RingCentral (NYSE:RNG) Hits New 12-Month Low – Time to 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 traded. The stock had previously closed at $28.04.

Analyst Ratings Changes

Several analysts recently issued reports on RNG shares. Robert W. Baird cut their price target on shares of RingCentral from $38.00 to $32.00 and set a “neutral” rating on the stock in a report on Tuesday, February 25th. StockNews.com lowered shares of RingCentral from a “strong-buy” rating to a “buy” rating in a research note on Sunday. Barclays decreased their price target on RingCentral from $37.00 to $31.00 and set an “equal weight” rating for the company in a research note on Friday, February 21st. Raymond James cut their price objective on RingCentral from $45.00 to $40.00 and set an “outperform” rating on the stock in a research note on Friday, February 21st. Finally, Piper Sandler reduced their target price on RingCentral from $38.00 to $31.00 and set a “neutral” rating on the stock in a report on Friday, February 21st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $37.69.

RingCentral Stock Up 0.7 %

The company has a market capitalization of $2.44 billion, a P/E ratio of -42.09, a PEG ratio of 1.27 and a beta of 1.20. The business has a 50 day simple moving average of $32.62 and a 200-day simple moving average of $33.83.

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 firm had revenue of $614.51 million during the quarter, compared to the consensus estimate of $612.37 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. Equities analysts forecast that RingCentral, Inc. will post 1.29 EPS for the current fiscal year.

Insider Activity

In related news, CEO Vladimir Shmunis sold 123,560 shares of the company’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $28.56, for a total transaction of $3,528,873.60. Following the transaction, the chief executive officer now directly owns 444,740 shares of the company’s stock, valued at approximately $12,701,774.40. The trade was a 21.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ned D. Segal sold 2,914 shares of the firm’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $41.60, for a total value of $121,222.40. Following the sale, the director now owns 10,633 shares of the company’s stock, valued at $442,332.80. The trade was a 21.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 250,654 shares of company stock worth $7,220,502. Insiders own 6.97% of the company’s stock.

Hedge Funds Weigh In On RingCentral

Large investors have recently made changes to their positions in the business. Fort Washington Investment Advisors Inc. OH grew its holdings in shares of RingCentral by 32.5% during the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 550,304 shares of the software maker’s stock valued at $19,266,000 after acquiring an additional 134,928 shares in the last quarter. Hennessy Advisors Inc. purchased a new position in RingCentral in the fourth quarter valued at about $59,055,000. Connor Clark & Lunn Investment Management Ltd. increased its position in RingCentral by 65.9% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 381,178 shares of the software maker’s stock worth $12,057,000 after purchasing an additional 151,433 shares during the last quarter. Beaumont Financial Advisors LLC purchased a new stake in shares of RingCentral during the 4th quarter worth about $262,000. Finally, Foundry Partners LLC acquired a new stake in shares of RingCentral during the 3rd quarter valued at about $8,886,000. Institutional investors and hedge funds 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.