio was 1.40, indicating its ability to pay off its debt. As far as profitability goes, gross margin for the trailing twelve months is 69.00% percent. RingCentral Inc.’s EBITDA margin for the year ended June 29 was -5.00%, whereas its operating margin stood at -24.00% for the same period. Based on annual data, it had gross profit of $1.35 billion and revenue of $1.99 billion.
Investors will also look at the performance of the company’s management in order to determine the potential profitability of their investment. RNG’s return on assets (ROA) during the last 12 months has been -30.70%. There was a -56.50% return on investment (ROI) in the past year. In the meantime, the return on equity (ROE) for the last 12 months was 154.30%.
Earnings Surprise
According to RingCentral Inc.’s quarterly financial report for the quarter that ended June 29. A higher net income was reported in the quarter under review than the previous quarter. Net income for the quarter came in at $538.89 million, while revenues rose by 9.65% to $533.69 million. It was predicted that RingCentral Inc.’s quarterly earnings would be $0.83, but it ended up being $0.75, beating the consensus by 10.70%. EBITDA was $47.2 million for the quarter. At the end of RingCentral Inc.’s most recent quarter ended June 29, its liabilities totaled 2.43 billion, while its total debt was $1.61 billion. Equity owned by shareholders amounts to $94.69 million.
Technical Picture
Here’s a quick look at RingCentral Inc.’s (RNG) price momentum from a technical perspective. As of 25 August, the RSI 9-day stood at 34.02%, suggesting the stock is Neutral, with a 33.82% historical volatility rate.
The stochastic %K and %D were 12.52% and 8.96% respectively, while the average true range (ATR) was 1.37. Based on the 14-day stochastic reading of 19.14%, the RSI (14) reading is 35.67%. On the 9-day MACD Oscillator, the stock is at -0.06, and the 14-day reading is at -0.74.
Analyst Ratings
RingCentral Inc. (NYSE: RNG) was downgraded by Morgan Stanley to a an Equal-weight rating in its latest research report. The stock was previously rated as a an Overweight. Analysts have assigned RingCentral Inc. (RNG) an Overweight rating. RNG is a stock that is recommended for selling by 0 brokerage firms, while 11 companies recommend holding. The stock is underweighted by 0 analysts. Among the analysts who rate the stock, 3 rates it overweight and 16 others recommend it as a buy.
What is RNG’s price target for the next 12 months?
The current consensus forecast for the stock is between $34.00 and $65.00, with a median target price of $43.50. In analyzing these forecasts, the average price target given by analysts for RingCentral Inc. (RNG) is $44.64.
