RingCentral (NYSE:RNG) Shares Down 3.1% – What’s Next?

RingCentral, Inc. (NYSE:RNG)’s share price traded down 3.1% during trading on Tuesday . The stock traded as low as $34.69 and last traded at $35.62. 383,610 shares were traded during mid-day trading, a decline of 56% from the average session volume of 880,499 shares. The stock had previously closed at $36.77.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Needham & Company LLC reiterated a “buy” rating and set a $42.00 target price on shares of RingCentral in a research note on Monday, November 11th. Robert W. Baird boosted their target price on shares of RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a research report on Monday, November 11th. Rosenblatt Securities restated a “buy” rating and issued a $45.00 price target on shares of RingCentral in a research note on Friday, November 8th. Raymond James reaffirmed an “outperform” rating and set a $45.00 price target (down from $50.00) on shares of RingCentral in a research report on Friday, January 3rd. Finally, Morgan Stanley boosted their price objective on shares of RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a report on Wednesday, December 18th. One analyst has rated the stock with a sell rating, seven have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $41.29.

RingCentral Stock Performance

The stock has a fifty day simple moving average of $37.34 and a two-hundred day simple moving average of $33.62. The stock has a market cap of $3.04 billion, a price-to-earnings ratio of -31.71, a P/E/G ratio of 2.48 and a beta of 0.99.

RingCentral (NYSE:RNG) last released its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, beating the consensus estimate 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 return on equity of 2.55% and a negative net margin of 4.17%. Equities analysts expect that RingCentral, Inc. will post 0.84 earnings per share for the current fiscal year.

Insider Activity at RingCentral

In other news, Director Ned D. Segal sold 2,914 shares of the business’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $41.60, for a total transaction of $121,222.40. Following the sale, the director now directly owns 10,633 shares in the company, valued at approximately $442,332.80. The trade was a 21.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP John H. Marlow sold 23,284 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $34.96, for a total value of $814,008.64. Following the completion of the transaction, the senior vice president now directly owns 357,818 shares of the company’s stock, valued at $12,509,317.28. This represents a 6.11 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 115,188 shares of company stock valued at $4,113,047. 6.97% of the stock is owned by insiders.

Institutional Investors Weigh In On RingCentral

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