RingCentral (NYSE:RNG) Trading Down 2.9%

RingCentral, Inc. (NYSE:RNG) fell 2.9% during trading on Wednesday . The stock traded as low as $32.37 and last traded at $32.51. 116,610 shares traded hands during mid-day trading, a decline of 90% from the average session volume of 1,167,754 shares. The stock had previously closed at $33.49.

Analyst Ratings Changes

Several brokerages have issued reports on RNG. StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research note on Monday, August 5th. UBS Group increased their price objective on shares of RingCentral from $37.00 to $40.00 and gave the company a “neutral” rating in a report on Wednesday, May 8th. Wedbush restated a “neutral” rating and set a $40.00 target price on shares of RingCentral in a report on Thursday, May 9th. Deutsche Bank Aktiengesellschaft increased their price target on RingCentral from $42.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, August 6th. Finally, Mizuho boosted their price objective on RingCentral from $36.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, May 8th. Eight investment analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $40.07.

RingCentral Stock Performance

The stock’s 50-day moving average is $31.05 and its 200 day moving average is $32.53. The stock has a market capitalization of $2.97 billion, a PE ratio of -21.91, a P/E/G ratio of 2.58 and a beta of 1.03.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Thursday, August 1st. The software maker reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.03. The firm had revenue of $592.91 million for the quarter, compared to analysts’ expectations of $586.39 million. During the same period in the previous year, the business posted ($0.03) EPS. The business’s revenue for the quarter was up 9.9% compared to the same quarter last year. Analysts expect that RingCentral, Inc. will post 0.63 earnings per share for the current year.

Insider Buying and Selling at RingCentral

In other news, CFO Vaibhav Agarwal sold 1,985 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $28.20, for a total value of $55,977.00. Following the completion of the sale, the chief financial officer now directly owns 156,799 shares of the company’s stock, valued at $4,421,731.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CFO Sonalee Elizabeth Parekh sold 8,478 shares of the business’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $34.85, for a total transaction of $295,458.30. Following the transaction, the chief financial officer now directly owns 388,919 shares in the company, valued at $13,553,827.15. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Vaibhav Agarwal sold 1,985 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $28.20, for a total transaction of $55,977.00. Following the completion of the sale, the chief financial officer now owns 156,799 shares of the company’s stock, valued at approximately $4,421,731.80. The disclosure for this sale can be found here. 6.76% of the stock is owned by company insiders.

Hedge Funds Weigh In On RingCentral

Institutional investors and hedge funds have recently made changes to their positions in the stock. Nisa Investment Advisors LLC increased its stake in RingCentral by 100.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the software maker’s stock valued at $34,000 after purchasing an additional 500 shares in the last quarter. Tennessee Valley Asset Management Partners purchased a new position in shares of RingCentral in the fourth quarter valued at $33,000. Mackenzie Financial Corp raised its stake in shares of RingCentral by 32.7% during the 4th quarter. Mackenzie Financial Corp now owns 75,114 shares of the software maker’s stock worth $2,550,000 after buying an additional 18,491 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of RingCentral by 17.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,177 shares of the software maker’s stock worth $583,000 after buying an additional 2,549 shares in the last quarter. Finally, New York State Common Retirement Fund grew its stake in RingCentral by 1.2% in the 4th quarter. New York State Common Retirement Fund now owns 313,616 shares of the software maker’s stock valued at $10,647,000 after acquiring an additional 3,852 shares during the last quarter. 98.61% of the stock is owned by institutional investors and hedge funds.

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.