Year-To-Date, RingCentral Inc. (NYSE: RNG) Price Has Decrease -72.00%. Does Trouble Ahead? – Marketing Sentinel
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Year-To-Date, RingCentral Inc. (NYSE: RNG) Price Has Decrease -72.00%. Does Trouble Ahead?

During the last session, RingCentral Inc. (NYSE:RNG)’s traded shares were 1.94 million, with the beta value of the company hitting 1.04. At the end of the trading day, the stock’s price was $52.45, reflecting an intraday gain of 0.98% or $0.51. The 52-week high for the RNG share is $315.00, that puts it down -500.57 from that peak though still a striking 7.47% gain since the share price plummeted to a 52-week low of $48.53. The company’s market capitalization is $4.73B, and the average intraday trading volume over the past 10 days was 2.21 million shares, and the average trade volume was 1.70 million shares over the past three months.

RingCentral Inc. (RNG) received a consensus recommendation of a Buy from analysts. That translates to a mean rating of 1.70. RNG has a Sell rating from 0 analyst(s) out of 26 analysts who have looked at this stock. 3 analyst(s) recommend to Hold the stock while 2 suggest Overweight, and 21 recommend a Buy rating for it. 0 analyst(s) has rated the stock Underweight. Company’s earnings per share (EPS) for the current quarter are expected to be $0.4.

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RingCentral Inc. (NYSE:RNG) trade information

RingCentral Inc. (RNG) registered a 0.98% upside in the last session and has traded in the green over the past 5 sessions. The stock spiked 0.98% in intraday trading to $52.45 this Wednesday, 06/22/22, hitting a weekly high. The stock’s 5-day price performance is 7.72%, and it has moved by -18.56% in 30 days. Based on these gigs, the overall price performance for the year is -82.42%. The short interest in RingCentral Inc. (NYSE:RNG) is 7.96 million shares and it means that shorts have 7.51 day(s) to cover.

The consensus price target of analysts on Wall Street is $119.17, which implies an increase of 55.99% to the stock’s current value. The extremes of the forecast give a target low and a target high price of $80.00 and $175.00 respectively. As a result, RNG is trading at a discount of -233.65% off the target high and -52.53% off the low.

RingCentral Inc. (RNG) estimates and forecasts

Statistics show that RingCentral Inc. has outperformed its competitors in share price, compared to the industry in which it operates. RingCentral Inc. (RNG) shares have gone down -72.31% during the last six months, with a year-to-date growth rate more than the industry average at 38.81% against 3.80. Yet analysts are ramping up their growth forecast for the fiscal year 2022. Revenue is predicted to grow 25.00% this quarter and then jump 30.60% in the quarter after that. In the rating firms’ projections, revenue will increase 25.90% compared to the previous financial year.

Revenue for the current quarter is expected to be $479.02 million as predicted by 24 analyst(s). Meanwhile, a consensus of 24 analyst(s) estimates revenue growth to $510.85 million by the end of Sep 2022. As per earnings report from last fiscal year’s results, sales for the corresponding quarters totaled $379.27 million and $393.42 million respectively. In this case, analysts expect current quarter sales to grow by 26.30% and then jump by 29.80% in the coming quarter.

An analysis of the company’s performance over the past 5 years shows that the company’s earnings grew an estimated 147.82%. While earnings are projected to return -338.20% in 2022, the next five years will return 35.00% per annum.

RNG Dividends

RingCentral Inc. is due to release its next quarterly earnings between May 02 and May 06. However, it is important to remember that the dividend yield ratio is merely an indicator meant to only serve as guidance.

RingCentral Inc. (NYSE:RNG)’s Major holders

RingCentral Inc. insiders own 1.39% of total outstanding shares while institutional holders control 93.12%, with the float percentage being 94.43%. Capital World Investors is the largest shareholder of the company, while 650 institutions own stock in it. As of Dec 30, 2021, the company held over 11.19 million shares (or 13.17% of all shares), a total value of $2.1 billion in shares.

The next largest institutional holding, with 8.9 million shares, is of Capital International Investors’s that is approximately 10.48% of outstanding shares. At the market price on Dec 30, 2021, these shares were valued at $1.67 billion.

Also, the Mutual Funds coming in first place with the largest holdings of RingCentral Inc. (RNG) shares are Growth Fund Of America Inc and Fundamental Investors Inc. Data provided on Feb 27, 2022 indicates that Growth Fund Of America Inc owns about 7.37 million shares. This amounts to just over 8.68 percent of the company’s overall shares, with a $964.41 million market value. The same data shows that the other fund manager holds slightly less at 4.32 million, or about 5.08% of the stock, which is worth about $808.64 million.

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