Fintel reports that on May 26, 2023, Needham upgraded their outlook for RingCentral Inc. – (NYSE:RNG) from Hold to Buy .
Analyst Price Forecast Suggests 61.59% Upside
As of May 10, 2023, the average one-year price target for RingCentral Inc. – is 47.67. The forecasts range from a low of 29.29 to a high of $68.25. The average price target represents an increase of 61.59% from its latest reported closing price of 29.50.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for RingCentral Inc. – is 2,358MM, an increase of 14.78%. The projected annual non-GAAP EPS is 2.85.
What is the Fund Sentiment?
There are 641 funds or institutions reporting positions in RingCentral Inc. -. This is a decrease of 41 owner(s) or 6.01% in the last quarter. Average portfolio weight of all funds dedicated to RNG is 0.14%, a decrease of 0.71%. Total shares owned by institutions decreased in the last three months by 1.96% to 95,510K shares. The put/call ratio of RNG is 0.50, indicating a bullish outlook.
What are Other Shareholders Doing?
Capital World Investors holds 13,057K shares representing 13.66% ownership of the company. In it’s prior filing, the firm reported owning 12,964K shares, representing an increase of 0.71%. The firm decreased its portfolio allocation in RNG by 15.39% over the last quarter.
AGTHX – GROWTH FUND OF AMERICA holds 5,562K shares representing 5.82% ownership of the company. No change in the last quarter.
Pictet Asset Management holds 4,602K shares representing 4.81% ownership of the company. In it’s prior filing, the firm reported owning 3,661K shares, representing an increase of 20.45%. The firm decreased its portfolio allocation in RNG by 48.47% over the last quarter.
SMCWX – SMALLCAP WORLD FUND INC holds 2,979K shares representing 3.12% ownership of the company. In it’s prior filing, the firm reported owning 3,000K shares, representing a decrease of 0.70%. The firm decreased its portfolio allocation in RNG by 19.62% over the last quarter.
Alkeon Capital Management holds 2,649K shares representing 2.77% ownership of the company. In it’s prior filing, the firm reported owning 3,804K shares, representing a decrease of 43.60%. The firm decreased its portfolio allocation in RNG by 90.50% over the last quarter.
RingCentral Background Information
(This description is provided by the company.)
RingCentral, Inc. is a leading provider of business cloud communications and contact center solutions based on its powerful Message Video Phone™ (MVP™) platform. More flexible and cost effective than legacy on-premise PBX and video conferencing systems that it replaces, RingCentral empowers modern mobile and distributed workforces to communicate, collaborate, and connect via any mode, any device, and any location. RingCentral offers three key products in its portfolio including RingCentral Office®, a Unified Communications as a Service (UCaaS) platform including team messaging, video meetings, and a cloud phone system, Glip® the company’s free video meetings solution with team messaging that enables Smart Video Meetings™, and RingCentral cloud Contact Center solutions. RingCentral’s open platform integrates with leading third party business applications and enables customers to easily customize business workflows. RingCentral is headquartered in Belmont, California, and has offices around the world.
Key filings for this company:
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.