Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. RingCentral Inc. shares valued at $267,767 were sold by Marlow John H on Feb 27. At $34.23 per share, Marlow John H sold 7,823 shares. The insider’s holdings dropped to 185,260 shares worth approximately $5.92 million following the completion of this transaction.
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Also, Katibeh Mohammed sold 7,454 shares, netting a total of over 266,369 in proceeds. Following the sale of shares at $35.73 each, the insider now holds 110,248 shares.
Before that, Agarwal Vaibhav had sold 3,150 shares from its account. In a trade valued at $112,524, the Chief Accounting Officer traded RingCentral Inc. shares for $35.72 each. Upon closing the transaction, the insider’s holdings decreased to 3,150 shares, worth approximately $2.88 million.
As published in a research note from Evercore ISI on February 16, 2023, RingCentral Inc. [RNG] has been rated down from an Outperform to an In-line and the price target has been revised to $40. This represents a 20.08% premium over Thursday’s closing price. Analysts at MKM Partners downgraded the stock from ‘”a Buy”‘ to ‘”a Neutral”‘ outlook in a report released in late January. As of January 17, 2023, Piper Sandler has decreased its “an Overweight” rating to a “Neutral” for RNG. Earlier on December 21, 2022, Wolfe Research downgraded its rating. Their new recommendation was “a Peer perform” for RNG stock which previously was a “an Outperform”.
Analyzing RNG Stock Performance
On Thursday, RingCentral Inc. [NYSE: RNG] plunged -1.27% to $31.97. The stock’s lowest price that day was $31.18, but it reached a high of $32.58 in the same session. During the last five days, there has been a drop of approximately -5.58%. Over the course of the year, RingCentral Inc. shares have dropped approximately -9.69%. Shares of the company reached a 52-week high of $49.32 on 02/15/23 and a 52-week low of $30.52 on 03/13/23. A 50-day SMA is recorded $37.35, while a 200-day SMA reached $42.41. Nevertheless, trading volume fell to 1.5 million shares from 2.08 million shares the previous day.
Support And Resistance Levels for RingCentral Inc. (RNG)
According to the 24-hour chart, there is a support level at 31.24, which, if violated, would cause prices to drop to 30.51. In the upper region, resistance lies at 32.64. The next price resistance is at 33.31. RSI (Relative Strength Index) is 38.88 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -1.65, which suggests the price will decrease in the coming days. Percent R is at 78.73%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.
Is RingCentral Inc. subject to short interest?
Stocks of RingCentral Inc. saw a sharp rise in short interest on Jan 12, 2023 jumping by 10000.0 shares to 4.35 million. Data from Yahoo Finance shows that the short interest on Dec 14, 2022 was 4.34 million shares. A jump of 0.23% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 2.8 of the overall float, the days-to-cover ratio (short ratio) jumped to 2.8.
Which companies own the most shares of RingCentral Inc. (RNG)?
According to Capital Research & Management Co filings, the company currently owns 12,964,077 shares, which is about 15.09% of the total RNG shares outstanding. The investor’s shares have appreciated by 3,068,611 from its previous 13-F filing of 9895466.0 shares. With the completion of the buy transaction, The Vanguard Group, Inc.’s stake is now worth $318,013,568. BlackRock Fund Advisors acquire a 10.58% interest valued at $143.88 million while Alkeon Capital Management LLC purchased a 158,250 stake. A total of 363,489 shares of RingCentral Inc. were bought by Pictet Asset Management SA during the quarter, and -86,217 were sold by SSgA Funds Management, Inc. In its current portfolio, Capital Research & Management Co holds 1,985,827 shares valued at $65.61 million.
In terms of RingCentral Inc. share price expectations, FactSet research, analysts set an average price target of $51.31 in the next 12 months, up nearly 54.42% from the previous closing price of $32.38. Analysts anticipate RingCentral Inc. stock to reach $65.00 by 2023, with the lowest price target being $40.00. In spite of this, 29 analysts ranked RingCentral Inc. stock as an Overweight at the end of 2023. On December 15, 2022, Wedbush assigned a price target of “a Neutral” to the stock and initiated coverage with a $40.