RingCentral (RNG) Shares Down 5.7%

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RingCentral Inc (NYSE:RNG) shares were down 5.7% during trading on Monday . The stock traded as low as $115.44 and last traded at $115.75. Approximately 1,225,620 shares traded hands during trading, an increase of 45% from the average daily volume of 844,742 shares. The stock had previously closed at $122.73.

Several research analysts have commented on RNG shares. Zacks Investment Research upgraded RingCentral from a “hold” rating to a “buy” rating and set a $95.00 price objective on the stock in a report on Wednesday, January 16th. TheStreet upgraded RingCentral from a “d+” rating to a “c” rating in a report on Thursday, January 24th. Bank of America restated a “buy” rating and set a $110.00 price objective (up from $93.00) on shares of RingCentral in a report on Thursday, February 7th. Deutsche Bank raised their price objective on RingCentral from $105.00 to $115.00 and gave the stock a “buy” rating in a report on Tuesday, February 12th. Finally, Raymond James raised their price objective on RingCentral from $98.00 to $116.00 and gave the stock a “strong-buy” rating in a report on Tuesday, February 12th. Four research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $120.72.

The firm has a market cap of $9.99 billion, a PE ratio of -2,893.75 and a beta of 0.95. The company has a debt-to-equity ratio of 1.15, a current ratio of 3.55 and a quick ratio of 3.55.

RingCentral (NYSE:RNG) last announced its quarterly earnings results on Monday, May 6th. The software maker reported ($0.01) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.15 by ($0.16). RingCentral had a negative net margin of 4.12% and a negative return on equity of 0.75%. The company had revenue of $201.50 million during the quarter, compared to analysts’ expectations of $193.54 million. During the same quarter in the prior year, the business posted $0.16 earnings per share. The company’s revenue was up 34.1% compared to the same quarter last year. Analysts expect that RingCentral Inc will post -0.43 EPS for the current year.

In related news, CEO Vladimir Shmunis sold 134,269 shares of the business’s stock in a transaction on Friday, February 22nd. The stock was sold at an average price of $104.05, for a total transaction of $13,970,689.45. Following the transaction, the chief executive officer now directly owns 329,193 shares in the company, valued at approximately $34,252,531.65. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Mckenna Michelle sold 2,000 shares of the business’s stock in a transaction on Friday, February 15th. The stock was sold at an average price of $103.44, for a total value of $206,880.00. Following the transaction, the director now owns 6,662 shares in the company, valued at $689,117.28. The disclosure for this sale can be found here. Insiders sold a total of 513,774 shares of company stock worth $53,638,015 over the last quarter. Company insiders own 11.03% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. Berkshire Capital Holdings Inc. grew its stake in RingCentral by 11.7% during the 1st quarter. Berkshire Capital Holdings Inc. now owns 103,190 shares of the software maker’s stock worth $11,124,000 after buying an additional 10,810 shares during the last quarter. Northern Trust Corp grew its stake in RingCentral by 1.0% during the 1st quarter. Northern Trust Corp now owns 330,047 shares of the software maker’s stock worth $35,579,000 after buying an additional 3,173 shares during the last quarter. FIL Ltd purchased a new position in RingCentral during the 1st quarter worth $67,944,000. Sheets Smith Wealth Management grew its stake in RingCentral by 4.0% during the 1st quarter. Sheets Smith Wealth Management now owns 4,305 shares of the software maker’s stock worth $464,000 after buying an additional 166 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new position in RingCentral during the 1st quarter worth $352,000. Hedge funds and other institutional investors own 81.57% of the company’s stock.

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RingCentral Company Profile (NYSE:RNG)

RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect primarily in North America. The company's products include RingCentral Office, provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax through smartphones, tablets, PCs, and desk phones; RingCentral Professional, a cloud based virtual telephone service for professionals, as well as provides inbound call answering and management services, and includes inbound local, long-distance, and toll-free minutes; and RingCentral Fax that provides online fax capabilities that allow businesses to send and receive fax documents without a fax machine.

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