RingCentral (NYSE:RNG) Shares Gap Down - What's Next?

RingCentral, Inc. (NYSE:RNG - Get Free Report)'s share price gapped down before the market opened on Friday . The stock had previously closed at $34.83, but opened at $34.00. RingCentral shares last traded at $34.97, with a volume of 81,945 shares.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Morgan Stanley boosted their price target on shares of RingCentral from $38.00 to $40.00 and gave the company an "equal weight" rating in a report on Wednesday, December 18th. StockNews.com raised shares of RingCentral from a "buy" rating to a "strong-buy" rating in a research note on Monday, November 11th. Wedbush increased their target price on RingCentral from $36.00 to $41.00 and gave the company a "neutral" rating in a research report on Friday, November 8th. Mizuho reissued a "neutral" rating and issued a $42.00 price target on shares of RingCentral in a research report on Friday, December 13th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $45.00 price objective on shares of RingCentral in a research report on Friday, November 8th. Eight equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $41.64.

RingCentral Trading Up 1.6 %

The firm's 50-day simple moving average is $37.33 and its two-hundred day simple moving average is $33.42. The company has a market cap of $3.20 billion, a PE ratio of -33.40, a P/E/G ratio of 2.48 and a beta of 0.99.

RingCentral (NYSE:RNG - Get Free Report) last released its earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.10. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. The firm had revenue of $608.77 million for the quarter, compared to the consensus estimate of $601.91 million. As a group, analysts predict that RingCentral, Inc. will post 0.84 EPS for the current year.

Insider Transactions at RingCentral

In other RingCentral news, SVP John H. Marlow sold 23,284 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $34.96, for a total transaction of $814,008.64. Following the sale, the senior vice president now directly owns 357,818 shares of the company's stock, valued at approximately $12,509,317.28. This trade represents a 6.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Vladimir Shmunis sold 66,451 shares of the business's stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $34.96, for a total value of $2,323,126.96. Following the completion of the transaction, the chief executive officer now directly owns 479,468 shares of the company's stock, valued at approximately $16,762,201.28. This trade represents a 12.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 115,188 shares of company stock worth $4,113,047 over the last three months. 6.97% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of RNG. Pacer Advisors Inc. grew its stake in shares of RingCentral by 45.3% during the 3rd quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker's stock worth $83,483,000 after purchasing an additional 822,892 shares during the period. Renaissance Technologies LLC boosted its holdings in 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 buying an additional 54,500 shares in the last quarter. AQR Capital Management LLC grew its position in RingCentral by 2.4% during the second quarter. AQR Capital Management LLC now owns 881,109 shares of the software maker's stock valued at $24,706,000 after buying an additional 20,666 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in RingCentral by 7.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 822,087 shares of the software maker's stock valued at $26,003,000 after buying an additional 59,570 shares in the last quarter. Finally, Cubist Systematic Strategies LLC increased its holdings in RingCentral by 130.1% in the second quarter. Cubist Systematic Strategies LLC now owns 414,347 shares of the software maker's stock valued at $11,685,000 after buying an additional 234,238 shares in the last quarter. 98.61% of the stock is currently owned by hedge funds and other 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.