RingCentral (NYSE:RNG) Trading Down 4.4% – Time to Sell?

Shares of RingCentral, Inc. (NYSE:RNG) were down 4.4% during trading on Monday . The company traded as low as $34.13 and last traded at $34.21. Approximately 267,658 shares changed hands during trading, a decline of 78% from the average daily volume of 1,218,483 shares. The stock had previously closed at $35.78.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Piper Sandler upped their price target on shares of RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of RingCentral from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, August 6th. Rosenblatt Securities reiterated a “buy” rating and set a $45.00 price target on shares of RingCentral in a report on Friday, November 8th. Northland Securities raised their price target on RingCentral from $43.00 to $50.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Finally, Wedbush increased their price target on shares of RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Eight research analysts have rated the stock with a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, RingCentral currently has an average rating of “Moderate Buy” and an average price target of $40.73.

RingCentral Trading Down 2.1 %

The company has a market cap of $3.22 billion, a P/E ratio of -33.75, a price-to-earnings-growth ratio of 2.27 and a beta of 0.99. The company has a 50 day moving average price of $32.75 and a 200-day moving average price of $32.49.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.10. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. The business had revenue of $608.77 million for the quarter, compared to analyst estimates of $601.91 million. Equities analysts expect that RingCentral, Inc. will post 0.84 earnings per share for the current year.

Insider Activity

In other news, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $33.45, for a total transaction of $331,589.85. Following the transaction, the chief financial officer now directly owns 358,622 shares of the company’s stock, valued at $11,995,905.90. This represents a 2.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Vaibhav Agarwal sold 10,184 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $32.88, for a total transaction of $334,849.92. Following the completion of the transaction, the chief financial officer now owns 137,545 shares of the company’s stock, valued at approximately $4,522,479.60. The trade was a 6.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 103,824 shares of company stock worth $3,386,396 in the last three months. Company insiders own 6.76% of the company’s stock.

Institutional Investors Weigh In On RingCentral

A number of hedge funds and other institutional investors have recently bought and sold shares of RNG. Sei Investments Co. raised its position in RingCentral by 2.3% during the first quarter. Sei Investments Co. now owns 23,485 shares of the software maker’s stock worth $816,000 after acquiring an additional 539 shares during the period. Sovereign Financial Group Inc. boosted its holdings in shares of RingCentral by 6.9% in the third quarter. Sovereign Financial Group Inc. now owns 9,693 shares of the software maker’s stock valued at $307,000 after acquiring an additional 625 shares during the period. Versant Capital Management Inc raised its stake in shares of RingCentral by 138.3% during the second quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock worth $32,000 after purchasing an additional 664 shares during the last quarter. Xponance Inc. grew its holdings in shares of RingCentral by 6.8% in the 2nd quarter. Xponance Inc. now owns 11,122 shares of the software maker’s stock worth $314,000 after acquiring an additional 704 shares during the period. Finally, KBC Group NV boosted its stake in shares of RingCentral by 38.9% during the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after acquiring an additional 744 shares during the last quarter. Hedge funds and other institutional investors own 98.61% of the company’s stock.

RingCentral Company Profile

RingCentral, Inc, together with its subsidiaries, provides cloud communications, video meetings, collaboration, and contact center software-as-a-service solutions worldwide. The company’s products include RingCentral Message Video Phone that provides a unified experience for communication and collaboration across multiple modes, including HD voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers AI-powered omnichannel and workforce engagement solutions with integrated RingCentral MVP; and RingCX, an AI-powered contact center that a native delivers omnichannel experience.