RingCentral (NYSE:RNG) Hits New 12-Month Low – Time to Sell?

RingCentral, Inc. (NYSE:RNG)’s stock price reached a new 52-week low on Friday . The stock traded as low as $26.05 and last traded at $26.11, with a volume of 380629 shares. The stock had previously closed at $27.28.

Analyst Upgrades and Downgrades

RNG has been the topic of a number of research reports. Barclays reduced their target price on shares of RingCentral from $37.00 to $31.00 and set an “equal weight” rating on the stock in a report on Friday, February 21st. Raymond James cut their target price on RingCentral from $45.00 to $40.00 and set an “outperform” rating on the stock in a report on Friday, February 21st. Mizuho decreased their price target on RingCentral from $42.00 to $36.00 and set a “neutral” rating for the company in a research note on Monday, February 10th. StockNews.com upgraded RingCentral from a “buy” rating to a “strong-buy” rating in a report on Monday, March 17th. Finally, Rosenblatt Securities lowered their price target on shares of RingCentral from $45.00 to $40.00 and set a “buy” rating for the company in a report on Friday, February 21st. One analyst has rated the stock with a sell rating, seven have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $37.69.

RingCentral Trading Down 6.1 %

The business has a 50-day moving average of $30.98 and a 200 day moving average of $33.40. The firm has a market capitalization of $2.32 billion, a P/E ratio of -40.01, a price-to-earnings-growth ratio of 1.27 and a beta of 1.20.

RingCentral (NYSE:RNG) last released its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.73). RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The firm had revenue of $614.51 million for the quarter, compared to the consensus estimate of $612.37 million. As a group, research analysts forecast that RingCentral, Inc. will post 1.29 EPS for the current year.

Insider Activity

In related news, SVP John H. Marlow sold 35,089 shares of RingCentral stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $28.56, for a total value of $1,002,141.84. Following the completion of the transaction, the senior vice president now directly owns 313,510 shares in the company, valued at approximately $8,953,845.60. The trade was a 10.07 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Vladimir Shmunis sold 66,112 shares of the firm’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $28.83, for a total value of $1,906,008.96. Following the completion of the transaction, the chief executive officer now directly owns 568,300 shares of the company’s stock, valued at $16,384,089. The trade was a 10.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 247,740 shares of company stock worth $7,099,279 over the last three months. 6.97% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in RNG. Kayne Anderson Rudnick Investment Management LLC bought a new position in shares of RingCentral in the fourth quarter valued at approximately $49,000. Quarry LP boosted its holdings in RingCentral by 106.7% in the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after purchasing an additional 982 shares during the period. Venturi Wealth Management LLC grew its position in shares of RingCentral by 55.2% during the 4th quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker’s stock valued at $101,000 after purchasing an additional 1,028 shares in the last quarter. KBC Group NV increased its holdings in shares of RingCentral by 30.8% in the fourth quarter. KBC Group NV now owns 3,478 shares of the software maker’s stock worth $122,000 after purchasing an additional 819 shares during the period. Finally, Harvest Fund Management Co. Ltd purchased a new stake in shares of RingCentral in the fourth quarter worth $173,000. Hedge funds and other institutional investors own 98.61% of the company’s stock.

About RingCentral

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.