RingCentral (NYSE:RNG) Hits New 12-Month Low – Should You Sell?

Shares of RingCentral, Inc. (NYSE:RNG) reached a new 52-week low on Monday . The company traded as low as $26.82 and last traded at $26.89, with a volume of 891235 shares trading hands. The stock had previously closed at $28.04.

Analyst Upgrades and Downgrades

RNG has been the subject of several analyst reports. Wells Fargo & Company reissued an “underweight” rating and issued a $30.00 target price (down from $38.00) on shares of RingCentral in a report on Tuesday, January 7th. Piper Sandler reduced their price objective on shares of RingCentral from $38.00 to $31.00 and set a “neutral” rating for the company in a research note on Friday, February 21st. Needham & Company LLC lowered their target price on shares of RingCentral from $42.00 to $36.00 and set a “buy” rating on the stock in a research note on Friday, February 21st. UBS Group dropped their target price on shares of RingCentral from $40.00 to $38.00 and set a “neutral” rating for the company in a report on Friday, February 21st. Finally, Barclays decreased their price target on RingCentral from $37.00 to $31.00 and set an “equal weight” rating on the stock in a report on Friday, February 21st. One analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $37.69.

RingCentral Trading Down 3.6 %

The business’s 50 day simple moving average is $32.95 and its 200 day simple moving average is $33.92. The firm has a market capitalization of $2.45 billion, a PE ratio of -42.23, a PEG ratio of 1.27 and a beta of 1.20.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.73). The company had revenue of $614.51 million for the quarter, compared to the consensus estimate of $612.37 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. Analysts forecast that RingCentral, Inc. will post 1.29 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Ned D. Segal sold 2,914 shares of the business’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $41.60, for a total transaction of $121,222.40. Following the completion of the sale, the director now directly owns 10,633 shares of the company’s stock, valued at approximately $442,332.80. The trade was a 21.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP John H. Marlow sold 8,720 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $42.05, for a total transaction of $366,676.00. Following the completion of the transaction, the senior vice president now directly owns 334,869 shares in the company, valued at $14,081,241.45. This represents a 2.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 259,374 shares of company stock valued at $7,587,178 over the last 90 days. Insiders own 6.97% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Capital World Investors lifted its holdings in shares of RingCentral by 5.9% in the 4th quarter. Capital World Investors now owns 10,663,441 shares of the software maker’s stock worth $373,327,000 after buying an additional 591,398 shares during the period. Ameriprise Financial Inc. raised its holdings in shares of RingCentral by 2.2% in the fourth quarter. Ameriprise Financial Inc. now owns 6,513,731 shares of the software maker’s stock valued at $228,050,000 after acquiring an additional 142,538 shares in the last quarter. Pacer Advisors Inc. lifted its stake in RingCentral by 45.3% in the third quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock worth $83,483,000 after acquiring an additional 822,892 shares during the period. First Trust Advisors LP lifted its stake in RingCentral by 35.6% in the fourth 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 period. Finally, Renaissance Technologies LLC grew its holdings in 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 acquiring an additional 180,000 shares in the last quarter. Institutional investors own 98.61% of the company’s stock.

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.