Short Interest in RingCentral, Inc. (NYSE:RNG) Drops By 22.8%

RingCentral, Inc. (NYSE:RNG) was the recipient of a large decline in short interest during the month of December. As of December 15th, there was short interest totalling 4,800,000 shares, a decline of 22.8% from the November 30th total of 6,220,000 shares. Based on an average daily trading volume, of 1,310,000 shares, the short-interest ratio is presently 3.7 days. Approximately 6.1% of the shares of the company are short sold.

Insider Transactions at RingCentral

In related news, CFO Vaibhav Agarwal sold 1,985 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total value of $62,329.00. Following the transaction, the chief financial officer now directly owns 135,560 shares of the company’s stock, valued at approximately $4,256,584. The trade was a 1.44 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Vladimir Shmunis sold 66,451 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $34.96, for a total transaction of $2,323,126.96. Following the transaction, the chief executive officer now owns 479,468 shares of the company’s stock, valued at approximately $16,762,201.28. The trade was a 12.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 117,173 shares of company stock worth $4,175,376 in the last 90 days. Insiders own 6.97% of the company’s stock.

Institutional Trading of RingCentral

Several hedge funds have recently added to or reduced their stakes in RNG. Victory Capital Management Inc. lifted its stake in shares of RingCentral by 35.0% in the 2nd quarter. Victory Capital Management Inc. now owns 116,300 shares of the software maker’s stock valued at $3,280,000 after acquiring an additional 30,138 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in RingCentral by 65.9% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 381,178 shares of the software maker’s stock valued at $12,057,000 after purchasing an additional 151,433 shares during the last quarter. Olympiad Research LP bought a new position in shares of RingCentral in the third quarter worth approximately $483,000. Scientech Research LLC bought a new position in shares of RingCentral in the second quarter worth approximately $957,000. Finally, AQR Capital Management LLC raised its holdings in RingCentral by 2.4% during the 2nd quarter. AQR Capital Management LLC now owns 881,109 shares of the software maker’s stock valued at $24,706,000 after buying an additional 20,666 shares during the last quarter. 98.61% of the stock is owned by institutional investors.

RingCentral Stock Down 3.4 %

NYSE:RNG opened at $36.11 on Friday. RingCentral has a twelve month low of $26.98 and a twelve month high of $42.19. The stock has a market cap of $3.27 billion, a P/E ratio of -34.07, a PEG ratio of 2.48 and a beta of 0.99. The business’s 50-day moving average price is $37.20 and its two-hundred day moving average price is $33.25.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.10. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. The firm had revenue of $608.77 million for the quarter, compared to analysts’ expectations of $601.91 million. On average, equities research analysts expect that RingCentral will post 0.84 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on RNG shares. Morgan Stanley upped their price objective on RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 18th. Wedbush increased their price target on RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. StockNews.com upgraded RingCentral from a “buy” rating to a “strong-buy” rating in a research note on Monday, November 11th. Robert W. Baird increased their target price on shares of RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a research report on Monday, November 11th. Finally, Raymond James reduced their target price on shares of RingCentral from $52.00 to $50.00 and set a “strong-buy” rating for the company in a research note on Friday, November 8th. Eight equities research analysts have rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $42.00.

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.