RingCentral (NYSE:RNG) Stock Price Down 4.4% – Time to Sell?

Shares of RingCentral, Inc. (NYSE:RNG) fell 4.4% during mid-day trading on Monday . The company 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.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on RNG. Wedbush boosted their target price on shares of RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Needham & Company LLC reaffirmed a “buy” rating and issued a $42.00 target price on shares of RingCentral in a report on Monday, November 11th. StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research note on Monday, November 11th. Wells Fargo & Company boosted their target price on RingCentral from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Finally, Piper Sandler lifted their price objective on shares of RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Eight equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $40.73.

RingCentral Stock Performance

The business’s fifty day simple moving average is $32.75 and its 200-day simple moving average is $32.49. The company has a market capitalization of $3.22 billion, a P/E ratio of -33.75, a P/E/G ratio of 2.27 and a beta of 0.99.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.10. The company had revenue of $608.77 million during the quarter, compared to analysts’ expectations of $601.91 million. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. As a group, analysts forecast that RingCentral, Inc. will post 0.84 EPS for the current year.

Insider Activity

In other news, CEO Vladimir Shmunis sold 62,244 shares of the company’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 value of $2,023,552.44. Following the transaction, the chief executive officer now directly owns 573,725 shares in the company, valued at approximately $18,651,799.75. This represents a 9.79 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Vaibhav Agarwal sold 1,985 shares of RingCentral stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total transaction of $62,329.00. Following the completion of the transaction, the chief financial officer now owns 135,560 shares of the company’s stock, valued at $4,256,584. This trade represents a 1.44 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 103,824 shares of company stock valued at $3,386,396 over the last ninety days. 6.76% of the stock is currently owned by insiders.

Hedge Funds Weigh In On RingCentral

A number of institutional investors have recently modified their holdings of RNG. Versant Capital Management Inc raised its position in RingCentral by 138.3% during the second quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock worth $32,000 after acquiring an additional 664 shares during the last quarter. Point72 DIFC Ltd acquired a new position in shares of RingCentral in the 2nd quarter valued at about $39,000. Venturi Wealth Management LLC increased its position in shares of RingCentral by 150.4% in the third quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock worth $59,000 after acquiring an additional 1,119 shares in the last quarter. Quarry LP lifted its stake in shares of RingCentral by 106.7% during the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after purchasing an additional 982 shares in the last quarter. Finally, KBC Group NV grew its position in RingCentral by 38.9% in the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after acquiring an additional 744 shares in the last quarter. 98.61% of the stock is owned by institutional investors and hedge funds.

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.