RingCentral (NYSE:RNG) Shares Gap Down to $32.85

RingCentral, Inc. (NYSE:RNG) gapped down before the market opened on Wednesday . The stock had previously closed at $32.85, but opened at $31.44. RingCentral shares last traded at $30.00, with a volume of 227,295 shares trading hands.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on RNG. Deutsche Bank Aktiengesellschaft lifted their target price on RingCentral from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, August 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $42.00 price objective on shares of RingCentral in a report on Monday, August 5th. Piper Sandler dropped their target price on shares of RingCentral from $32.00 to $31.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. Wells Fargo & Company lifted their price target on shares of RingCentral from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Finally, Robert W. Baird boosted their price objective on shares of RingCentral from $35.00 to $36.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. Eight analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, RingCentral has an average rating of “Moderate Buy” and a consensus price target of $40.07.

RingCentral Price Performance

The stock has a fifty day moving average price of $32.15 and a two-hundred day moving average price of $32.53. The company has a market cap of $2.66 billion, a P/E ratio of -19.46, a PEG ratio of 2.60 and a beta of 1.03.

RingCentral (NYSE:RNG) last posted its earnings results on Thursday, August 1st. The software maker reported $0.91 EPS for the quarter, beating the consensus estimate of $0.88 by $0.03. The business had revenue of $592.91 million during the quarter, compared to analyst estimates of $586.39 million. During the same quarter in the prior year, the business earned ($0.03) earnings per share. The firm’s revenue was up 9.9% compared to the same quarter last year. As a group, analysts forecast that RingCentral, Inc. will post 0.63 earnings per share for the current year.

Insider Activity at RingCentral

In related news, CFO Vaibhav Agarwal sold 1,985 shares of the 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 transaction, the chief financial officer now owns 156,799 shares in the company, valued at approximately $4,421,731.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Vaibhav Agarwal sold 1,985 shares of the company’s stock in a transaction that occurred on 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 approximately $4,421,731.80. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Vladimir Shmunis sold 62,244 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $32.51, for a total transaction of $2,023,552.44. Following the transaction, the chief executive officer now owns 573,725 shares in the company, valued at approximately $18,651,799.75. The disclosure for this sale can be found here. Insiders have sold a total of 103,824 shares of company stock worth $3,380,044 over the last ninety days. 6.76% of the stock is currently owned by corporate insiders.

Institutional Trading of RingCentral

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Capital World Investors grew 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 acquiring an additional 825,156 shares during the period. Vanguard Group Inc. grew its stake in shares of 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 during the last quarter. First Trust Advisors LP grew its stake in shares of RingCentral by 15.9% in the 4th quarter. First Trust Advisors LP now owns 1,991,917 shares of the software maker’s stock worth $67,626,000 after purchasing an additional 273,109 shares during the last quarter. Pacer Advisors Inc. raised its holdings in shares of RingCentral by 25.2% in the 2nd quarter. Pacer Advisors Inc. now owns 1,816,464 shares of the software maker’s stock worth $51,224,000 after purchasing an additional 365,738 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its stake in RingCentral by 3.5% during the second quarter. Renaissance Technologies LLC now owns 1,606,700 shares of the software maker’s stock valued at $45,309,000 after purchasing an additional 54,500 shares during the last quarter. Institutional investors 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.