RingCentral (NYSE:RNG) Shares Down 2.9%

Shares of RingCentral, Inc. (NYSE:RNG) dropped 2.9% on Tuesday . The stock traded as low as $28.60 and last traded at $28.60. Approximately 71,364 shares were traded during trading, a decline of 94% from the average daily volume of 1,169,141 shares. The stock had previously closed at $29.44.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft boosted their target price on shares of RingCentral from $38.00 to $42.00 and gave the company a “buy” rating in a research report on Thursday, May 9th. StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a report on Thursday, May 9th. Mizuho raised their target price on shares of RingCentral from $36.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, May 8th. Wedbush reiterated a “neutral” rating and issued a $40.00 price target on shares of RingCentral in a research note on Thursday, May 9th. Finally, Piper Sandler raised their price objective on RingCentral from $31.00 to $32.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 8th. 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’s stock. According to MarketBeat, RingCentral has an average rating of “Moderate Buy” and a consensus price target of $39.00.

RingCentral Stock Down 4.6 %

The business’s 50 day simple moving average is $32.20 and its two-hundred day simple moving average is $32.95. The stock has a market cap of $2.59 billion, a P/E ratio of -19.76, a PEG ratio of 2.44 and a beta of 1.03.

RingCentral (NYSE:RNG) last issued its earnings results on Tuesday, May 7th. The software maker reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.01 by $0.05. The firm had revenue of $584.21 million during the quarter, compared to analyst estimates of $577.81 million. As a group, research analysts forecast that RingCentral, Inc. will post 0.54 earnings per share for the current fiscal year.

Insider Activity at RingCentral

In related news, CFO Sonalee Elizabeth Parekh sold 8,478 shares of the business’s 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 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 business’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 value of $410,730.06. Following the transaction, the chief financial officer now owns 158,784 shares in the company, valued at approximately $5,717,811.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Sonalee Elizabeth Parekh sold 8,478 shares of the 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 sale, the chief financial officer now owns 388,919 shares of the company’s stock, valued at $13,553,827.15. The disclosure for this sale can be found here. 6.76% of the stock is owned by company insiders.

Institutional Investors Weigh In On RingCentral

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Capital World Investors raised its holdings in RingCentral by 7.3% during the first quarter. Capital World Investors now owns 12,139,394 shares of the software maker’s stock worth $421,723,000 after buying an additional 825,156 shares during the last quarter. Vanguard Group Inc. grew its position in RingCentral by 5.2% in the 1st quarter. Vanguard Group Inc. now owns 10,909,549 shares of the software maker’s stock worth $378,998,000 after purchasing an additional 538,325 shares in the last quarter. Sylebra Capital LLC bought a new position in shares of RingCentral during the 3rd quarter worth approximately $242,462,000. Ameriprise Financial Inc. boosted its position in RingCentral by 515.7% in the third quarter. Ameriprise Financial Inc. now owns 2,716,470 shares of the software maker’s stock worth $80,489,000 after purchasing an additional 2,275,245 shares during the last quarter. Finally, First Trust Advisors LP grew its position in RingCentral by 15.9% during the fourth quarter. First Trust Advisors LP now owns 1,991,917 shares of the software maker’s stock valued at $67,626,000 after buying an additional 273,109 shares during the period. 98.61% of the stock is 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.