RingCentral Inc. (NYSE: RNG) stock fell -3.37% on Thursday to $29.50 against a previous-day closing price of $30.53. With 2.23 million shares changed hands, the volume of the stock remained heavier than its average volume of 2.21 million shares. During the session, the Software – Application company that operates in wider Technology sector, reached to the highest price of $31.15 whereas the lowest price it dropped to was $28.80. The 52-week range on RNG shows that it touched its highest point at $68.54 and its lowest point at $25.32 during that stretch. It currently has a 1-year price target of $45.39. Beta for the stock currently stands at 0.91.
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Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of RNG was down-trending over the past week, with a drop of -4.93%, but this was up by 5.24% over a month. Three-month performance dropped to -15.08% while six-month performance fell -15.03%. The stock lost -49.06% in the past year, while it has lost -16.67% so far this year. A look at the trailing 12-month EPS for RNG yields -8.19 with Next year EPS estimates of 3.71. For the next quarter, that number is 0.75. This implies an EPS growth rate of -125.10% for this year and 14.95% for next year. EPS is expected to decline by -1.33% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of 30.47%.
Float and Shares Shorts:
At present, 95.72 million RNG shares are outstanding with a float of 84.81 million shares on hand for trading. On Apr 27, 2023, short shares totaled 4.66 million, which was 4.81% higher than short shares on Mar 30, 2023. In addition to Mr. Vladimir G. Shmunis as the firm’s Founder, Chairman & CEO, Mr. Mo Katibeh serves as its Pres & COO.
Other institutions hold 9.25% of RNG, in contrast to 52.82% held by mutual funds. Shares owned by individuals account for 42.92%. As the largest shareholder in RNG with 15.26% of the stake, Capital Research & Management Co holds 13,056,590 shares worth 13,056,590. A second-largest stockholder of RNG, The Vanguard Group, Inc., holds 9,278,278 shares, controlling over 10.85% of the firm’s shares. BlackRock Fund Advisors is the third largest shareholder in RNG, holding 5,100,937 shares or 5.96% stake. With a 6.50% stake in RNG, the American Funds Growth Fund of Ame is the largest stakeholder. A total of 5,562,485 shares are owned by the mutual fund manager. The American Funds Small Cap World Fu, which owns about 3.48% of RNG stock, is the second-largest Mutual Fund holder. It holds 2,979,300 shares valued at 82.11 million. Pictet – Robotics holds 3.19% of the stake in RNG, owning 2,729,308 shares worth 75.22 million.
An Overview of Recent Financials:
Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Mar 30, 2023, RNG reported revenue of $486.90M and operating income of -$107.76M. The EBITDA in the recently reported quarter was -$157.26M and diluted EPS was -$1.68.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for RNG since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With RNG analysts setting a high price target of $65.00 and a low target of $29.00, the average target price over the next 12 months is $45.74. Based on these targets, RNG could surge 120.34% to reach the target high and fall by -1.69% to reach the target low. Reaching the average price target will result in a growth of 55.05% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.
Summary of Insider Activity:
Insiders traded RNG stock several times over the past three months with 1 Buys and 2 Sells. In these transactions, 17,144 shares were bought while 7,823 shares were sold. The number of buy transactions has increased to 49 while that of sell transactions has risen to 65 over the past year. The total number of shares bought during that period was 402,049 while 283,342 shares were sold.