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Do You Still Have A Reason To Buy RingCentral Inc. (NYSE: RNG) After A -4.93% Drop In The Last Week?

During the last session, RingCentral Inc. (NYSE:RNG)’s traded shares were 2.23 million, with the beta value of the company hitting 0.91. At the end of the trading day, the stock’s price was $29.50, reflecting an intraday loss of -3.37% or -$1.03. The 52-week high for the RNG share is $68.54, that puts it down -132.34 from that peak though still a striking 14.17% gain since the share price plummeted to a 52-week low of $25.32. The company’s market capitalization is $2.82B, and the average intraday trading volume over the past 10 days was 2.35 million shares, and the average trade volume was 2.21 million shares over the past three months.

RingCentral Inc. (RNG) received a consensus recommendation of an Overweight from analysts. That translates to a mean rating of 2.20. RNG has a Sell rating from 0 analyst(s) out of 30 analysts who have looked at this stock. 10 analyst(s) recommend to Hold the stock while 3 suggest Overweight, and 17 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 $0.75.

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RingCentral Inc. (NYSE:RNG) trade information

RingCentral Inc. (RNG) registered a -3.37% downside in the last session and has traded in the red over the past 5 sessions. The stock plummet -3.37% in intraday trading to $29.50 this Thursday, 05/25/23, hitting a weekly high. The stock’s 5-day price performance is -4.93%, and it has moved by 5.24% in 30 days. Based on these gigs, the overall price performance for the year is -49.06%. The short interest in RingCentral Inc. (NYSE:RNG) is 4.66 million shares and it means that shorts have 3.07 day(s) to cover.

The consensus price target of analysts on Wall Street is $45.74, which implies an increase of 35.51% to the stock’s current value. The extremes of the forecast give a target low and a target high price of $29.00 and $65.00 respectively. As a result, RNG is trading at a discount of -120.34% off the target high and 1.69% 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 -15.03% during the last six months, with a year-to-date growth rate more than the industry average at 60.80% against 28.60. Yet analysts are ramping up their growth forecast for the fiscal year 2023. Revenue is predicted to grow 66.70% this quarter and then jump 49.10% in the quarter after that. In the rating firms’ projections, revenue will increase 10.50% compared to the previous financial year.

Revenue for the current quarter is expected to be $536.19 million as predicted by 26 analyst(s). Meanwhile, a consensus of 26 analyst(s) estimates revenue growth to $553.71 million by the end of Sep 2023. As per earnings report from last fiscal year’s results, sales for the corresponding quarters totaled $486.9 million and $502.69 million respectively. In this case, analysts expect current quarter sales to grow by 10.10% and then jump by 10.10% 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 30.47%. While earnings are projected to return -125.10% in 2023, the next five years will return -1.33% per annum.

RNG Dividends

RingCentral Inc. is due to release its next quarterly earnings between July 31 and August 04. 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 1.10% of total outstanding shares while institutional holders control 95.82%, with the float percentage being 96.89%. Capital World Investors is the largest shareholder of the company, while 460 institutions own stock in it. As of Mar 30, 2023, the company held over 13.06 million shares (or 15.24% of all shares), a total value of $400.45 million in shares.

The next largest institutional holding, with 9.43 million shares, is of Vanguard Group, Inc. (The)’s that is approximately 11.01% of outstanding shares. At the market price on Mar 30, 2023, these shares were valued at $289.28 million.

Also, the Mutual Funds coming in first place with the largest holdings of RingCentral Inc. (RNG) shares are Growth Fund Of America Inc and Smallcap World Fund. Data provided on Mar 30, 2023 indicates that Growth Fund Of America Inc owns about 5.56 million shares. This amounts to just over 6.50 percent of the company’s overall shares, with a $170.6 million market value. The same data shows that the other fund manager holds slightly less at 3.0 million, or about 3.51% of the stock, which is worth about $106.2 million.

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