The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. RingCentral Inc. shares valued at $68,539 were sold by Agarwal Vaibhav on Apr 01 ’24. At $34.55 per share, Agarwal Vaibhav sold 1,984 shares. The insider’s holdings dropped to 114,656 shares worth approximately $3.71 million following the completion of this transaction.
Also, Agarwal Vaibhav sold 14,113 shares, netting a total of over 491,655 in proceeds. Following the sale of shares at $34.84 each, the insider now holds 116,640 shares.
Before that, GOLDMAN KENNETH A had sold 1,286 shares from its account. In a trade valued at $46,368, the Director traded RingCentral Inc. shares for $36.06 each. Upon closing the transaction, the insider’s holdings decreased to 1,286 shares, worth approximately $0.73 million.
As published in a research note from Wells Fargo on December 20, 2023, RingCentral Inc. [RNG] has been rated down from an Overweight to an Equal weight and the price target has been revised to $36. Analysts at Jefferies downgraded the stock from ‘”a Buy”‘ to ‘”a Hold”‘ outlook in a report released in mid December. As of October 23, 2023, Rosenblatt has decreased its “Buy” rating to a “Neutral” for RNG. Earlier on August 08, 2023, Morgan Stanley downgraded its rating. Their new recommendation was “an Equal-weight” for RNG stock which previously was a “an Overweight”.
Analyzing RNG Stock Performance
During the last five days, there has been a drop of approximately -1.10%. Over the course of the year, RingCentral Inc. shares have dropped approximately -4.59%. Shares of the company reached a 52-week high of $36.94 on 03/12/24 and a 52-week low of $29.78 on 02/22/24. A 50-day SMA is recorded $33.54, while a 200-day SMA reached $32.29. Nevertheless, trading volume fell to 0.61 million shares from 0.82 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 31.86, which, if violated, would cause prices to drop to 31.32. In the upper region, resistance lies at 32.97. The next price resistance is at 33.54. RSI (Relative Strength Index) is 41.58 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.80, which suggests the price will decrease in the coming days. Percent R is at 88.05%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is RingCentral Inc. subject to short interest?
Stocks of RingCentral Inc. saw a sharp steep in short interest on Mar 15, 2024 dropping by -0.5 million shares to 4.14 million. Data from Yahoo Finance shows that the short interest on Feb 15, 2024 was 4.64 million shares. A decline of -12.08% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 2.48 of the overall float, the days-to-cover ratio (short ratio) decline to 2.48.
