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

Shares of RingCentral, Inc. (NYSE:RNG) dropped 4.5% on Friday after an insider sold shares in the company. The stock traded as low as $39.43 and last traded at $39.50. Approximately 296,067 shares changed hands during mid-day 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 stock in a transaction on Thursday, December 12th. The stock was 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 in the company, valued at $442,332.80. This trade represents a 21.51 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP John H. Marlow sold 8,720 shares of RingCentral stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $42.05, for a total transaction of $366,676.00. Following the completion of the transaction, the senior vice president now directly 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 Analysts Forecast Growth

A number of analysts have recently issued reports on RNG shares. Robert W. Baird increased their target price on RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a report on Monday, November 11th. Wedbush increased their price objective on RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Piper Sandler lifted their target price on RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a research note 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. 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, five have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, RingCentral presently has an average rating of “Moderate Buy” and an average target price of $41.43.

RingCentral Stock Down 5.6 %

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

RingCentral (NYSE:RNG) last released its earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $601.91 million. Equities analysts expect that RingCentral, Inc. will post 0.84 EPS for the current fiscal year.

Institutional Inflows and Outflows

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