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

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

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on RNG. Raymond James reduced 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. Needham & Company LLC reduced their price objective on shares of RingCentral from $42.00 to $36.00 and set a “buy” rating on the stock in a research note on Friday, February 21st. UBS Group lowered their target price on shares of RingCentral from $40.00 to $38.00 and set a “neutral” rating for the company in a research note on Friday, February 21st. Barclays reduced their price target on shares of RingCentral from $37.00 to $31.00 and set an “equal weight” rating on the stock 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 for the company in a research report on Friday, February 21st. One analyst has rated the stock with a sell rating, seven have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, RingCentral has a consensus rating of “Hold” and an average price target of $37.69.

RingCentral Price Performance

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

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

Insider Transactions at RingCentral

In other RingCentral news, CEO Vladimir Shmunis sold 123,560 shares of RingCentral stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $28.56, for a total value of $3,528,873.60. Following the completion of the sale, the chief executive officer now owns 444,740 shares in the company, valued at $12,701,774.40. The trade was a 21.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP John H. Marlow sold 35,089 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $28.56, for a total transaction of $1,002,141.84. Following the transaction, the senior vice president now 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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 247,740 shares of company stock valued at $7,099,279. 6.97% of the stock is currently owned by corporate insiders.

Institutional Trading of RingCentral

A number of institutional investors have recently modified their holdings of the stock. Capital World Investors lifted its position in RingCentral by 5.9% during the fourth quarter. Capital World Investors now owns 10,663,441 shares of the software maker’s stock worth $373,327,000 after purchasing an additional 591,398 shares during the period. Ameriprise Financial Inc. boosted its position in shares of 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 in the last quarter. First Trust Advisors LP increased its stake in RingCentral by 35.6% in the fourth quarter. First Trust Advisors LP now owns 2,009,286 shares of the software maker’s stock valued at $70,345,000 after acquiring an additional 527,901 shares during the last quarter. Renaissance Technologies LLC raised its position in RingCentral by 11.1% during 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 in the last quarter. Finally, Hennessy Advisors Inc. bought a new stake in RingCentral during the fourth quarter worth $59,055,000. 98.61% of the stock is currently owned by institutional investors.

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.