RingCentral (NYSE:RNG) Shares Gap Down to $32.85

RingCentral, Inc. (NYSE:RNG)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $32.85, but opened at $31.44. RingCentral shares last traded at $30.00, with a volume of 227,295 shares traded.

Analyst Ratings Changes

A number of research firms have commented on RNG. StockNews.com upgraded RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Monday, August 5th. Northland Securities raised their target price on shares of RingCentral from $43.00 to $50.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Needham & Company LLC restated a “buy” rating and set a $42.00 target price on shares of RingCentral in a research report on Monday, August 5th. Piper Sandler lowered their price target on shares of RingCentral from $32.00 to $31.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. Finally, Rosenblatt Securities upgraded RingCentral from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $35.00 to $45.00 in a research report on Friday, August 2nd. Eight investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $40.07.

RingCentral Price Performance

The business’s 50-day simple moving average is $32.15 and its two-hundred day simple moving average is $32.53. The stock has a market capitalization of $2.66 billion, a price-to-earnings ratio of -19.46, a PEG ratio of 2.60 and a beta of 1.03.

RingCentral (NYSE:RNG) last posted its earnings results on Thursday, August 1st. The software maker reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.03. The business had revenue of $592.91 million for the quarter, compared to analyst estimates of $586.39 million. During the same quarter in the previous year, the firm posted ($0.03) EPS. The business’s revenue was up 9.9% compared to the same quarter last year. As a group, sell-side analysts expect that RingCentral, Inc. will post 0.63 EPS for the current year.

Insider Activity at RingCentral

In related news, CFO Vaibhav Agarwal sold 1,985 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $28.20, for a total transaction of $55,977.00. Following the transaction, the chief financial officer now directly owns 156,799 shares of the company’s stock, valued at approximately $4,421,731.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $33.45, for a total transaction of $331,589.85. Following the completion of the sale, the chief financial officer now directly owns 358,622 shares in the company, valued at $11,995,905.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Vaibhav Agarwal sold 1,985 shares of RingCentral stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $28.20, for a total value of $55,977.00. Following the sale, the chief financial officer now directly owns 156,799 shares in the company, valued at $4,421,731.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 103,824 shares of company stock worth $3,380,044. 6.76% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On RingCentral

A number of hedge funds have recently bought and sold shares of RNG. Truist Financial Corp acquired a new position in shares of RingCentral in the 2nd quarter valued at approximately $878,000. Algert Global LLC increased its stake in shares of RingCentral by 428.7% in the second quarter. Algert Global LLC now owns 175,735 shares of the software maker’s stock worth $4,956,000 after buying an additional 142,495 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in RingCentral in the second quarter valued at $4,801,000. Scientech Research LLC bought a new position in RingCentral during the 2nd quarter valued at $957,000. Finally, Mackenzie Financial Corp grew its holdings in RingCentral by 15.2% during the 2nd quarter. Mackenzie Financial Corp now owns 76,727 shares of the software maker’s stock worth $2,164,000 after acquiring an additional 10,109 shares in the last quarter. Institutional investors and hedge funds 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.