Ringcentral (NYSE:RNG) Stock Price Passes Below 50 Day Moving Average – What’s Next?

Ringcentral, Inc. (NYSE:RNG) passed below its 50-day moving average during trading on Monday . The stock has a 50-day moving average of $28.56 and traded as low as $26.76. Ringcentral shares last traded at $27.45, with a volume of 1,447,121 shares.

Analysts Set New Price Targets

A number of research firms have weighed in on RNG. Morgan Stanley dropped their price target on shares of Ringcentral from $31.00 to $30.00 and set an “equal weight” rating for the company in a research report on Thursday, January 15th. Wells Fargo & Company assumed coverage on shares of Ringcentral in a report on Tuesday, September 30th. They issued an “equal weight” rating and a $32.00 target price for the company. Rosenblatt Securities reiterated a “buy” rating and issued a $32.00 price target on shares of Ringcentral in a research note on Tuesday, November 4th. Needham & Company LLC restated a “buy” rating and issued a $36.00 price objective on shares of Ringcentral in a research report on Tuesday, November 4th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Ringcentral in a research note on Monday, December 29th. Four equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Ringcentral currently has an average rating of “Hold” and an average price target of $31.46.

Ringcentral Trading Up 2.3%

The firm’s 50 day simple moving average is $28.56 and its 200 day simple moving average is $28.65. The firm has a market cap of $2.38 billion, a PE ratio of 196.09, a PEG ratio of 1.11 and a beta of 1.22.

Ringcentral (NYSE:RNG) last issued its quarterly earnings data on Monday, November 3rd. The software maker reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.05. The firm had revenue of $638.66 million during the quarter, compared to analyst estimates of $635.39 million. Ringcentral had a negative return on equity of 22.38% and a net margin of 0.53%.The business’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.95 earnings per share. Ringcentral has set its FY 2025 guidance at 4.290-4.330 EPS and its Q4 2025 guidance at 1.120-1.150 EPS. As a group, equities research analysts predict that Ringcentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Insider Transactions at Ringcentral

In other news, CAO Tarun Arora sold 3,888 shares of the company’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $28.70, for a total transaction of $111,585.60. Following the sale, the chief accounting officer directly owned 93,412 shares of the company’s stock, valued at $2,680,924.40. This represents a 4.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Kira Makagon sold 6,495 shares of the firm’s stock in a transaction on Friday, December 26th. The shares were sold at an average price of $29.22, for a total transaction of $189,783.90. Following the completion of the transaction, the chief operating officer directly owned 336,162 shares of the company’s stock, valued at approximately $9,822,653.64. This trade represents a 1.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 115,838 shares of company stock worth $3,164,064. 7.30% of the stock is owned by insiders.

Institutional Trading of Ringcentral

A number of large investors have recently made changes to their positions in the business. Fort Washington Investment Advisors Inc. OH increased its stake in Ringcentral by 22.9% during the third quarter. Fort Washington Investment Advisors Inc. OH now owns 1,224,090 shares of the software maker’s stock worth $34,691,000 after acquiring an additional 228,202 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new position in shares of Ringcentral in the 2nd quarter worth approximately $404,000. Russell Investments Group Ltd. increased its position in shares of Ringcentral by 79.4% during the 2nd quarter. Russell Investments Group Ltd. now owns 340,188 shares of the software maker’s stock valued at $9,610,000 after purchasing an additional 150,537 shares during the last quarter. Vise Technologies Inc. bought a new position in shares of Ringcentral during the 2nd quarter valued at approximately $430,000. Finally, Oak Harvest Investment Services bought a new stake in Ringcentral in the third quarter worth $1,873,000. 98.61% of the stock is currently owned by institutional investors.

About Ringcentral

RingCentral, Inc is a leading provider of cloud-based business communications and collaboration solutions. The company’s flagship platform delivers unified communications as a service (UCaaS), integrating voice over IP (VoIP) phone systems, video conferencing, team messaging and SMS into a single, cloud-native application. In addition to its UCaaS offering, RingCentral provides contact center as a service (CCaaS) capabilities, enabling organizations to manage customer interactions across voice, email, chat and social channels from a centralized dashboard.

Founded in 1999 and headquartered in Belmont, California, RingCentral went public on the New York Stock Exchange under the ticker RNG in 2013.