RingCentral, Inc. (NYSE:RNG) Sees Large Decline in Short Interest

RingCentral, Inc. (NYSE:RNG) was the target of a significant decrease in short interest in December. As of December 15th, there was short interest totalling 4,800,000 shares, a decrease of 22.8% from the November 30th total of 6,220,000 shares. Approximately 6.1% of the shares of the company are short sold. Based on an average daily volume of 1,310,000 shares, the days-to-cover ratio is currently 3.7 days.

Wall Street Analysts Forecast Growth

RNG has been the topic of several recent research reports. Robert W. Baird raised their price target on RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a report on Monday, November 11th. Wedbush boosted their price target on shares of RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Morgan Stanley raised their price objective on shares of RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 18th. Piper Sandler lifted their target price on shares of RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Finally, StockNews.com raised RingCentral from a “buy” rating to a “strong-buy” rating in a research note on Monday, November 11th. Eight analysts have rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, RingCentral presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.00.

RingCentral Stock Down 3.4 %

RingCentral stock traded down $1.26 during mid-day trading on Friday, hitting $36.11. 710,779 shares of the company’s stock were exchanged, compared to its average volume of 1,231,339. The company’s 50 day simple moving average is $37.20 and its 200-day simple moving average is $33.25. The firm has a market capitalization of $3.27 billion, a P/E ratio of -34.07, a PEG ratio of 2.48 and a beta of 0.99. RingCentral has a fifty-two week low of $26.98 and a fifty-two week high of $42.19.

RingCentral (NYSE:RNG) last announced its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.10. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. The company had revenue of $608.77 million during the quarter, compared to the consensus estimate of $601.91 million. Research analysts expect that RingCentral will post 0.84 EPS for the current year.

Insider Activity at RingCentral

In other RingCentral news, CFO Vaibhav Agarwal sold 1,985 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $31.40, for a total transaction of $62,329.00. Following the completion of the transaction, the chief financial officer now directly owns 135,560 shares in the company, valued at $4,256,584. This represents a 1.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Ned D. Segal sold 2,914 shares of the company’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $41.60, for a total transaction of $121,222.40. Following the completion of the sale, the director now directly owns 10,633 shares in the company, valued at approximately $442,332.80. The trade was a 21.51 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 117,173 shares of company stock worth $4,175,376. 6.97% of the stock is owned by corporate insiders.

Institutional Trading of RingCentral

Several hedge funds have recently bought and sold shares of RNG. Point72 DIFC Ltd acquired a new stake in shares of RingCentral in the 2nd quarter valued at about $39,000. Venturi Wealth Management LLC grew its holdings in shares of RingCentral by 150.4% during the third quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock worth $59,000 after buying an additional 1,119 shares in the last quarter. Quarry LP raised its position 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 buying an additional 982 shares during the last quarter. KBC Group NV raised its position in RingCentral by 38.9% in the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after buying an additional 744 shares during the last quarter. Finally, Central Pacific Bank Trust Division bought a new stake in RingCentral in the 3rd quarter valued at approximately $121,000. 98.61% of the stock is currently owned by institutional investors and hedge funds.

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.