RingCentral (NYSE:RNG) Sets New 52-Week Low at $40.34

RingCentral, Inc. (NYSE:RNGGet Rating)’s stock price reached a new 52-week low on Friday . The company traded as low as $40.34 and last traded at $41.12, with a volume of 15783 shares. The stock had previously closed at $41.66.

Analyst Ratings Changes

A number of analysts have recently weighed in on RNG shares. BTIG Research cut their price objective on shares of RingCentral from $120.00 to $105.00 and set a “buy” rating on the stock in a research note on Wednesday, August 3rd. Morgan Stanley decreased their price objective on shares of RingCentral from $105.00 to $75.00 and set an “equal weight” rating on the stock in a report on Thursday, July 14th. Barclays decreased their price target on shares of RingCentral from $140.00 to $90.00 and set an “overweight” rating on the stock in a research note on Monday, July 25th. Moffett Nathanson assumed coverage on shares of RingCentral in a research note on Thursday. They issued a “buy” rating and a $90.00 price target on the stock. Finally, Piper Sandler decreased their price target on shares of RingCentral from $118.00 to $75.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 13th. Six investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, RingCentral currently has an average rating of “Moderate Buy” and a consensus price target of $126.38.

RingCentral Stock Down 3.2 %

The business’s 50 day moving average is $47.54 and its 200-day moving average is $69.87. The company has a debt-to-equity ratio of 33.52, a current ratio of 1.19 and a quick ratio of 1.19. The company has a market cap of $3.84 billion, a PE ratio of -6.59 and a beta of 0.98.

RingCentral (NYSE:RNGGet Rating) last issued its quarterly earnings results on Tuesday, August 2nd. The software maker reported ($0.57) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.10). The firm had revenue of $486.90 million during the quarter, compared to analysts’ expectations of $478.98 million. RingCentral had a negative return on equity of 233.94% and a negative net margin of 31.67%. As a group, analysts predict that RingCentral, Inc. will post -1.42 EPS for the current year.

Insider Buying and Selling at RingCentral

In other news, CAO Vaibhav Agarwal sold 1,960 shares of the company’s stock in a transaction on Tuesday, August 16th. The shares were sold at an average price of $50.23, for a total transaction of $98,450.80. Following the transaction, the chief accounting officer now directly owns 109,957 shares of the company’s stock, valued at approximately $5,523,140.11. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, COO Mohammed Katibeh sold 2,978 shares of the business’s stock in a transaction dated Tuesday, August 16th. The shares were sold at an average price of $50.26, for a total value of $149,674.28. Following the sale, the chief operating officer now directly owns 136,905 shares in the company, valued at approximately $6,880,845.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Vaibhav Agarwal sold 1,960 shares of the business’s stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $50.23, for a total transaction of $98,450.80. Following the completion of the sale, the chief accounting officer now owns 109,957 shares in the company, valued at $5,523,140.11. The disclosure for this sale can be found here. In the last three months, insiders have sold 16,884 shares of company stock valued at $763,314. 7.35% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RNG. Cornerstone Wealth Advisors Inc. purchased a new position in RingCentral in the 1st quarter valued at about $26,000. Richelieu Gestion PLC purchased a new position in RingCentral in the 1st quarter valued at about $37,000. Newbridge Financial Services Group Inc. lifted its holdings in RingCentral by 177.9% in the 1st quarter. Newbridge Financial Services Group Inc. now owns 314 shares of the software maker’s stock valued at $37,000 after purchasing an additional 201 shares in the last quarter. Ronald Blue Trust Inc. purchased a new position in RingCentral in the 2nd quarter valued at about $41,000. Finally, Standard Family Office LLC purchased a new position in RingCentral in the 4th quarter valued at about $43,000. 86.29% of the stock is currently owned by hedge funds and other institutional investors.

RingCentral Company Profile

(Get Rating)

RingCentral, Inc engages in the provision of global enterprise cloud communications and collaboration solutions. The firm’s solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, PCs and desk phones, and allows for communication across multiple modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings and fax.

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