RingCentral, Inc. (NYSE:RNG – Get Rating)’s stock price was down 7.1% during trading on Wednesday after Oppenheimer lowered their price target on the stock to $40.00. The company traded as low as $38.70 and last traded at $38.71. Approximately 15,986 shares changed hands during mid-day trading, a decline of 99% from the average daily volume of 2,476,073 shares. The stock had previously closed at $41.67.
A number of other research firms have also commented on RNG. UBS Group decreased their price target on RingCentral from $84.00 to $60.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 3rd. Craig Hallum dropped their target price on shares of RingCentral from $110.00 to $60.00 in a research note on Thursday, November 10th. Barclays lowered their target price on RingCentral from $90.00 to $40.00 and set an “overweight” rating for the company in a research note on Thursday, November 10th. Piper Sandler dropped their price objective on RingCentral from $59.00 to $39.00 and set an “overweight” rating for the company in a report on Thursday, November 10th. Finally, KeyCorp reduced their target price on shares of RingCentral from $59.00 to $45.00 and set an “overweight” rating on the stock in a research note on Thursday, November 10th. One research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $89.74.
Insider Transactions at RingCentral
In other news, COO Mohammed Katibeh sold 2,750 shares of the business’s stock in a transaction on Tuesday, August 23rd. The shares were sold at an average price of $44.23, for a total value of $121,632.50. Following the sale, the chief operating officer now owns 128,745 shares of the company’s stock, valued at $5,694,391.35. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other RingCentral news, COO Mohammed Katibeh sold 2,750 shares of the company’s stock in a transaction on Tuesday, August 23rd. The shares were sold at an average price of $44.23, for a total transaction of $121,632.50. Following the sale, the chief operating officer now directly owns 128,745 shares of the company’s stock, valued at $5,694,391.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Vaibhav Agarwal sold 3,149 shares of the business’s stock in a transaction dated Tuesday, August 23rd. The stock was sold at an average price of $44.23, for a total transaction of $139,280.27. Following the transaction, the chief accounting officer now owns 103,706 shares in the company, valued at $4,586,916.38. The disclosure for this sale can be found here. Insiders sold 11,946 shares of company stock valued at $515,189 over the last three months. Company insiders own 7.35% of the company’s stock.
Hedge Funds Weigh In On RingCentral
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Daiwa Securities Group Inc. lifted its stake in RingCentral by 25.2% during the first quarter. Daiwa Securities Group Inc. now owns 26,351 shares of the software maker’s stock worth $3,088,000 after purchasing an additional 5,302 shares during the last quarter. SG Americas Securities LLC boosted its stake in RingCentral by 209.8% in the first quarter. SG Americas Securities LLC now owns 5,536 shares of the software maker’s stock valued at $649,000 after buying an additional 10,577 shares in the last quarter. Heritage Investors Management Corp grew its position in RingCentral by 34.8% in the first quarter. Heritage Investors Management Corp now owns 54,174 shares of the software maker’s stock valued at $6,350,000 after acquiring an additional 13,979 shares during the last quarter. Arizona State Retirement System raised its stake in RingCentral by 3.1% during the first quarter. Arizona State Retirement System now owns 21,714 shares of the software maker’s stock worth $2,545,000 after acquiring an additional 658 shares in the last quarter. Finally, Clearstead Advisors LLC lifted its holdings in shares of RingCentral by 57.1% in the first quarter. Clearstead Advisors LLC now owns 666 shares of the software maker’s stock worth $78,000 after acquiring an additional 242 shares during the last quarter. 86.29% of the stock is owned by institutional investors and hedge funds.
RingCentral Stock Performance
The business’s 50 day moving average price is $37.93 and its two-hundred day moving average price is $49.58. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 33.52.
About RingCentral
RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect in North America. The company offers business cloud communications and contact center solutions based on its Message Video Phone? platform. Its products include RingCentral Office that provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers omni-channel; and RingCentral Engage Digital, a digital customer engagement platform that allows enterprises to interact with their customers.