RingCentral (NYSE:RNG) Hits New 12-Month Low – Here’s What Happened

RingCentral, Inc. (NYSE:RNG) shares reached a new 52-week low on Thursday . The company traded as low as $23.72 and last traded at $23.75, with a volume of 330918 shares traded. The stock had previously closed at $25.86.

Analyst Ratings Changes

RNG has been the topic of several analyst reports. Morgan Stanley boosted their price objective on shares of RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 18th. UBS Group cut their target price on RingCentral from $40.00 to $38.00 and set a “neutral” rating on the stock in a research report on Friday, February 21st. Mizuho cut their target price on shares of RingCentral from $42.00 to $36.00 and set a “neutral” rating on the stock in a research note on Monday, February 10th. Raymond James decreased their target price on RingCentral from $45.00 to $40.00 and set an “outperform” rating for the company in a research report on Friday, February 21st. Finally, Rosenblatt Securities lowered their price objective on shares of RingCentral from $45.00 to $40.00 and set a “buy” rating on the stock in a report on Friday, February 21st. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, RingCentral has an average rating of “Hold” and an average price target of $37.69.

RingCentral Stock Down 7.0 %

The firm has a 50 day moving average of $29.85 and a 200 day moving average of $33.24. The firm has a market cap of $2.05 billion, a PE ratio of -35.30, a P/E/G ratio of 1.27 and a beta of 1.20.

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

Insider Transactions at RingCentral

In other news, CEO Vladimir Shmunis sold 123,560 shares of the company’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $28.56, for a total value of $3,528,873.60. Following the completion of the transaction, the chief executive officer now directly owns 444,740 shares in the company, valued at approximately $12,701,774.40. This represents a 21.74 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP John H. Marlow sold 35,089 shares of the stock in a transaction dated 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 transaction, the senior vice president now owns 313,510 shares in the company, valued at $8,953,845.60. This trade represents a 10.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 247,740 shares of company stock valued at $7,099,279 over the last three months. Company insiders own 6.97% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Capital World Investors grew its stake in shares of RingCentral by 5.9% during the fourth quarter. Capital World Investors now owns 10,663,441 shares of the software maker’s stock valued at $373,327,000 after buying an additional 591,398 shares during the last quarter. Ameriprise Financial Inc. grew its position in RingCentral by 2.2% during the 4th quarter. Ameriprise Financial Inc. now owns 6,513,731 shares of the software maker’s stock worth $228,050,000 after acquiring an additional 142,538 shares during the last quarter. First Trust Advisors LP increased its stake in RingCentral by 35.6% in the 4th quarter. First Trust Advisors LP now owns 2,009,286 shares of the software maker’s stock worth $70,345,000 after purchasing an additional 527,901 shares during the period. Renaissance Technologies LLC lifted its position in RingCentral by 11.1% in the fourth quarter. Renaissance Technologies LLC now owns 1,795,300 shares of the software maker’s stock valued at $62,853,000 after purchasing an additional 180,000 shares during the last quarter. Finally, Hennessy Advisors Inc. purchased a new stake in shares of RingCentral during the fourth quarter valued at approximately $59,055,000. 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.