RingCentral (NYSE:RNG) Stock Price Down 4.5% After Insider Selling

RingCentral, Inc. (NYSE:RNG)’s share price fell 4.5% during mid-day trading on Friday following insider selling activity. The company traded as low as $39.43 and last traded at $39.50. 296,067 shares traded hands during trading, a decline of 76% from the average session volume of 1,231,686 shares. The stock had previously closed at $41.35.

Specifically, SVP John H. Marlow sold 8,720 shares of RingCentral stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $42.05, for a total transaction of $366,676.00. Following the completion of the sale, the senior vice president now owns 334,869 shares in the company, valued at approximately $14,081,241.45. This trade represents a 2.54 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

Wall Street Analyst Weigh In

Several research firms recently weighed in on RNG. Piper Sandler upped their price objective on shares of RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Raymond James decreased their price target on shares of RingCentral from $52.00 to $50.00 and set a “strong-buy” rating on the stock in a report on Friday, November 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $42.00 price objective on shares of RingCentral in a report on Monday, November 11th. Wedbush increased their target price on RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Finally, Robert W. Baird lifted their price target on RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a research note on Monday, November 11th. Eight research analysts have rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, RingCentral presently has an average rating of “Moderate Buy” and a consensus target price of $41.43.

RingCentral Stock Down 4.5 %

The firm’s fifty day moving average price is $35.91 and its 200-day moving average price is $33.00. The stock has a market cap of $3.57 billion, a P/E ratio of -39.01, a PEG ratio of 2.65 and a beta of 0.99.

RingCentral (NYSE:RNG) last announced its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.10. The business had revenue of $608.77 million for 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%. Sell-side analysts predict that RingCentral, Inc. will post 0.84 earnings per share for the current year.

Hedge Funds Weigh In On RingCentral

Several hedge funds have recently made changes to their positions in the business. Sovereign Financial Group Inc. lifted its stake in RingCentral by 6.9% in the third quarter. Sovereign Financial Group Inc. now owns 9,693 shares of the software maker’s stock worth $307,000 after acquiring an additional 625 shares during the period. Xponance Inc. lifted its position 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 purchasing an additional 704 shares during the period. KBC Group NV boosted its stake in shares of RingCentral by 38.9% during the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after purchasing an additional 744 shares in the last quarter. Private Advisor Group LLC increased its position in shares of RingCentral by 13.6% during the third quarter. Private Advisor Group LLC now owns 8,119 shares of the software maker’s stock valued at $257,000 after buying an additional 971 shares during the period. Finally, Quarry LP raised its stake in RingCentral by 106.7% in the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after buying an additional 982 shares in the last quarter. 98.61% of the stock is owned by hedge funds and other institutional investors.

About RingCentral

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.