RingCentral, Inc. (NYSE:RNG) Short Interest Down 22.8% in December

RingCentral, Inc. (NYSE:RNG) was the target of a significant decline in short interest in December. As of December 15th, there was short interest totalling 4,800,000 shares, a decline of 22.8% from the November 30th total of 6,220,000 shares. Based on an average daily volume of 1,310,000 shares, the days-to-cover ratio is currently 3.7 days. Approximately 6.1% of the shares of the company are short sold.

Analyst Ratings Changes

RNG has been the topic of several recent research reports. Wedbush lifted 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. Mizuho restated a “neutral” rating and issued a $42.00 target price on shares of RingCentral in a report on Friday, December 13th. Needham & Company LLC reaffirmed a “buy” rating and set a $42.00 target price on shares of RingCentral in a report on Monday, November 11th. Piper Sandler lifted their price target on RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $45.00 price objective on shares of RingCentral in a research note on Friday, November 8th. Eight equities research analysts have rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, RingCentral currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.00.

RingCentral Stock Down 3.4 %

Shares of NYSE:RNG traded down $1.26 during trading on Friday, reaching $36.11. The stock had a trading volume of 710,779 shares, compared to its average volume of 1,231,339. The stock has a fifty day simple moving average of $37.20 and a two-hundred day simple moving average of $33.25. The firm has a market capitalization of $3.27 billion, a price-to-earnings ratio of -34.07, a P/E/G ratio of 2.48 and a beta of 0.99. RingCentral has a 52 week low of $26.98 and a 52 week high of $42.19.

RingCentral (NYSE:RNG) last released its earnings results 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. The firm had revenue of $608.77 million during the quarter, compared to analyst estimates of $601.91 million. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. On average, analysts forecast that RingCentral will post 0.84 EPS for the current year.

Insider Activity at RingCentral

In other RingCentral news, Director Robert I. Theis sold 1,457 shares of the company’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $37.79, for a total value of $55,060.03. Following the completion of the sale, the director now directly owns 28,690 shares in the company, valued at $1,084,195.10. This represents a 4.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Vladimir Shmunis sold 66,451 shares of RingCentral stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $34.96, for a total value of $2,323,126.96. Following the transaction, the chief executive officer now owns 479,468 shares in the company, valued at approximately $16,762,201.28. This trade represents a 12.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 117,173 shares of company stock worth $4,175,376 over the last ninety days. 6.97% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Victory Capital Management Inc. raised its stake in RingCentral by 35.0% during the 2nd quarter. Victory Capital Management Inc. now owns 116,300 shares of the software maker’s stock valued at $3,280,000 after purchasing an additional 30,138 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of RingCentral by 65.9% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 381,178 shares of the software maker’s stock worth $12,057,000 after purchasing an additional 151,433 shares during the period. Olympiad Research LP acquired a new position in shares of RingCentral during the third quarter valued at about $483,000. Scientech Research LLC bought a new stake in shares of RingCentral in the second quarter valued at about $957,000. Finally, AQR Capital Management LLC grew its position in RingCentral by 2.4% during the second quarter. AQR Capital Management LLC now owns 881,109 shares of the software maker’s stock worth $24,706,000 after buying an additional 20,666 shares in the last quarter. 98.61% of the stock is currently owned by institutional investors and hedge funds.

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.