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

Shares of RingCentral, Inc. (NYSE:RNG) fell 4.4% during trading on Monday following insider selling activity. The company traded as low as $34.13 and last traded at $34.21. 267,658 shares changed hands during 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 business’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $35.27, for a total transaction of $76,818.06. Following the completion of the transaction, the chief financial officer now directly owns 135,560 shares in the company, valued at $4,781,201.20. The trade was a 1.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. StockNews.com upgraded RingCentral from a “buy” rating to a “strong-buy” rating in a report on Monday, November 11th. Raymond James lowered their target price on RingCentral from $52.00 to $50.00 and set a “strong-buy” rating for the company in a report on Friday, November 8th. Wells Fargo & Company boosted their target price on RingCentral from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft boosted their price target on shares of RingCentral from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, August 6th. Finally, Piper Sandler raised their target price on RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Eight analysts have rated the stock with a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $40.73.

RingCentral Stock Down 1.5 %

The stock has a market cap of $3.17 billion, a PE ratio of -33.07, a P/E/G ratio of 2.27 and a beta of 0.99. The firm has a 50-day simple moving average of $33.05 and a 200-day simple moving average of $32.55.

RingCentral (NYSE:RNG) last posted its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.10. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. The company had revenue of $608.77 million during the quarter, compared to analyst estimates of $601.91 million. On average, research analysts expect that RingCentral, Inc. will post 0.84 earnings per share for the current year.

Hedge Funds Weigh In On RingCentral

A number of hedge funds have recently added to or reduced their stakes in RNG. Neo Ivy Capital Management bought a new stake in RingCentral in the 3rd quarter worth about $708,000. MidWestOne Financial Group Inc. purchased a new stake in RingCentral during the 3rd quarter valued at $210,000. Groupama Asset Managment lifted its holdings in RingCentral by 125.0% in the third 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. Y Intercept Hong Kong Ltd bought a new position in RingCentral in the third quarter worth approximately $1,132,000. Finally, Stifel Financial Corp increased its position in RingCentral by 3.5% in the third quarter. Stifel Financial Corp now owns 51,924 shares of the software maker’s stock worth $1,642,000 after buying an additional 1,752 shares in the last quarter. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

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.