RingCentral (NYSE:RNG) Shares Down 4.4% Following Insider Selling

Shares of RingCentral, Inc. (NYSE:RNG) traded down 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 traded 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 RingCentral stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $35.27, for a total value of $76,818.06. Following the sale, the chief financial officer now owns 135,560 shares of the company’s stock, valued at approximately $4,781,201.20. The trade was a 1.58 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Analyst Ratings Changes

A number of research analysts have recently commented on RNG shares. Wedbush boosted their price target on shares of RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Deutsche Bank Aktiengesellschaft upped their price objective 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. Robert W. Baird lifted their price objective on RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a research report on Monday, November 11th. Rosenblatt Securities reiterated a “buy” rating and set a $45.00 target price on shares of RingCentral in a report on Friday, November 8th. Finally, Raymond James reduced 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. Eight research analysts have rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $40.73.

RingCentral Price Performance

The stock has a market capitalization of $3.17 billion, a price-to-earnings ratio of -33.07, a price-to-earnings-growth ratio of 2.27 and a beta of 0.99. The stock has a 50 day moving average price of $33.05 and a 200-day moving average price of $32.55.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $608.77 million for the quarter, compared to analyst estimates of $601.91 million. As a group, research analysts forecast that RingCentral, Inc. will post 0.84 earnings per share for the current year.

Institutional Investors Weigh In On RingCentral

Institutional investors and hedge funds have recently bought and sold shares of the stock. Versant Capital Management Inc raised its holdings in shares of RingCentral by 138.3% in the second quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock worth $32,000 after acquiring an additional 664 shares during the last quarter. Point72 DIFC Ltd bought a new position in RingCentral during the second quarter worth $39,000. Venturi Wealth Management LLC boosted its position in RingCentral by 150.4% during the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock worth $59,000 after acquiring an additional 1,119 shares during the period. Quarry LP grew its holdings in RingCentral by 106.7% during the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after acquiring an additional 982 shares during the period. Finally, KBC Group NV increased its stake in RingCentral by 38.9% in the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after purchasing an additional 744 shares in the last quarter. 98.61% of the stock is owned by hedge funds and other 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.