As of Wednesday close, RingCentral Inc.’s (NYSE:RNG) stock was down -$0.53, moving down -1.76 percent to $29.62. The average number of shares traded per day over the past five days has been 1,158,420 shares. 4 times new highs have been achieved over the past 5 days, with a $0.99 gain in that time frame. In the last twenty days, the average volume was 1,779,405, while in the previous 50 days, it was 1,386,142.
Since last month, RNG stock retreated -28.70%. Shares of the company fell to $27.51 on 08/17/23, the lowest level in the past month. A 52-week high of $49.32 was reached on 02/15/23 after having rallying from a 52-week low of $25.32. Since the beginning of this year, RNG’s stock price has dropped by -16.33% or -$5.78, and marked a new high 8 times. However, the stock has declined by -39.94% since its 52-week high.
RNG stock investors should be aware that RingCentral Inc. (RNG) stock had its last reported insider trading activity 9 days ago on Aug 22. Shmunis Vladimir, the CEO & Chairman of the company, disposed of 9,502 shares for $28.35 on Aug 22. It resulted in a $269,344 divestment by the insider. Agarwal Vaibhav sold 5,434 shares at an average price of $28.73 on Aug 22. The insider now owns 108,370 shares following the transaction. On Aug 21, CEO & Chairman Shmunis Vladimir sold 58,222 shares at $28.56 apiece. The transaction was valued at $1,662,652.
Financial Health
In the three months ended June 29, RingCentral Inc.’s quick ratio stood at 1.40, while its current ratio was 1.40, showing that the company is able to pay off its debt. On the profitability front, the trailing twelve-month gross margin is 69.00% percent. In the year ended June 29, EBITDA margin amounted to -5.00%, whereas operating margins totaled -24.00%. 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 154.30%.
In RingCentral Inc.’s quarter-end financial report for June 29, it reported total debt of $1.56 billion. 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 9.65% to $533.69 million during the quarter, while net income inched up to $538.89 million. While analysts expected RingCentral Inc. to report $0.75 quarterly earnings, the actual figure was $0.83 per share, beating the consensus estimate by 10.70%. During the quarter, the company generated $47.2 million in EBITDA. The liabilities of RingCentral Inc. were 2.43 billion at the end of its most recent quarter ended June 29, and its total debt was $1.61 billion. The value of shareholders’ equity is $94.69 million.
Technical Picture
This quick technical analysis looks at RingCentral Inc.’s (RNG) price momentum. With a historical volatility rate of 28.19%, the RSI 9-day stood at 41.06% on 30 August.
With respect to its five-day moving average, the current RingCentral Inc. price is up by +3.46% percent or $0.99. At present, RNG shares trade -25.47% below its 20-day simple moving average and -0.30% percent below its 100-day simple moving average. However, the stock is currently trading approximately -12.75% below its SMA50 and -19.73% below its SMA200.
Stochastic coefficient K was 57.04% and Stochastic coefficient D was 41.32%, while ATR was 1.27. Given the Stochastic reading of 62.15% for the 14-day period, the RSI (14) reading has been calculated as 39.67%. As of today, the MACD Oscillator reading stands at 0.71, while the 14-day reading stands at 0.48.
Analyst Ratings
RingCentral Inc. downgraded its rating on RingCentral Inc. (NYSE: RNG) to an Equal-weight in a note to investors on August 08, 2023. The analysts firm previously had an Overweight rating on the stock.RingCentral Inc. (RNG) has been rated Overweight by analysts. According to 0 brokerage firms, RNG is a sell, and 11 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 $42.50, the current consensus forecast for the stock is $34.00 – $65.00. Based on these forecasts, analysts predict RingCentral Inc. (RNG) will achieve an average price target of $44.31.
