RingCentral (NYSE:RNG) Shares Down 4.4% Following Insider Selling

RingCentral, Inc. (NYSE:RNG)’s stock price traded down 4.4% during trading on Monday after an insider sold shares in the company. The stock traded as low as $34.13 and last traded at $34.21. 267,658 shares changed hands during trading, a decline of 78% from the average session volume of 1,218,483 shares. The stock had previously closed at $35.78.

Specifically, CFO Vaibhav Agarwal sold 2,178 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $35.27, for a total value of $76,818.06. Following the sale, the chief financial officer now owns 135,560 shares in the company, valued at approximately $4,781,201.20. The trade was a 1.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Wells Fargo & Company boosted their price objective on RingCentral from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Raymond James dropped their target price on shares of RingCentral from $52.00 to $50.00 and set a “strong-buy” rating for the company in a research note on Friday, November 8th. Northland Securities boosted their price objective on shares of RingCentral from $43.00 to $50.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. StockNews.com upgraded shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Monday, November 11th. Finally, Robert W. Baird raised their price objective on RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a research note on Monday, November 11th. Eight analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $40.73.

RingCentral Stock Down 1.5 %

The firm has a market cap of $3.17 billion, a PE ratio of -33.07, a PEG ratio of 2.27 and a beta of 0.99. The stock’s fifty day simple moving average is $33.05 and its two-hundred day simple moving average is $32.55.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of RNG. Capital World Investors raised its stake in shares of RingCentral by 7.3% in the first quarter. Capital World Investors now owns 12,139,394 shares of the software maker’s stock worth $421,723,000 after purchasing an additional 825,156 shares during the last quarter. Vanguard Group Inc. grew its position in RingCentral by 5.2% in the first quarter. Vanguard Group Inc. now owns 10,909,549 shares of the software maker’s stock worth $378,998,000 after acquiring an additional 538,325 shares during the period. Groupama Asset Managment lifted its holdings in shares of RingCentral by 125.0% in the 3rd quarter. Groupama Asset Managment now owns 3,600,000 shares of the software maker’s stock worth $113,868,000 after acquiring an additional 2,000,000 shares during the last quarter. Pacer Advisors Inc. grew its position in RingCentral by 45.3% in the 3rd quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock valued at $83,483,000 after acquiring an additional 822,892 shares in the last quarter. Finally, Renaissance Technologies LLC increased its position in shares of RingCentral by 3.5% during the second quarter. Renaissance Technologies LLC now owns 1,606,700 shares of the software maker’s stock worth $45,309,000 after acquiring an additional 54,500 shares during the period. 98.61% of the stock is currently owned by institutional investors.

RingCentral Company Profile

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.