RingCentral (NYSE:RNG) Hits New 1-Year Low - Time to Sell?

Shares of RingCentral, Inc. (NYSE:RNG - Get Free Report) hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $23.72 and last traded at $23.75, with a volume of 330918 shares trading hands. The stock had previously closed at $25.86.

Analysts Set New Price Targets

A number of brokerages recently commented on RNG. Wells Fargo & Company reaffirmed an "underweight" rating and issued a $30.00 target price (down from $38.00) on shares of RingCentral in a report on Tuesday, January 7th. Mizuho decreased their target price on shares of RingCentral from $42.00 to $36.00 and set a "neutral" rating on the stock in a research note on Monday, February 10th. Raymond James lowered their price target on shares of RingCentral from $45.00 to $40.00 and set an "outperform" rating on the stock in a report on Friday, February 21st. Rosenblatt Securities decreased their price objective on shares of RingCentral from $45.00 to $40.00 and set a "buy" rating on the stock in a research report on Friday, February 21st. Finally, Robert W. Baird dropped their target price on shares of RingCentral from $38.00 to $32.00 and set a "neutral" rating for the company in a report on Tuesday, February 25th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $37.69.

RingCentral Trading Down 3.7 %

The business has a 50-day moving average price of $29.03 and a 200 day moving average price of $33.08. The stock has a market capitalization of $1.95 billion, a P/E ratio of -33.53, a P/E/G ratio of 1.27 and a beta of 1.30.

RingCentral (NYSE:RNG - Get Free Report) last released its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.73). RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The business had revenue of $614.51 million for the quarter, compared to the consensus estimate of $612.37 million. On average, sell-side analysts predict that RingCentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Insider Activity

In related news, SVP John H. Marlow sold 22,979 shares of the stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $28.82, for a total value of $662,254.78. Following the sale, the senior vice president now directly owns 348,599 shares of the company's stock, valued at $10,046,623.18. This represents a 6.18 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Vladimir Shmunis sold 66,112 shares of the firm's stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $28.83, for a total transaction of $1,906,008.96. Following the completion of the sale, the chief executive officer now directly owns 568,300 shares of the company's stock, valued at approximately $16,384,089. The trade was a 10.42 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 247,740 shares of company stock valued at $7,099,279. 6.97% of the stock is currently owned by company insiders.

Institutional Trading of RingCentral

A number of hedge funds and other institutional investors have recently bought and sold shares of RNG. GAMMA Investing LLC increased its stake in RingCentral by 1,803.3% in the 1st quarter. GAMMA Investing LLC now owns 5,843 shares of the software maker's stock worth $145,000 after buying an additional 5,536 shares during the period. Central Pacific Bank Trust Division increased its position in shares of RingCentral by 41.5% during the first quarter. Central Pacific Bank Trust Division now owns 7,123 shares of the software maker's stock worth $176,000 after acquiring an additional 2,090 shares during the period. Wellington Management Group LLP bought a new stake in shares of RingCentral during the fourth quarter valued at approximately $15,630,000. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of RingCentral in the fourth quarter valued at approximately $545,000. Finally, Fluent Financial LLC purchased a new position in RingCentral during the 4th quarter worth $623,000. Hedge funds and other 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.