RingCentral (NYSE:RNG) Trading Down 4.2% – What’s Next?

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

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Needham & Company LLC reissued a “buy” rating and issued a $42.00 price objective on shares of RingCentral in a report on Monday, November 11th. Rosenblatt Securities reiterated a “buy” rating and set a $45.00 price target on shares of RingCentral in a research note on Friday, November 8th. StockNews.com lowered RingCentral from a “strong-buy” rating to a “buy” rating in a research note on Wednesday. Wedbush lifted their target price on RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Finally, Robert W. Baird upped their price target on RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a research report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $40.60.

RingCentral Price Performance

The firm’s 50-day moving average price is $35.89 and its 200-day moving average price is $34.35. The stock has a market cap of $3.02 billion, a P/E ratio of -31.53, a PEG ratio of 1.43 and a beta of 1.01.

Insiders Place Their Bets

In related news, CEO Vladimir Shmunis sold 66,451 shares of the firm’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $34.96, for a total value of $2,323,126.96. Following the completion of the transaction, the chief executive officer now directly owns 479,468 shares of the company’s stock, valued at approximately $16,762,201.28. This trade represents a 12.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP John H. Marlow sold 23,284 shares of the business’s stock in a transaction on Thursday, November 21st. The stock was 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 in the company, valued at $12,509,317.28. This represents a 6.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 115,188 shares of company stock worth $4,113,047 in the last 90 days. 6.97% of the stock is currently owned by corporate insiders.

Institutional Trading of RingCentral

A number of large investors have recently made changes to their positions in the business. Capital World Investors raised its holdings in RingCentral by 5.9% during the 4th quarter. Capital World Investors now owns 10,663,441 shares of the software maker’s stock valued at $373,327,000 after buying an additional 591,398 shares during the period. Pacer Advisors Inc. raised its stake in shares of RingCentral by 45.3% in the third quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock valued at $83,483,000 after acquiring an additional 822,892 shares during the period. First Trust Advisors LP lifted its holdings in shares of RingCentral by 35.6% in the 4th quarter. First Trust Advisors LP now owns 2,009,286 shares of the software maker’s stock worth $70,345,000 after acquiring an additional 527,901 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of RingCentral by 11.1% during the 4th quarter. Renaissance Technologies LLC now owns 1,795,300 shares of the software maker’s stock worth $62,853,000 after purchasing an additional 180,000 shares during the period. Finally, Hennessy Advisors Inc. bought a new position in RingCentral during the 4th quarter valued at about $59,055,000. 98.61% of the stock is currently 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.