RingCentral (NYSE:RNG) Stock Price Down 4.5% Following Insider Selling

RingCentral, Inc. (NYSE:RNG) fell 4.5% on Friday following insider selling activity. The stock traded as low as $39.43 and last traded at $39.50. 296,067 shares changed hands during trading, a decline of 76% from the average session volume of 1,231,686 shares. The stock had previously closed at $41.35.

Specifically, Director Ned D. Segal sold 2,914 shares of the business’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 completion of 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP John H. Marlow sold 8,720 shares of the firm’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $42.05, for a total value of $366,676.00. Following the completion of the transaction, the senior vice president now directly owns 334,869 shares in the company, valued at $14,081,241.45. The trade was a 2.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

RNG has been the subject of a number of analyst reports. Robert W. Baird boosted their price objective on shares of RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a research note on Monday, November 11th. Piper Sandler lifted their target price on shares of RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Wedbush upped their price target on shares of RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a report on Friday, November 8th. StockNews.com raised RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Monday, November 11th. Finally, Raymond James cut their price objective on RingCentral from $52.00 to $50.00 and set a “strong-buy” rating for the company in a research report on Friday, November 8th. Eight research analysts have rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $41.43.

RingCentral Stock Down 5.6 %

The company has a market capitalization of $3.53 billion, a price-to-earnings ratio of -36.84, a price-to-earnings-growth ratio of 2.65 and a beta of 0.99. The stock’s 50-day moving average price is $36.07 and its 200-day moving average price is $33.02.

RingCentral (NYSE:RNG) last posted its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates 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 business had revenue of $608.77 million during the quarter, compared to the consensus estimate of $601.91 million. On average, equities research analysts anticipate that RingCentral, Inc. will post 0.84 EPS for the current year.

Institutional Trading of RingCentral

A number of institutional investors have recently modified their holdings of the company. Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of RingCentral during the 2nd quarter worth about $2,476,000. Lecap Asset Management Ltd. raised its stake in RingCentral by 3.0% in the 2nd quarter. Lecap Asset Management Ltd. now owns 34,325 shares of the software maker’s stock valued at $968,000 after acquiring an additional 1,001 shares during the period. Panagora Asset Management Inc. acquired a new stake in RingCentral during the 2nd quarter valued at $1,859,000. Commonwealth Equity Services LLC boosted its position in RingCentral by 19.5% during the second quarter. Commonwealth Equity Services LLC now owns 8,378 shares of the software maker’s stock worth $236,000 after purchasing an additional 1,366 shares during the period. Finally, Versor Investments LP acquired a new position in shares of RingCentral in the second quarter valued at $657,000. 98.61% of the stock is currently 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.