RingCentral, Inc. (NYSE:RNG) Short Interest Up 25.3% in April

RingCentral, Inc. (NYSE:RNG - Get Free Report) saw a large growth in short interest in April. As of April 15th, there was short interest totalling 6,580,000 shares, a growth of 25.3% from the March 31st total of 5,250,000 shares. Approximately 8.4% of the shares of the stock are sold short. Based on an average daily volume of 1,560,000 shares, the short-interest ratio is currently 4.2 days.

Insiders Place Their Bets

In other RingCentral news, SVP John H. Marlow sold 22,979 shares of the company's stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $28.82, for a total transaction of $662,254.78. Following the transaction, the senior vice president now directly owns 348,599 shares in the company, valued at approximately $10,046,623.18. This represents a 6.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Vladimir Shmunis sold 66,112 shares of RingCentral stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $28.83, for a total transaction of $1,906,008.96. Following the sale, the chief executive officer now owns 568,300 shares of the company's stock, valued at approximately $16,384,089. The trade was a 10.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 247,740 shares of company stock worth $7,099,279. Corporate insiders own 6.97% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Rafferty Asset Management LLC lifted its holdings in shares of RingCentral by 1.7% during the 4th quarter. Rafferty Asset Management LLC now owns 19,685 shares of the software maker's stock valued at $689,000 after acquiring an additional 325 shares in the last quarter. Sovereign Financial Group Inc. grew its stake in shares of RingCentral by 4.0% in the fourth quarter. Sovereign Financial Group Inc. now owns 10,079 shares of the software maker's stock valued at $353,000 after buying an additional 386 shares in the last quarter. Gagnon Securities LLC grew its stake in shares of RingCentral by 5.6% in the fourth quarter. Gagnon Securities LLC now owns 7,703 shares of the software maker's stock valued at $270,000 after buying an additional 407 shares in the last quarter. Xponance Inc. boosted its holdings in RingCentral by 4.2% in the 4th quarter. Xponance Inc. now owns 10,664 shares of the software maker's stock worth $373,000 after acquiring an additional 426 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its position in RingCentral by 10.4% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker's stock valued at $176,000 after acquiring an additional 468 shares in the last quarter. 98.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently commented on RNG. Robert W. Baird decreased their price objective on shares of RingCentral from $38.00 to $32.00 and set a "neutral" rating on the stock in a research report on Tuesday, February 25th. Raymond James reduced their price target on shares of RingCentral from $45.00 to $40.00 and set an "outperform" rating on the stock in a report on Friday, February 21st. Morgan Stanley dropped their price objective on shares of RingCentral from $40.00 to $29.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 16th. UBS Group reduced their target price on RingCentral from $40.00 to $38.00 and set a "neutral" rating on the stock in a research note on Friday, February 21st. Finally, StockNews.com downgraded RingCentral from a "strong-buy" rating to a "buy" rating in a research report on Tuesday, April 1st. One analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $34.46.

RingCentral Price Performance

NYSE:RNG traded up $0.45 during trading hours on Friday, reaching $25.83. 1,087,792 shares of the company were exchanged, compared to its average volume of 1,345,714. The firm has a market cap of $2.34 billion, a price-to-earnings ratio of -40.36, a PEG ratio of 1.27 and a beta of 1.30. The stock has a 50 day simple moving average of $25.45 and a 200 day simple moving average of $32.10. RingCentral has a 52-week low of $20.59 and a 52-week high of $42.19.

RingCentral (NYSE:RNG - Get Free Report) last issued its earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share for the quarter, missing analysts' consensus estimates of $0.96 by ($0.73). The firm 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, analysts predict that RingCentral will post 1.29 EPS for the current fiscal year.

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.

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