RingCentral, Inc. (NYSE:RNG) Short Interest Down 12.2% in May

RingCentral, Inc. (NYSE:RNG - Get Free Report) was the target of a significant decrease in short interest in the month of May. As of May 15th, there was short interest totalling 5,990,000 shares, a decrease of 12.2% from the April 30th total of 6,820,000 shares. Currently, 7.7% of the shares of the stock are short sold. Based on an average daily volume of 1,520,000 shares, the days-to-cover ratio is currently 3.9 days.

RingCentral Trading Up 1.5%

RNG traded up $0.40 during trading on Friday, reaching $27.20. 806,720 shares of the company were exchanged, compared to its average volume of 1,340,897. The stock has a market cap of $2.45 billion, a P/E ratio of -42.51, a PEG ratio of 1.27 and a beta of 1.27. The firm has a 50 day moving average of $25.23 and a 200 day moving average of $30.58. RingCentral has a 52 week low of $20.59 and a 52 week high of $42.19.

RingCentral (NYSE:RNG - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The software maker reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.04. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. The company had revenue of $612.06 million during the quarter, compared to analysts' expectations of $610.53 million. During the same quarter in the prior year, the business posted $0.87 earnings per share. The company's revenue for the quarter was up 4.8% compared to the same quarter last year. As a group, analysts forecast that RingCentral will post 1.29 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. KeyCorp initiated coverage on shares of RingCentral in a research report on Friday. They set a "sector weight" rating for the company. Mizuho lifted their target price on shares of RingCentral from $25.00 to $27.00 and gave the stock a "neutral" rating in a research note on Monday, May 12th. Rosenblatt Securities reaffirmed a "buy" rating and set a $32.00 target price on shares of RingCentral in a research note on Monday, May 19th. Wedbush lowered their price target on shares of RingCentral from $38.00 to $30.00 and set a "neutral" rating on the stock in a research report on Friday, May 9th. Finally, UBS Group decreased their target price on shares of RingCentral from $38.00 to $33.00 and set a "neutral" rating on the stock in a research report on Friday, May 9th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, RingCentral presently has a consensus rating of "Hold" and an average target price of $33.08.

Insiders Place Their Bets

In other news, CEO Vladimir Shmunis sold 54,899 shares of the stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $26.44, for a total value of $1,451,529.56. Following the sale, the chief executive officer now owns 552,820 shares of the company's stock, valued at approximately $14,616,560.80. This represents a 9.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP John H. Marlow sold 29,173 shares of the stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $26.56, for a total transaction of $774,834.88. Following the completion of the sale, the senior vice president now directly owns 352,448 shares in the company, valued at approximately $9,361,018.88. This represents a 7.64% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 215,686 shares of company stock worth $5,727,463 over the last three months. 6.97% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Kayne Anderson Rudnick Investment Management LLC acquired a new position in shares of RingCentral in the 4th quarter valued at $49,000. New Age Alpha Advisors LLC acquired a new position in shares of RingCentral in the 1st quarter valued at $49,000. PNC Financial Services Group Inc. boosted its position in shares of RingCentral by 26.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,925 shares of the software maker's stock valued at $72,000 after purchasing an additional 615 shares during the period. Venturi Wealth Management LLC boosted its position in shares of RingCentral by 55.2% in the 4th quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker's stock valued at $101,000 after purchasing an additional 1,028 shares during the period. Finally, KBC Group NV boosted its position in shares of RingCentral by 30.8% in the 4th quarter. KBC Group NV now owns 3,478 shares of the software maker's stock valued at $122,000 after purchasing an additional 819 shares during the period. Institutional investors own 98.61% of the company's stock.

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.