Ringcentral, Inc. (NYSE: RNG) shares rose on Tuesday February 14 on heavier trade volume than normal after a number of analysts weighed in on the investing value of the stock and reiterated thier respective ratings.
Meanwhile U.S. stocks opened slightly lower on Tuesday. The main three benchmarks retreated after touching the latest in a series of record highs on Monday, with the S&P 500 index SPX, -0.09% down two points, or 0.1%, to 2,326.
The Dow Jones Industrial Average DJIA, -0.02% fell 34 points, or 0.2%, to 20,381. The Nasdaq Composite Index COMP, -0.13% shed eight points, or 0.1%, to 5,756.
Analysts at William Blair reiterated an Outperform rating on shares of Ringcentral, Inc. (NYSE: RNG) in a reserach note to investors, making it one of the more actively watched stocks on Wall Street. William Blair currently has a rating of Outperform on the shares. The one-year price target of $28.73 is above the opening price of $23.55, resulting a fair amount of other analysts to report on the stock in recent days. Looking back over the last 52 weeks, Ringcentral, Inc. stock has a high of $25.00. Share prices often trend to the upside on recommendations and new price targets of professional brokerage firms.
Shares of Ringcentral, Inc. (NYSE: RNG) opened at $23.55 yesterday and traded in a range between, $22.55 and $24.50, and last traded at $23.91, which is a jump of $0.11 compared to the previous closing price.
Ringcentral, Inc. (NYSE: RNG) now has a market cap of 1.76B.
Ringcentral, Inc. (NYSE: RNG) Average Daily Trading Volume
The stock’s average daily volume is 564,489 shares out of a total float 58,176,000 and some 572,227 shares crossed the trading desk yesterday, 112 percent above the norm. higher than normal. Significant increases in trading volume and price appreciation together could signal heavy volume accumulation by institutional investors.
While increased trading for short periods will not mean much will not mean much, however, a trend of heavy trading volume on the buy side over a period of days or weeks sends a positive signal to market traders that institutions may be moving in, so institutional sponsorship is very important.
Institutional sponsorship commonly refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Institutional investors such as these have teams of analysts that investigate thousands of stocks. So watching their interests is a good way to make sure you are buying the right stocks.
Ringcentral, Inc. (NYSE: RNG) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
By tracking the activity of these professional investors—and the moving averages they affect—it allows for traders to make more effective decisions on trades.
Trades for Ringcentral, Inc. (NYSE: RNG) have ranged from $13.88 – 25.0000, and the stock now has a 50-day MA of $22.43 and 200-day MA of $22.39. Today’s last price is 4.37%% under the 52 week high of $25.00.
Indeed, earnings growth is among the most crucial things to look at in regards to stock investing and, accordingly, investors identify companies that have increased their earnings by at least 25% over 3 consecutive years.
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