On April 24, 2023 at 10:00:57 ET an unusually large $202.49K block of Put contracts in RingCentral Inc. – (RNG) was bought, with a strike price of $25.00 / share, expiring in 53 day(s) (on June 16, 2023). Fintel tracks all large options trades, and the premium spent on this trade was 1.47 sigmas above the mean, placing it in the 95.43th percentile of all recent large trades made in RNG options.

This trade was first picked up on Fintel’s real time Options Flow tool, where unusual option trades are highlighted.

What is the Fund Sentiment?

There are 674 funds or institutions reporting positions in RingCentral Inc. -. This is a decrease of 35 owner(s) or 4.94% in the last quarter. Average portfolio weight of all funds dedicated to RNG is 0.15%, an increase of 1.33%. Total shares owned by institutions decreased in the last three months by 3.05% to 96,986K shares. The put/call ratio of RNG is 0.56, indicating a bullish outlook.

Analyst Price Forecast Suggests 75.88% Upside

As of April 24, 2023, the average one-year price target for RingCentral Inc. – is $50.64. The forecasts range from a low of $35.35 to a high of $68.25. The average price target represents an increase of 75.88% from its latest reported closing price of $28.79.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for RingCentral Inc. – is $2,358MM, an increase of 18.59%. The projected annual non-GAAP EPS is $2.85.

What are Other Shareholders Doing?

BLACKROCK LARGE CAP SERIES FUNDS, INC. – BlackRock Advantage Large Cap Core Fund Investor A holds 213K shares representing 0.22% ownership of the company. In it’s prior filing, the firm reported owning 216K shares, representing a decrease of 1.10%. The firm decreased its portfolio allocation in RNG by 15.60% over the last quarter.

Voloridge Investment Management holds 1,012K shares representing 1.05% ownership of the company. In it’s prior filing, the firm reported owning 647K shares, representing an increase of 36.07%. The firm increased its portfolio allocation in RNG by 43.18% over the last quarter.

Westerly Capital Management holds 25K shares representing 0.03% ownership of the company. In it’s prior filing, the firm reported owning 60K shares, representing a decrease of 140.00%. The firm decreased its portfolio allocation in RNG by 66.25% over the last quarter.

Barclays holds 619K shares representing 0.64% ownership of the company. In it’s prior filing, the firm reported owning 636K shares, representing a decrease of 2.82%. The firm decreased its portfolio allocation in RNG by 99.96% over the last quarter.

PACIFIC SELECT FUND – PD Large-Cap Growth Index Portfolio Class P holds 4K shares representing 0.00% ownership of the company. No change in 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.

See all RingCentral Inc. – regulatory filings.

This article originally appeared on Fintel

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