RingCentral (NYSE:RNG) Trading Down 4.5% on Insider Selling

RingCentral, Inc. (NYSE:RNG - Get Free Report)'s stock price dropped 4.5% during trading on Friday after an insider sold shares in the company. The company traded as low as $39.43 and last traded at $39.50. Approximately 296,067 shares were traded during trading, a decline of 76% from the average daily volume of 1,231,686 shares. The stock had previously closed at $41.35.

Specifically, Director Ned D. Segal sold 2,914 shares of the company's stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $41.60, for a total transaction of $121,222.40. Following the sale, the director now directly owns 10,633 shares in the company, valued at approximately $442,332.80. This represents a 21.51 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP John H. Marlow sold 8,720 shares of the company's stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $42.05, for a total value of $366,676.00. Following the sale, the senior vice president now owns 334,869 shares in the company, valued at approximately $14,081,241.45. This trade represents a 2.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on RNG shares. StockNews.com upgraded RingCentral from a "buy" rating to a "strong-buy" rating in a report on Monday, November 11th. Needham & Company LLC reissued a "buy" rating and set a $42.00 target price on shares of RingCentral in a research note on Monday, November 11th. Raymond James reduced their price target on shares of RingCentral from $52.00 to $50.00 and set a "strong-buy" rating on the stock in a research note on Friday, November 8th. Robert W. Baird boosted their price objective on shares of RingCentral from $36.00 to $38.00 and gave the company a "neutral" rating in a research report on Monday, November 11th. Finally, Mizuho restated a "neutral" rating and issued a $42.00 target price on shares of RingCentral in a research note on Friday. Eight equities research analysts have rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, RingCentral has an average rating of "Moderate Buy" and a consensus target price of $41.43.

RingCentral Trading Down 5.6 %

The stock has a market capitalization of $3.53 billion, a P/E ratio of -36.84, a price-to-earnings-growth ratio of 2.65 and a beta of 0.99. The company has a 50-day moving average price of $36.07 and a 200 day moving average price of $33.03.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in RNG. Point72 DIFC Ltd acquired a new position in RingCentral in the 2nd quarter worth approximately $39,000. Venturi Wealth Management LLC boosted its holdings in shares of RingCentral by 150.4% in the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker's stock valued at $59,000 after acquiring an additional 1,119 shares during the last quarter. Quarry LP increased its stake in shares of RingCentral by 106.7% in the third quarter. Quarry LP now owns 1,902 shares of the software maker's stock worth $60,000 after acquiring an additional 982 shares during the period. KBC Group NV raised its holdings in shares of RingCentral by 38.9% during the third quarter. KBC Group NV now owns 2,659 shares of the software maker's stock worth $84,000 after purchasing an additional 744 shares during the last quarter. Finally, Central Pacific Bank Trust Division acquired a new position in RingCentral during the third quarter valued at $121,000. Hedge funds and other institutional investors own 98.61% of the company's stock.

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.