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 $62,331 were sold by Agarwal Vaibhav on Oct 01 ’24. At $31.40 per share, Agarwal Vaibhav sold 1,985 shares. The insider’s holdings dropped to 135,560 shares worth approximately $4.88 million following the completion of this transaction.
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Also, VAIBHAV AGARWAL purchased 1,985 shares, netting a total of over 62,330 in proceeds.
Before that, THEIS ROBERT I had sold 8,448 shares from its account. In a trade valued at $287,232, the Director traded RingCentral Inc shares for $34.00 each. Upon closing the transaction, the insider’s holdings decreased to 8,448 shares, worth approximately $1.14 million.
As published in a research note from Rosenblatt on August 02, 2024, RingCentral Inc [RNG] has been rated up from a Neutral to a Buy and the price target has been revised to $45. Analysts at Wells Fargo downgraded the stock from ‘”an Overweight”‘ to ‘”an Equal weight”‘ outlook in a report released in mid December. As of December 12, 2023, Jefferies has decreased its “Buy” rating to a “Hold” for RNG. Earlier on October 23, 2023, Rosenblatt downgraded its rating. Their new recommendation was “a Neutral” for RNG stock which previously was a “a Buy”.
Analyzing RNG Stock Performance
During the last five days, there has been a surge of approximately 5.35%. Over the course of the year, RingCentral Inc shares have jumped approximately 6.07%. Shares of the company reached a 52-week high of $38.35 on 05/15/24 and a 52-week low of $26.98 on 06/27/24. A 50-day SMA is recorded $31.70, while a 200-day SMA reached $32.50. Nevertheless, trading volume fell to 1.16 million shares from 1.17 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 35.39, which, if violated, would cause prices to drop to 34.76. In the upper region, resistance lies at 36.54. The next price resistance is at 37.06. RSI (Relative Strength Index) is 73.74 on the 14-day chart, showing overbought technical sentiment. Moving Average Convergence Divergence (MACD) is at 1.35, which suggests the price will increase in the coming days. Percent R is at 10.49%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.
