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

RingCentral, Inc. (NYSE:RNG - Get Free Report)'s stock price reached a new 52-week low during trading on Monday . The stock traded as low as $26.82 and last traded at $26.89, with a volume of 891235 shares changing hands. The stock had previously closed at $28.04.

Analyst Upgrades and Downgrades

Several research firms have commented on RNG. Barclays cut their price objective on RingCentral from $37.00 to $31.00 and set an "equal weight" rating on the stock in a research report on Friday, February 21st. Robert W. Baird cut their price objective on RingCentral from $38.00 to $32.00 and set a "neutral" rating on the stock in a research report on Tuesday, February 25th. Needham & Company LLC cut their price objective on RingCentral from $42.00 to $36.00 and set a "buy" rating on the stock in a research report on Friday, February 21st. Piper Sandler dropped their target price on RingCentral from $38.00 to $31.00 and set a "neutral" rating on the stock in a research report on Friday, February 21st. Finally, Morgan Stanley lifted their target price on RingCentral from $38.00 to $40.00 and gave the stock an "equal weight" rating in a research report on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $37.69.

RingCentral Price Performance

The company has a fifty day moving average of $32.29 and a two-hundred day moving average of $33.73. The stock has a market capitalization of $2.45 billion, a P/E ratio of -42.11, a price-to-earnings-growth ratio of 1.27 and a beta of 1.20.

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RingCentral (NYSE:RNG - Get Free Report) last issued its earnings results on Thursday, February 20th. The software maker reported $0.23 EPS for the quarter, missing analysts' consensus estimates 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 company had revenue of $614.51 million during the quarter, compared to analyst estimates of $612.37 million. As a group, equities research analysts predict that RingCentral, Inc. will post 1.29 EPS for the current fiscal year.

Insider Buying and Selling at RingCentral

In other news, SVP John H. Marlow sold 35,089 shares of the business's stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $28.56, for a total transaction of $1,002,141.84. Following the completion of the transaction, the senior vice president now directly owns 313,510 shares in the company, valued at approximately $8,953,845.60. The trade was a 10.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Vladimir Shmunis sold 66,112 shares of the business's stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $28.83, for a total value of $1,906,008.96. Following the transaction, the chief executive officer now owns 568,300 shares of the company's stock, valued at approximately $16,384,089. This represents a 10.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 247,740 shares of company stock worth $7,099,279 over the last ninety days. Company insiders own 6.97% of the company's stock.

Institutional Investors Weigh In On RingCentral

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Rafferty Asset Management LLC increased its holdings in shares of RingCentral by 1.7% in the fourth quarter. Rafferty Asset Management LLC now owns 19,685 shares of the software maker's stock valued at $689,000 after buying an additional 325 shares in the last quarter. Sovereign Financial Group Inc. raised its stake in RingCentral by 4.0% during the 4th quarter. Sovereign Financial Group Inc. now owns 10,079 shares of the software maker's stock valued at $353,000 after purchasing an additional 386 shares during the period. Gagnon Securities LLC raised its stake in RingCentral by 5.6% during the 4th quarter. Gagnon Securities LLC now owns 7,703 shares of the software maker's stock valued at $270,000 after purchasing an additional 407 shares during the period. Xponance Inc. raised its stake in RingCentral by 4.2% during the 4th quarter. Xponance Inc. now owns 10,664 shares of the software maker's stock valued at $373,000 after purchasing an additional 426 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in RingCentral by 10.4% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker's stock valued at $176,000 after purchasing an additional 468 shares during the period. 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.