RingCentral Inc.’s recently made public that its CEO & Chairman Shmunis Vladimir unloaded Company’s shares for reported $0.27 million on Aug 22. In the deal valued at $28.35 per share,9,502 shares were sold. As a result of this transaction, Shmunis Vladimir now holds 429,974 shares worth roughly $ 13.73 million.
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Then, Agarwal Vaibhav sold 5,434 shares, generating $156,097 in total proceeds. Upon selling the shares at $28.73, the Deputy Chief Financial Officer now owns 108,370 shares.
Before that, Shmunis Vladimir sold 58,222 shares. RingCentral Inc. shares valued at $1,662,652 were divested by the CEO & Chairman at a price of $28.56 per share. As a result of the transaction, Shmunis Vladimir now holds 439,476 shares, worth roughly $14.03 million.
Morgan Stanley downgraded its RingCentral Inc. [RNG] rating to an Equal-weight from a an Overweight in a research note published on Friday.
Price Performance Review of RNG
On Friday, RingCentral Inc. [NYSE:RNG] saw its stock jump 3.23% to $31.93. On the same session, the stock had its day’s lowest price of $30.9733, but rose to a high of $32.20. Over the last five days, the stock has gained 10.03%. RingCentral Inc. shares have fallen nearly -9.80% since the year began. Nevertheless, the stocks have fallen -25.81% over the past one year. While a 52-week high of $49.32 was reached on 02/15/23, a 52-week low of $25.32 was recorded on 05/04/23. SMA at 50 days reached $34.37, while 200 days put it at $34.07. A total of 2.05 million shares were traded, compared to the trading of 2.55 million shares in the previous session.
Levels Of Support And Resistance For RNG Stock
The 24-hour chart illustrates a support level at 31.20, which if violated will result in even more drops to 30.47. On the upside, there is a resistance level at 32.43. A further resistance level may holdings at 32.93. The Relative Strength Index (RSI) on the 14-day chart is 50.50, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 1.45, which suggests price will go up in the next trading period. Percent R suggests that price movement has been bullish at 5.76%. Stochastics %K at 81.78% indicates the stock is a selling.
How much short interest is there in RingCentral Inc.?
A steep rise in short interest was recorded in RingCentral Inc. stocks on Aug 14, 2023, dropping by -0.28 million shares to a total of 4.64 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 4.92 million shares. There was a decline of -6.03%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 7.54% of the overall stock float, the days-to-cover ratio (short ratio) fell to 2.77.
RingCentral Inc. [RNG] – Who Are The Largest Shareholders?
In filings from Capital Research & Management Co, it is revealed that the company now owns 12,380,305 shares, or roughly 14.45% of the outstanding RNG shares. In other words, the investor’s shares have fallen by -676,285 from its previous 13-F filing of 13056590.0. Additionally, The Vanguard Group, Inc. increased 1.02% of its stake after which the total value it holdings stand at $387,652,308, while Sylebra Capital Ltd. added 903.43% of its stake to hold $337.65 million in the firm. Over the last quarter, Pictet Asset Management SA purchased 346,332 shares of RingCentral Inc., while BlackRock Fund Advisors bought -411,971 shares. At present, Alkeon Capital Management LLC is holding 3,129,574 shares valued at $129.44 million. SSgA Funds Management, Inc. owned 2,633,204 shares of the company at the time of its most recent 13F filing, worth $108.91 million.
According to FactSet, RingCentral Inc.’s share price will average $44.31 in the next year, based on opinions of analysts polled by the firm. This is up nearly 37.41 percent from its previous closing price of $30.93. Analysts expect RingCentral Inc. stock to reach the higher price of $65.00, while the lowest price estimate is $34.00. However, 30 analysts have rated RNG stock as an Overweight in their predictions for 2023.