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

RingCentral, Inc. (NYSE:RNG)’s stock price fell 2.9% during mid-day trading on Tuesday following insider selling activity. The company 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 Sonalee Elizabeth Parekh sold 8,478 shares of RingCentral stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 388,919 shares of the company’s stock, valued at approximately $13,553,827.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other RingCentral news, CFO Vaibhav Agarwal sold 11,406 shares of the company’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $36.01, for a total transaction 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Sonalee Elizabeth Parekh sold 8,478 shares of RingCentral stock in a transaction that occurred 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 sale, the chief financial officer now owns 388,919 shares in the company, valued at $13,553,827.15. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 21,869 shares of company stock worth $762,165. Company insiders own 6.76% of the company’s stock.

Wall Street Analyst Weigh In

RNG has been the topic of several recent analyst reports. Wells Fargo & Company cut their price target on shares of RingCentral from $33.00 to $28.00 and set an “equal weight” rating on the stock in a report on Friday, June 21st. Deutsche Bank Aktiengesellschaft increased their price target on shares of RingCentral from $38.00 to $42.00 and gave the stock a “buy” rating in a research note on Thursday, May 9th. StockNews.com raised RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Thursday, May 9th. Morgan Stanley decreased their target price on RingCentral from $35.00 to $32.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 17th. Finally, Wedbush restated a “neutral” rating and set a $40.00 price target on shares of RingCentral in a research report on Thursday, May 9th. Ten investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, RingCentral presently has a consensus rating of “Moderate Buy” and a consensus price target of $39.00.

RingCentral Stock Up 0.1 %

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

RingCentral (NYSE:RNG) last released its quarterly earnings results on Tuesday, May 7th. The software maker reported $0.06 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.05. The firm had revenue of $584.21 million for the quarter, compared to the consensus estimate of $577.81 million. As a group, analysts predict that RingCentral, Inc. will post 0.54 earnings per share for the current year.

Institutional Investors Weigh In On RingCentral

Large investors have recently made changes to their positions in the company. Capital World Investors lifted its stake in shares of RingCentral by 7.3% in the 1st quarter. Capital World Investors now owns 12,139,394 shares of the software maker’s stock worth $421,723,000 after purchasing an additional 825,156 shares during the period. Vanguard Group Inc. boosted its stake in shares of RingCentral by 5.2% during the 1st quarter. Vanguard Group Inc. now owns 10,909,549 shares of the software maker’s stock worth $378,998,000 after acquiring an additional 538,325 shares during the last quarter. Sylebra Capital LLC bought a new stake in shares of RingCentral during the 3rd quarter valued at $242,462,000. Ameriprise Financial Inc. increased 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 worth $80,489,000 after purchasing an additional 2,275,245 shares in the last quarter. Finally, First Trust Advisors LP increased its stake in shares of RingCentral by 15.9% in the 4th quarter. First Trust Advisors LP now owns 1,991,917 shares of the software maker’s stock worth $67,626,000 after purchasing an additional 273,109 shares in the last quarter. 98.61% of the stock is currently 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.