Analysts Adjust Outlook for RingCentral Amid Positive Revenue Projections
On January 3, 2025, Raymond James revised its rating for RingCentral (LSE:0V50) from Strong Buy to Outperform.
Price Target Forecast Indicates Potential Growth
As of December 23, 2024, analysts estimate a one-year price target for RingCentral at 43.72 GBX per share. This forecast ranges from a low of 37.49 GBX to a high of 57.94 GBX. If achieved, this represents a potential increase of 24.71% from the latest closing price of 35.06 GBX per share.
Revenue Outlook Shows Promising Trends
Projected annual revenue for RingCentral is expected to reach 2,777MM, marking a 17.81% growth. Additionally, the non-GAAP EPS is forecasted at 4.21.
Investor Sentiment and Institutional Holdings
A total of 572 institutional funds hold positions in RingCentral, reflecting an increase of 11 funds, or 1.96%, over the last quarter. On average, these funds assigned a portfolio weight of 0.13% to 0V50, which is an 8.58% increase. However, total shares held by institutions decreased by 4.36% to 100,221K shares over the past three months.
Capital World Investors now holds 10,072K shares, accounting for 12.51% of the company. This marks an increase from their previous ownership of 9,863K shares, reflecting a growth of 2.08%. Their portfolio allocation in 0V50 rose by 8.90% in the last quarter.
Sylebra Capital retained 7,536K shares, representing 9.36% ownership, with no changes reported over the last quarter.
Ameriprise Financial’s holdings dropped slightly, now at 6,371K shares, or 7.91% ownership. This reflects a minor decrease of 0.07% from their earlier 6,376K shares. Their allocation in 0V50 sharply declined by 80.58% recently.
Columbia Seligman Communications and Information Fund (SLMCX) holds 4,318K shares, representing 5.36% ownership, which is an increase from 3,903K shares—a rise of 9.62%. They boosted their portfolio allocation by 5.11% in 0V50 in the last quarter.
SMALLCAP WORLD FUND INC (SMCWX) remains steady with 3,347K shares, representing 4.16% ownership, showing no change since the last report.
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