RingCentral Inc. (NYSE:RNG) closed Tuesday at $37.97 per share, down from $38.11 a day earlier. While RingCentral Inc. has underperformed by -0.37%, investors are advised to look at stock chart patterns for technical insight. Within its last year performance, RNG fell by -77.31%, with highs and lows ranging from $179.16 to $28.00, whereas the simple moving average fell by -25.24% in the last 200 days.
On January 23, 2023, MKM Partners Downgraded RingCentral Inc. (NYSE: RNG) to Neutral. A report published by Piper Sandler on January 17, 2023, Downgraded its rating to ‘Neutral’ for RNG. Wedbush Initiated an Neutral rating on December 15, 2022, and assigned a price target of $40. Morgan Stanley December 14, 2022d its ‘Equal-Weight’ rating to ‘Overweight’ for RNG, as published in its report on December 14, 2022. Credit Suisse also rated the stock as ‘Neutral’.
Analysis of RingCentral Inc. (RNG)
Further, the quarter-over-quarter increase in sales is 22.80%, showing a positive trend in the upcoming months.
There are several well-rounded types of analysis and research techniques that can be used to gain a clear view of RingCentral Inc.’s future performance, with equity being one of the most critical indicators. Taking into account the quick ratio of the company, currently set at 1.20, you can see that the company can cover any debts it may have, which can easily be seen in the annual report of the company.
As an indicator of volatility for any stock, average volume can also be very valuable, and RNG is recording an average volume of 1.98M. On a monthly basis, the volatility of the stock is set at 5.32%, whereas on a weekly basis, it is put at 5.69%, with a gain of 4.03% over the past seven days. Furthermore, long-term investors anticipate a median target price of $52.54, showing growth from the present price of $37.97, which can serve as yet another indication of whether RNG is worth investing in or should be passed over.
How Do You Analyze RingCentral Inc. Shares?
Apart from looking at the fundamentals, you should also pay attention to the number of company employees who own shares. This is because the values should be in line with investors’ expectations. As such, the current holdings of company stock inside the company are set at 1.00%. This can enable you to see the extent to which executives own the company’s stock. As opposed to executive stock, institutional ownership accounts for 99.70% of the company’s shares, contributing to an indication of company value, since large shareholders may signify strength within the organization.
Are institutional investors increasing their holdings in RNG shares?
The recent increase in stakes in RNG appears to be a result of several institutional investors and hedge funds increasing their positions. Capital Research & Management Co’s position in RNG has increased by 17.36% in the first quarter. The company now owns 11,613,227 shares of the stock, with a value of $411.11 million, following the purchase of 1,717,761 additional shares during the last quarter. The Vanguard Group, Inc. made another increased to its shares in RNG during the first quarter, upping its stake by 5.83%. During the last quarter, the company picked up 485,971 additional shares for a total stake of worth $312.13 million, bringing number of shares owned by the company to 8,817,188.
During the first quarter, BlackRock Fund Advisors added a 464,456 position in RNG. Alkeon Capital Management LLC sold an additional 54655.0 shares in the last quarter, decreasing its holdings by -1.48%, now holding 3.65 million shares worth $129.05 million. At the end of the first quarter, Pictet Asset Management SA increased its RNG holdings by 32.51% and now holds 3.3 million RNG shares valued at $116.74 million with the added 0.81 million shares during the period. RNG shares are owned by institutional investors to the tune of 99.70% at present.