RingCentral (NYSE:RNG) Shares Down 4.2% – Here’s What Happened

RingCentral, Inc. (NYSE:RNG) traded down 4.2% during trading on Friday . The company traded as low as $33.76 and last traded at $33.71. 206,046 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 1,012,108 shares. The stock had previously closed at $35.18.

Analysts Set New Price Targets

Several equities analysts recently weighed in on RNG shares. StockNews.com downgraded shares of RingCentral from a “strong-buy” rating to a “buy” rating in a report on Wednesday. Mizuho decreased their target price on shares of RingCentral from $42.00 to $36.00 and set a “neutral” rating for the company in a research note on Monday, February 10th. Morgan Stanley raised their price target on shares of RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 18th. Wedbush upped their price objective 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. Finally, Piper Sandler increased their target price on shares of RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $40.60.

RingCentral Trading Down 4.1 %

The business has a fifty day simple moving average of $35.74 and a 200 day simple moving average of $34.35.

Insider Buying and Selling

In related news, SVP John H. Marlow sold 23,284 shares of the company’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $34.96, for a total transaction of $814,008.64. Following the completion of the sale, the senior vice president now owns 357,818 shares of the company’s stock, valued at approximately $12,509,317.28. This represents a 6.11 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Vaibhav Agarwal sold 2,178 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $35.27, for a total value of $76,818.06. Following the transaction, the chief financial officer now owns 135,560 shares in the company, valued at approximately $4,781,201.20. This represents a 1.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 115,188 shares of company stock worth $4,113,047. 6.97% of the stock is owned by corporate insiders.

Institutional Trading of RingCentral

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Sovereign Financial Group Inc. increased its holdings in shares of RingCentral by 4.0% during the 4th quarter. Sovereign Financial Group Inc. now owns 10,079 shares of the software maker’s stock worth $353,000 after buying an additional 386 shares during the last quarter. Gagnon Securities LLC grew its position in RingCentral by 5.6% in the fourth quarter. Gagnon Securities LLC now owns 7,703 shares of the software maker’s stock worth $270,000 after acquiring an additional 407 shares during the period. Xponance Inc. increased its stake in RingCentral by 4.2% during the fourth quarter. Xponance Inc. now owns 10,664 shares of the software maker’s stock worth $373,000 after acquiring an additional 426 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in RingCentral by 10.4% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker’s stock valued at $176,000 after purchasing an additional 468 shares during the period. Finally, KBC Group NV lifted its stake in shares of RingCentral by 38.9% in 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 during the last quarter. 98.61% of the stock is 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.