RingCentral (NYSE:RNG) Trading Down 4.4% After Insider Selling

by · The Cerbat Gem

RingCentral, Inc. (NYSE:RNG – Get Free Report)’s stock price fell 4.4% during trading on Monday following insider selling activity. The stock traded as low as $34.13 and last traded at $34.21. 267,658 shares were traded during mid-day trading, a decline of 78% from the average session volume of 1,218,483 shares. The stock had previously closed at $35.78.

Specifically, CFO Vaibhav Agarwal sold 2,178 shares of the stock in a transaction on Monday, November 18th. The stock was sold at an average price of $35.27, for a total transaction of $76,818.06. Following the transaction, the chief financial officer now owns 135,560 shares of the company’s stock, valued at approximately $4,781,201.20. This represents a 1.58 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Wall Street Analyst Weigh In

Several research firms have issued reports on RNG. Rosenblatt Securities reaffirmed a “buy” rating and issued a $45.00 price target on shares of RingCentral in a report on Friday, November 8th. Piper Sandler lifted their price objective on RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Northland Securities raised their price target on shares of RingCentral from $43.00 to $50.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Robert W. Baird upped their price objective on shares of RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a research report on Monday, November 11th. Finally, Raymond James cut their price target on RingCentral from $52.00 to $50.00 and set a “strong-buy” rating for the company in a research note on Friday, November 8th. Eight analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, RingCentral has a consensus rating of “Moderate Buy” and an average target price of $40.73.

View Our Latest Research Report on RNG

RingCentral Price Performance

The stock has a market cap of $3.17 billion, a price-to-earnings ratio of -33.07, a PEG ratio of 2.27 and a beta of 0.99. The firm has a fifty day moving average of $33.05 and a 200 day moving average of $32.55.

RingCentral (NYSE:RNG – Get Free Report) last posted its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, topping the consensus estimate 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. Research analysts anticipate that RingCentral, Inc. will post 0.84 earnings per share for the current fiscal year.

Institutional Trading of RingCentral

A number of hedge funds and other institutional investors have recently made changes to their positions in RNG. Groupama Asset Managment raised its stake in shares of RingCentral by 125.0% in the 3rd quarter. Groupama Asset Managment now owns 3,600,000 shares of the software maker’s stock valued at $113,868,000 after acquiring an additional 2,000,000 shares during the period. Capital World Investors boosted its holdings in RingCentral by 7.3% during the 1st quarter. Capital World Investors now owns 12,139,394 shares of the software maker’s stock valued at $421,723,000 after acquiring an additional 825,156 shares during the period. Pacer Advisors Inc. increased its stake in RingCentral by 45.3% during the third quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock worth $83,483,000 after purchasing an additional 822,892 shares during the period. Vanguard Group Inc. lifted its position in shares of RingCentral by 5.2% during the first quarter. Vanguard Group Inc. now owns 10,909,549 shares of the software maker’s stock worth $378,998,000 after purchasing an additional 538,325 shares in the last quarter. Finally, Foundry Partners LLC purchased a new position in shares of RingCentral in the third quarter valued at approximately $8,886,000. Institutional investors and hedge funds own 98.61% of the company’s stock.

RingCentral Company Profile

(Get Free Report)

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.

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