RingCentral (NYSE:RNG) Trading Down 4.5% on Insider Selling

Shares of RingCentral, Inc. (NYSE:RNG) traded down 4.5% during trading on Friday after an insider sold shares in the company. The company traded as low as $39.43 and last traded at $39.50. 296,067 shares were traded during mid-day 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 the business’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $42.05, for a total transaction of $366,676.00. Following the transaction, the senior vice president now owns 334,869 shares in the company, valued at $14,081,241.45. The trade was a 2.54 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Wall Street Analysts Forecast Growth

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

RingCentral Trading Down 4.5 %

The business’s fifty day moving average is $35.91 and its 200 day moving average is $33.00. The company 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 issued its earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.10. The firm had revenue of $608.77 million for the quarter, compared to analyst estimates of $601.91 million. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. As a group, research analysts expect that RingCentral, Inc. will post 0.84 EPS for the current fiscal year.

Institutional Trading of RingCentral

A number of institutional investors have recently modified their holdings of RNG. Pacer Advisors Inc. grew its holdings in RingCentral by 45.3% during the 3rd quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock valued at $83,483,000 after buying an additional 822,892 shares in the last quarter. Renaissance Technologies LLC grew its stake in RingCentral by 3.5% during the second quarter. Renaissance Technologies LLC now owns 1,606,700 shares of the software maker’s stock valued at $45,309,000 after acquiring an additional 54,500 shares in the last quarter. AQR Capital Management LLC increased its holdings in RingCentral by 2.4% during the 2nd quarter. AQR Capital Management LLC now owns 881,109 shares of the software maker’s stock worth $24,706,000 after acquiring an additional 20,666 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in RingCentral by 7.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 822,087 shares of the software maker’s stock worth $26,003,000 after purchasing an additional 59,570 shares in the last quarter. Finally, Cubist Systematic Strategies LLC boosted its holdings in RingCentral by 130.1% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 414,347 shares of the software maker’s stock valued at $11,685,000 after purchasing an additional 234,238 shares during the period. 98.61% of the stock is currently 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.