RingCentral (NYSE:RNG) Hits New 52-Week Low – Here’s Why

RingCentral, Inc. (NYSE:RNG)’s share price reached a new 52-week low on Monday . The company traded as low as $26.82 and last traded at $26.89, with a volume of 891235 shares changing hands. The stock had previously closed at $28.04.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on RNG. Piper Sandler reduced their price objective on shares of RingCentral from $38.00 to $31.00 and set a “neutral” rating for the company in a research note on Friday, February 21st. Mizuho reduced their price target on RingCentral from $42.00 to $36.00 and set a “neutral” rating for the company in a research report on Monday, February 10th. Morgan Stanley increased their price objective on RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a report on Wednesday, December 18th. Barclays reduced their target price on RingCentral from $37.00 to $31.00 and set an “equal weight” rating for the company in a report on Friday, February 21st. Finally, Robert W. Baird lowered their price target on RingCentral from $38.00 to $32.00 and set a “neutral” rating on the stock in a report on Tuesday, February 25th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, RingCentral presently has a consensus rating of “Hold” and an average target price of $37.69.

RingCentral Price Performance

The firm has a market cap of $2.44 billion, a P/E ratio of -42.09, a PEG ratio of 1.27 and a beta of 1.20. The company’s 50 day moving average is $32.62 and its two-hundred day moving average is $33.83.

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

Insider Activity

In related news, CEO Vladimir Shmunis sold 66,112 shares of the company’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $28.83, for a total value of $1,906,008.96. Following the sale, the chief executive officer now 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 transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Ned D. Segal sold 2,914 shares of the firm’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 transaction, the director now owns 10,633 shares of the company’s stock, valued at approximately $442,332.80. This represents a 21.51 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 250,654 shares of company stock worth $7,220,502. 6.97% of the stock is currently owned by corporate insiders.

Institutional Trading of RingCentral

A number of large investors have recently bought and sold shares of the stock. Kayne Anderson Rudnick Investment Management LLC bought a new stake in RingCentral during the 4th quarter worth approximately $49,000. Venturi Wealth Management LLC increased its holdings in shares of RingCentral by 150.4% in the third quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after purchasing an additional 1,119 shares in the last quarter. Quarry LP lifted its holdings in RingCentral by 106.7% during the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after buying an additional 982 shares in the last quarter. KBC Group NV lifted its holdings in RingCentral by 38.9% during the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after buying an additional 744 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd bought a new position in RingCentral in the 4th quarter valued at $173,000. 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.