RingCentral (NYSE:RNG) Trading Down 3.1% - Here's What Happened

RingCentral, Inc. (NYSE:RNG - Get Free Report)'s share price traded down 3.1% on Tuesday . The stock traded as low as $34.69 and last traded at $35.62. 383,610 shares were traded during mid-day trading, a decline of 56% from the average session volume of 880,499 shares. The stock had previously closed at $36.77.

Analysts Set New Price Targets

Several brokerages have issued reports on RNG. Piper Sandler boosted their price objective on RingCentral from $31.00 to $38.00 and gave the stock a "neutral" rating in a report on Friday, November 8th. Wedbush lifted their price target on RingCentral from $36.00 to $41.00 and gave the stock a "neutral" rating in a report on Friday, November 8th. Robert W. Baird upped their price objective on RingCentral from $36.00 to $38.00 and gave the company a "neutral" rating in a report on Monday, November 11th. Rosenblatt Securities reissued a "buy" rating and set a $45.00 target price on shares of RingCentral in a report on Friday, November 8th. Finally, Morgan Stanley upped their price target on shares of RingCentral from $38.00 to $40.00 and gave the company an "equal weight" rating in a research note on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, RingCentral has a consensus rating of "Hold" and a consensus price target of $41.29.

RingCentral Stock Performance

The stock has a fifty day simple moving average of $37.38 and a two-hundred day simple moving average of $33.62. The stock has a market cap of $3.08 billion, a price-to-earnings ratio of -32.12, a P/E/G ratio of 2.48 and a beta of 0.99.

RingCentral (NYSE:RNG - Get Free Report) last announced its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, topping 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 business had revenue of $608.77 million during the quarter, compared to the consensus estimate of $601.91 million. Equities analysts expect that RingCentral, Inc. will post 0.84 earnings per share for the current fiscal year.

Insider Activity at RingCentral

In related news, SVP John H. Marlow sold 23,284 shares of the business's stock in a transaction on 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 owns 357,818 shares in the company, valued at $12,509,317.28. The trade was a 6.11 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Ned D. Segal sold 2,914 shares of the stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $41.60, for a total value of $121,222.40. Following the completion of the transaction, the director now owns 10,633 shares of the company's stock, valued at $442,332.80. This represents a 21.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 115,188 shares of company stock valued at $4,113,047. 6.97% of the stock is owned by insiders.

Institutional Investors Weigh In On RingCentral

A number of institutional investors have recently added to or reduced their stakes in RNG. Sovereign Financial Group Inc. boosted its holdings in RingCentral by 6.9% during the 3rd quarter. Sovereign Financial Group Inc. now owns 9,693 shares of the software maker's stock valued at $307,000 after acquiring an additional 625 shares during the period. Xponance Inc. raised its holdings in RingCentral by 6.8% during the 2nd quarter. Xponance Inc. now owns 11,122 shares of the software maker's stock valued at $314,000 after buying an additional 704 shares during the last quarter. KBC Group NV boosted its position in RingCentral by 38.9% during the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker's stock valued at $84,000 after buying an additional 744 shares during the period. Private Advisor Group LLC grew its holdings in RingCentral by 13.6% in the 3rd quarter. Private Advisor Group LLC now owns 8,119 shares of the software maker's stock worth $257,000 after acquiring an additional 971 shares during the last quarter. Finally, Quarry LP increased its position in shares of RingCentral by 106.7% in the third quarter. Quarry LP now owns 1,902 shares of the software maker's stock valued at $60,000 after acquiring an additional 982 shares during the period. 98.61% of the stock is owned by institutional investors.

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.