RingCentral (NYSE:RNG) Reaches New 12-Month Low – What’s Next?

RingCentral, Inc. (NYSE:RNG) shares hit a new 52-week low on Friday . The company 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 Ratings Changes

Several equities analysts recently commented on the stock. UBS Group reduced their target price on shares of RingCentral from $40.00 to $38.00 and set a “neutral” rating on the stock in a report on Friday, February 21st. Mizuho lowered their price objective on RingCentral from $42.00 to $36.00 and set a “neutral” rating for the company in a research report on Monday, February 10th. Rosenblatt Securities cut their target price 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. Barclays lowered their price target on shares of RingCentral from $37.00 to $31.00 and set an “equal weight” rating for the company in a report on Friday, February 21st. Finally, StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a report on Monday, March 17th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $37.69.

RingCentral Stock Down 6.1 %

The company’s fifty day simple moving average is $30.82 and its 200 day simple moving average is $33.42. The firm has a market capitalization of $2.32 billion, a PE 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 results 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 for the quarter, compared to the consensus estimate of $612.37 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. Equities 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 the firm’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $28.56, for a total transaction of $1,002,141.84. Following the completion of the sale, the senior vice president now owns 313,510 shares of the company’s stock, valued at $8,953,845.60. This trade represents a 10.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Vladimir Shmunis sold 66,112 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $28.83, for a total transaction of $1,906,008.96. Following the completion of the transaction, the chief executive officer now owns 568,300 shares of the company’s stock, valued at approximately $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. Over the last ninety days, insiders sold 247,740 shares of company stock worth $7,099,279. Insiders own 6.97% of the company’s stock.

Institutional Trading of RingCentral

A number of institutional investors and hedge funds have recently modified their holdings of RNG. Kayne Anderson Rudnick Investment Management LLC purchased a new stake in shares of RingCentral during the fourth quarter valued at $49,000. Quarry LP boosted its holdings in shares of RingCentral by 106.7% during the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after acquiring an additional 982 shares during the last quarter. Venturi Wealth Management LLC boosted its holdings 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 acquiring an additional 1,028 shares during the last quarter. KBC Group NV grew its stake 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 acquiring an additional 819 shares during the period. Finally, Harvest Fund Management Co. Ltd purchased a new position in shares of RingCentral during the fourth quarter valued at approximately $173,000. 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.