RingCentral (NYSE:RNG) Shares Down 2.9% After Insider Selling

RingCentral, Inc. (NYSE:RNG)’s share price traded down 2.9% on Tuesday following insider selling activity. The stock traded as low as $28.60 and last traded at $28.60. 71,364 shares changed hands during trading, a decline of 94% from the average session volume of 1,169,141 shares. The stock had previously closed at $29.44.

Specifically, CFO Vaibhav Agarwal sold 11,406 shares of the stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $36.01, for a total transaction of $410,730.06. Following the transaction, the chief financial officer now directly owns 158,784 shares in the company, valued at approximately $5,717,811.84. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CFO Sonalee Elizabeth Parekh sold 8,478 shares of the business’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $34.85, for a total value of $295,458.30. Following the completion of the transaction, the chief financial officer now directly owns 388,919 shares of the company’s stock, valued at approximately $13,553,827.15. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Vaibhav Agarwal sold 11,406 shares of the company’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $36.01, for a total value of $410,730.06. Following the sale, the chief financial officer now owns 158,784 shares of the company’s stock, valued at $5,717,811.84. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 21,869 shares of company stock worth $762,165. Company insiders own 6.76% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Robert W. Baird raised their price target on shares of RingCentral from $32.00 to $35.00 and gave the company a “neutral” rating in a report on Thursday, May 9th. Wells Fargo & Company lowered their target price on shares of RingCentral from $33.00 to $28.00 and set an “equal weight” rating for the company in a research note on Friday, June 21st. StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a report on Thursday, May 9th. Piper Sandler increased their price objective on RingCentral from $31.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, May 8th. Finally, UBS Group raised their price objective on RingCentral from $37.00 to $40.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 8th. Ten equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, RingCentral currently has a consensus rating of “Moderate Buy” and a consensus target price of $39.00.

RingCentral Trading Up 0.1 %

The firm has a market capitalization of $2.63 billion, a PE ratio of -19.16, a P/E/G ratio of 2.47 and a beta of 1.03. The firm’s fifty day moving average price is $32.12 and its 200 day moving average price is $32.88.

RingCentral (NYSE:RNG) last posted its earnings results on Tuesday, May 7th. The software maker reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.05. The business had revenue of $584.21 million for the quarter, compared to analyst estimates of $577.81 million. On average, analysts predict that RingCentral, Inc. will post 0.54 earnings per share for the current year.

Hedge Funds Weigh In On RingCentral

Several institutional investors and hedge funds have recently modified their holdings of the stock. PNC Financial Services Group Inc. lifted its holdings in RingCentral by 60.4% in the third quarter. PNC Financial Services Group Inc. now owns 3,982 shares of the software maker’s stock valued at $118,000 after acquiring an additional 1,500 shares during the period. Mariner LLC increased its holdings in shares of RingCentral by 3.0% during the 3rd quarter. Mariner LLC now owns 19,462 shares of the software maker’s stock valued at $577,000 after purchasing an additional 576 shares in the last quarter. Ameriprise Financial Inc. lifted its stake in shares of RingCentral by 515.7% in the 3rd quarter. Ameriprise Financial Inc. now owns 2,716,470 shares of the software maker’s stock valued at $80,489,000 after purchasing an additional 2,275,245 shares during the period. OLD National Bancorp IN boosted its holdings in RingCentral by 2.9% during the third quarter. OLD National Bancorp IN now owns 32,867 shares of the software maker’s stock worth $974,000 after buying an additional 941 shares in the last quarter. Finally, Neo Ivy Capital Management acquired a new stake in RingCentral during the third quarter valued at $53,000. Institutional investors and hedge funds 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.