RingCentral (NYSE:RNG) Stock Price Down 2.9%

RingCentral, Inc. (NYSE:RNG) traded down 2.9% during mid-day trading on Tuesday . The company traded as low as $28.60 and last traded at $28.60. 71,364 shares traded hands during trading, a decline of 94% from the average session volume of 1,169,141 shares. The stock had previously closed at $29.44.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on RNG. Needham & Company LLC reiterated a “buy” rating and issued a $42.00 price objective on shares of RingCentral in a report on Monday, May 20th. Robert W. Baird increased their target price on shares of RingCentral from $32.00 to $35.00 and gave the company a “neutral” rating in a research report on Thursday, May 9th. Mizuho lifted their price target on shares of RingCentral from $36.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, May 8th. Morgan Stanley decreased their price objective on shares of RingCentral from $35.00 to $32.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 17th. Finally, Wedbush reiterated a “neutral” rating and set a $40.00 target price on shares of RingCentral in a research report on Thursday, May 9th. Ten research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $39.00.

RingCentral Stock Down 4.6 %

The firm’s fifty day moving average is $32.20 and its 200-day moving average is $32.95. The stock has a market capitalization of $2.59 billion, a PE ratio of -19.76, a PEG ratio of 2.44 and a beta of 1.03.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Tuesday, May 7th. The software maker reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.05. The business had revenue of $584.21 million for the quarter, compared to analyst estimates of $577.81 million. On average, analysts expect that RingCentral, Inc. will post 0.54 EPS for the current year.

Insider Activity at RingCentral

In related news, CFO Sonalee Elizabeth Parekh sold 8,478 shares of RingCentral stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $34.85, for a total transaction of $295,458.30. Following the completion of the transaction, the chief financial officer now directly owns 388,919 shares of the company’s stock, valued at $13,553,827.15. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CFO Vaibhav Agarwal sold 11,406 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $36.01, for a total transaction of $410,730.06. Following the completion of the transaction, the chief financial officer now directly owns 158,784 shares of the company’s stock, valued at approximately $5,717,811.84. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Sonalee Elizabeth Parekh sold 8,478 shares of the stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $34.85, for a total value of $295,458.30. Following the sale, the chief financial officer now owns 388,919 shares in the company, valued at approximately $13,553,827.15. The disclosure for this sale can be found here. Company insiders own 6.76% of the company’s stock.

Institutional Trading of RingCentral

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RNG. GAMMA Investing LLC purchased a new position in shares of RingCentral during the 4th quarter worth $26,000. Hexagon Capital Partners LLC grew its holdings in RingCentral by 116.8% in the 4th quarter. Hexagon Capital Partners LLC now owns 930 shares of the software maker’s stock valued at $32,000 after buying an additional 501 shares during the period. Tennessee Valley Asset Management Partners purchased a new position in shares of RingCentral during the 4th quarter worth about $33,000. Nisa Investment Advisors LLC lifted its holdings in shares of RingCentral by 100.0% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the software maker’s stock worth $34,000 after acquiring an additional 500 shares during the period. Finally, Newbridge Financial Services Group Inc. boosted its position in shares of RingCentral by 438.1% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 1,200 shares of the software maker’s stock worth $41,000 after acquiring an additional 977 shares during the last quarter. Hedge funds and other institutional investors own 98.61% of the company’s stock.

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.