RingCentral Inc (NYSE:RNG) price on Friday, December 27, fall -3.37% below its previous day’s close as a downside momentum from buyers pushed the stock’s value to $36.11.
A look at the stock’s price movement, the close in the last trading session was $37.37, moving within a range at $35.48 and $37.27. The beta value (5-Year monthly) was 0.992. Turning to its 52-week performance, $42.19 and $26.98 were the 52-week high and 52-week low respectively. Overall, RNG moved -6.55% over the past month.
RingCentral Inc’s market cap currently stands at around $3.25 billion, with investors looking forward to this quarter’s earnings report slated for in January.
Analysts have a consensus estimate of 612.37M for the company’s revenue for the quarter, with a low and high estimate of 611M and 614.02M respectively. The average forecast suggests up to a 7.19% growth in sales growth compared to quarterly growth in the same period last fiscal year. Wall Street analysts have also projected the company’s year-on-year revenue to grow to 2.4B, representing a 8.89% jump on that reported in the last financial year.
Turning to the stock’s technical picture we see that short term indicators suggest on average that RNG is a 50% Buy. On the other hand, the stock is on average a 50% Buy as suggested by medium term indicators while long term indicators are putting the stock in 100% Buy category.
14 analyst(s) have given their forecast ratings for the stock on a scale of 1.00-5.00 for a strong buy to strong sell recommendation. A total of 4 analyst(s) rate the stock as a Hold, 9 recommend RNG as a Buy and 1 give it an Overweight rating. Meanwhile, 0 analyst(s) rate the stock as Underweight and 0 say it is a Sell. As such, the average rating for the stock is Buy which could provide an opportunity for investors keen on increasing their holdings of the company’s stock.
RNG’s current price about -6.96% and -2.52% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 41.89, while 7-day volatility ratio is 3.19% and 4.02% in the 30-day chart. Further, RingCentral Inc (RNG) has a beta value of 0.99, and an average true range (ATR) of 1.52. Analysts have given the company’s stock an average 52-week price target of $36, forecast between a low of $31 and high of $45. Looking at the price targets, the low is 14.15% off current price level while to achieve the yearly target high, price needs to move -24.62%. Nonetheless, investors will most likely welcome a 0.3% jump to $36 which is the analysts’ median price.
If we refocus on RingCentral Inc (NYSE:RNG), historical trading data shows that trading volumes averaged 1.16 over the past 10 days and 1.31 million over the past 3 months. The company’s latest data on shares outstanding shows there are 80.51 million shares.
The 12.99% of RingCentral Inc’s shares are in the hands of company insiders while institutional holders own 88.22% of the company’s shares. Also important is the data on short interest which shows that short shares stood at 6.22 million on 2024-11-29, giving us a short ratio of 4.82. The data shows that as of 2024-11-29 short interest in RingCentral Inc (RNG) stood at 1079.0 of shares outstanding, with shares short rising to 5.14 million registered in 2024-10-31. Current price change has pushed the stock 6.36% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the RNG stock continues to rise going into the next quarter.
