RingCentral, Inc. (NYSE:RNG – Get Rating) was down 5.1% on Friday after Robert W. Baird lowered their price target on the stock from $45.00 to $32.00. The stock traded as low as $27.14 and last traded at $27.28. Approximately 1,001,831 shares changed hands during trading, a decline of 51% from the average daily volume of 2,044,862 shares. The stock had previously closed at $28.74.
Other research analysts have also recently issued research reports about the company. MKM Partners cut RingCentral from a “buy” rating to a “neutral” rating and set a $40.00 target price on the stock. in a research note on Monday, January 23rd. Credit Suisse Group raised RingCentral from a “neutral” rating to an “outperform” rating and upped their target price for the company from $40.00 to $45.00 in a research note on Thursday. Barclays upped their target price on RingCentral from $40.00 to $55.00 in a research note on Friday, February 17th. Mizuho cut their target price on RingCentral from $50.00 to $45.00 and set a “buy” rating on the stock in a research note on Tuesday, February 21st. Finally, Truist Financial cut their target price on RingCentral from $55.00 to $45.00 in a research note on Thursday. Eleven investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, RingCentral presently has an average rating of “Moderate Buy” and a consensus target price of $47.39.
Insider Activity at RingCentral
In related news, CAO Vaibhav Agarwal sold 2,614 shares of the company’s stock in a transaction on Thursday, February 16th. The stock was sold at an average price of $39.36, for a total value of $102,887.04. Following the transaction, the chief accounting officer now directly owns 99,065 shares of the company’s stock, valued at approximately $3,899,198.40. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other RingCentral news, COO Mohammed Katibeh sold 4,747 shares of the stock in a transaction dated Friday, February 17th. The stock was sold at an average price of $36.43, for a total transaction of $172,933.21. Following the sale, the chief operating officer now directly owns 127,062 shares of the company’s stock, valued at approximately $4,628,868.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Vaibhav Agarwal sold 2,614 shares of the stock in a transaction dated Thursday, February 16th. The stock was sold at an average price of $39.36, for a total value of $102,887.04. Following the sale, the chief accounting officer now directly owns 99,065 shares in the company, valued at $3,899,198.40. The disclosure for this sale can be found here. Insiders have sold a total of 12,305 shares of company stock valued at $458,254 in the last ninety days. Company insiders own 6.49% of the company’s stock.
Institutional Investors Weigh In On RingCentral
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Alyeska Investment Group L.P. grew its position in shares of RingCentral by 510.3% during the 4th quarter. Alyeska Investment Group L.P. now owns 1,714,543 shares of the software maker’s stock valued at $60,695,000 after acquiring an additional 1,433,595 shares during the period. Pictet Asset Management SA grew its position in shares of RingCentral by 25.7% during the 1st quarter. Pictet Asset Management SA now owns 4,602,025 shares of the software maker’s stock valued at $141,144,000 after acquiring an additional 940,926 shares during the period. Norges Bank acquired a new stake in shares of RingCentral during the 4th quarter valued at about $31,316,000. Renaissance Technologies LLC acquired a new stake in shares of RingCentral during the 1st quarter valued at about $83,500,000. Finally, First Trust Advisors LP grew its position in shares of RingCentral by 46.3% during the 3rd quarter. First Trust Advisors LP now owns 1,556,709 shares of the software maker’s stock valued at $62,206,000 after acquiring an additional 492,925 shares during the period. 88.09% of the stock is owned by institutional investors and hedge funds.
RingCentral Trading Down 4.1 %
The stock has a market capitalization of $2.63 billion, a price-to-earnings ratio of -3.11 and a beta of 0.94. The stock has a 50-day moving average price of $29.48 and a 200 day moving average price of $34.23.
RingCentral (NYSE:RNG – Get Rating) last posted its earnings results on Wednesday, February 15th. The software maker reported ($0.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.13). RingCentral had a negative net margin of 44.22% and a negative return on equity of 765.97%. The business had revenue of $524.75 million for the quarter, compared to analyst estimates of $528.41 million. Equities research analysts anticipate that RingCentral, Inc. will post -0.12 earnings per share for the current year.
About RingCentral
RingCentral, Inc engages in the provision of global enterprise cloud communications and collaboration solutions. The firm’s solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, PCs and desk phones, and allows for communication across multiple modes, includ