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

Shares of RingCentral, Inc. (NYSE:RNG) traded down 2.9% on Tuesday after an insider sold shares in the company. 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 company’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $36.01, for a total value of $410,730.06. Following the completion of the transaction, the chief financial officer now owns 158,784 shares of the company’s stock, valued at approximately $5,717,811.84. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other RingCentral news, CFO Vaibhav Agarwal sold 11,406 shares of the business’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $36.01, for a total transaction of $410,730.06. Following the sale, the chief financial officer now directly owns 158,784 shares of the company’s stock, valued at approximately $5,717,811.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Sonalee Elizabeth Parekh sold 8,478 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $34.85, for a total transaction of $295,458.30. Following the completion of the transaction, the chief financial officer now owns 388,919 shares of the company’s stock, valued at $13,553,827.15. The disclosure for this sale can be found here. Insiders have sold a total of 21,869 shares of company stock valued at $762,165 in the last 90 days. 6.76% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Robert W. Baird increased their price target on RingCentral from $32.00 to $35.00 and gave the company a “neutral” rating in a research note on Thursday, May 9th. Deutsche Bank Aktiengesellschaft increased their target price on shares of RingCentral from $38.00 to $42.00 and gave the company a “buy” rating in a research report on Thursday, May 9th. StockNews.com upgraded shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Thursday, May 9th. Mizuho increased their price objective on shares of RingCentral from $36.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. Finally, Wedbush restated a “neutral” rating and issued a $40.00 target price on shares of RingCentral in a report on Thursday, May 9th. Ten 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. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $39.00.

RingCentral Price Performance

The company has a fifty day moving average price of $32.12 and a 200 day moving average price of $32.88. The stock has a market cap of $2.63 billion, a P/E ratio of -19.16, a P/E/G ratio of 2.47 and a beta of 1.03.

RingCentral (NYSE:RNG) last posted its quarterly earnings results on Tuesday, May 7th. The software maker reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.05. The business had revenue of $584.21 million during the quarter, compared to analyst estimates of $577.81 million. As a group, sell-side analysts expect that RingCentral, Inc. will post 0.54 earnings per share for the current fiscal year.

Institutional Investors Weigh In On RingCentral

Several hedge funds and other institutional investors have recently made changes to their positions in RNG. Sylebra Capital LLC acquired a new position in RingCentral during the 3rd quarter valued at about $242,462,000. Ameriprise Financial Inc. boosted its position in shares of RingCentral by 515.7% during the third quarter. Ameriprise Financial Inc. now owns 2,716,470 shares of the software maker’s stock valued at $80,489,000 after buying an additional 2,275,245 shares during the last quarter. Norges Bank bought a new stake in RingCentral during the fourth quarter worth $30,471,000. Capital World Investors raised its position in RingCentral by 7.3% in the 1st quarter. Capital World Investors now owns 12,139,394 shares of the software maker’s stock valued at $421,723,000 after buying an additional 825,156 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in RingCentral by 5.2% during the 1st quarter. Vanguard Group Inc. now owns 10,909,549 shares of the software maker’s stock valued at $378,998,000 after acquiring an additional 538,325 shares in the last quarter. 98.61% of the stock is owned by 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.