RingCentral, Inc. (NYSE:RNG) Short Interest Update

RingCentral, Inc. (NYSE:RNG - Get Free Report) saw a large growth in short interest during the month of 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. Based on an average daily trading volume, of 1,560,000 shares, the days-to-cover ratio is presently 4.2 days. Currently, 8.4% of the company's shares are sold short.

Insider Activity at RingCentral

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

Institutional Trading of RingCentral

Hedge funds and other institutional investors have recently bought and sold shares of the stock. XTX Topco Ltd raised its holdings in RingCentral by 267.6% in the first quarter. XTX Topco Ltd now owns 43,795 shares of the software maker's stock worth $1,084,000 after purchasing an additional 31,881 shares in the last quarter. Federated Hermes Inc. increased its position in RingCentral by 7.7% during the 1st quarter. Federated Hermes Inc. now owns 26,633 shares of the software maker's stock valued at $659,000 after buying an additional 1,894 shares in the last quarter. Mackenzie Financial Corp grew its stake in shares of RingCentral by 51.5% during the first quarter. Mackenzie Financial Corp now owns 192,958 shares of the software maker's stock worth $4,778,000 after acquiring an additional 65,552 shares during the last quarter. Bastion Asset Management Inc. increased its holdings in shares of RingCentral by 189.0% during the first quarter. Bastion Asset Management Inc. now owns 311,236 shares of the software maker's stock valued at $7,706,000 after acquiring an additional 203,547 shares in the last quarter. Finally, Cetera Investment Advisers acquired a new stake in shares of RingCentral during the first quarter worth $256,000. Institutional investors own 98.61% of the company's stock.

RingCentral Stock Up 2.2 %

NYSE:RNG traded up $0.57 during midday trading on Thursday, hitting $26.66. The stock had a trading volume of 59,070 shares, compared to its average volume of 1,337,326. The stock has a 50-day moving average of $25.29 and a 200 day moving average of $31.95. The company has a market capitalization of $2.42 billion, a price-to-earnings ratio of -41.66, a PEG ratio of 1.27 and a beta of 1.33. RingCentral has a one year low of $20.59 and a one year high of $42.19.

RingCentral (NYSE:RNG - Get Free Report) last released its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.73). RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The firm had revenue of $614.51 million during the quarter, compared to the consensus estimate of $612.37 million. On average, sell-side analysts anticipate that RingCentral will post 1.29 earnings per share for the current fiscal year.

Analysts Set New Price Targets

RNG has been the topic of a number of analyst reports. Rosenblatt Securities dropped their price target on RingCentral from $40.00 to $28.00 and set a "buy" rating on the stock in a research report on Thursday, April 24th. Mizuho decreased their target price on shares of RingCentral from $32.00 to $25.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. Wells Fargo & Company reduced their target price on shares of RingCentral from $30.00 to $22.00 and set an "underweight" rating for the company in a report on Tuesday, April 22nd. Morgan Stanley lowered their price objective on RingCentral from $40.00 to $29.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 16th. Finally, Barclays decreased their price target on RingCentral from $37.00 to $31.00 and set an "equal weight" rating on the stock in a report on Friday, February 21st. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, RingCentral has an average rating of "Hold" and a consensus target price of $34.46.

About RingCentral

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.