According to Fintel reports on May 26, 2023, RingCentral Inc. (NYSE:RNG) had its outlook upgraded by Needham from Hold to Buy.
The average one-year price target for RingCentral Inc. – as of May 10, 2023, is 47.67. The projected annual revenue for RingCentral Inc. – is estimated to increase to 2,358MM, an increase of 14.78%. The projected annual non-GAAP EPS is 2.85.
The average price target indicates a potential upside of 61.59% from the latest closing price reported of 29.50.
See the leaderboard of companies with the largest price target upside.
641 funds or institutions are reporting positions in RingCentral Inc. – as of the latest update. The average portfolio weight of all funds dedicated to RNG is 0.14%, which is a decrease of 0.71%. Total shares owned by these institutions decreased during the last three months by 1.96% to 95,510K shares. The put/call ratio of RNG is 0.50, which indicates a bullish outlook.
The details of other shareholders of RingCentral Inc. – are:
Capital World Investors has increased its ownership by 0.71%, and holdings stand at 13,057K shares, which accounts for 13.66% of the company’s ownership. Its portfolio allocation in RNG has decreased by 15.39% during the last quarter.
AGTHX – GROWTH FUND OF AMERICA accounts for 5.82% of RingCentral Inc. – ownership, with 5,562K shares, and no change was reported during the last quarter.
Pictet Asset Management, which holds 4.81% of the company’s ownership, has increased its ownership by 20.45%. In its prior filing, the firm reported owning 3,661K shares, and now the firm holds 4,602K shares. Its portfolio allocation in RNG has decreased by 48.47% during 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, which is a decrease of 0.70%. The firm’s portfolio allocation in RNG has decreased by 19.62% during the last quarter.
Alkeon Capital Management owns 2.77% of the equity, amounting to 2,649K shares, a decrease of 43.60% in its previous filing, where it reported owning 3,804K shares. Its portfolio allocation in RNG has decreased by 90.50% during the last quarter.
RingCentral is a leading provider of business cloud communications and contact center solutions based on its powerful MVP platform. The company empowers modern mobile and distributed workforces to communicate via any mode, any device, and any location. Its three key products in the portfolio are RingCentral Office, Glip, and RingCentral cloud Contact Center. RingCentral is headquartered in Belmont, California, and has offices all over the world.
Key filings for this company:
This story was originally published on Fintel.
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