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

RingCentral, Inc. (NYSE:RNG - Get Free Report) was the recipient of a large decrease in short interest in 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. Based on an average daily trading volume, of 1,520,000 shares, the days-to-cover ratio is presently 3.9 days. Approximately 7.7% of the shares of the stock are sold short.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on RNG shares. Needham & Company LLC started coverage on RingCentral in a research report on Friday, May 9th. They set a "buy" rating and a $36.00 target price for the company. Piper Sandler lifted their price objective on shares of RingCentral from $25.00 to $28.00 and gave the company a "neutral" rating in a report on Friday, May 9th. Wedbush decreased their price objective on shares of RingCentral from $38.00 to $30.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Raymond James decreased their price target on shares of RingCentral from $40.00 to $35.00 and set an "outperform" rating for the company in a research note on Friday, May 9th. Finally, Robert W. Baird decreased their price target on shares of RingCentral from $38.00 to $32.00 and set a "neutral" rating for the company in a research note on Tuesday, February 25th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $33.08.

RingCentral Trading Down 0.4%

Shares of RNG traded down $0.12 during trading hours on Thursday, hitting $26.78. The company had a trading volume of 684,083 shares, compared to its average volume of 1,337,820. The company has a market capitalization of $2.41 billion, a PE ratio of -41.84, a price-to-earnings-growth ratio of 1.27 and a beta of 1.33. The company's fifty day moving average price is $25.20 and its two-hundred day moving average price is $30.67. RingCentral has a one year low of $20.59 and a one year high of $42.19.

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

Insider Activity

In other RingCentral news, SVP John H. Marlow sold 29,173 shares of the firm's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $26.56, for a total value of $774,834.88. Following the completion of the sale, the senior vice president now owns 352,448 shares of the company's stock, valued at $9,361,018.88. This trade represents a 7.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Vaibhav Agarwal sold 2,247 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $27.97, for a total value of $62,848.59. Following the sale, the chief financial officer now directly owns 120,982 shares of the company's stock, valued at $3,383,866.54. This represents a 1.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 215,686 shares of company stock worth $5,727,463. 6.97% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On RingCentral

Several hedge funds have recently made changes to their positions in the company. Bayforest Capital Ltd acquired a new position in shares of RingCentral in the 1st quarter valued at $145,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of RingCentral by 2.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 261,190 shares of the software maker's stock valued at $6,467,000 after purchasing an additional 5,398 shares during the period. Woodline Partners LP increased its holdings in shares of RingCentral by 14.8% in the first quarter. Woodline Partners LP now owns 159,474 shares of the software maker's stock valued at $3,949,000 after purchasing an additional 20,518 shares during the period. Empowered Funds LLC increased its holdings in RingCentral by 9.0% in the 1st quarter. Empowered Funds LLC now owns 11,417 shares of the software maker's stock worth $283,000 after buying an additional 940 shares during the period. Finally, Kestra Investment Management LLC increased its holdings in RingCentral by 48.7% in the 1st quarter. Kestra Investment Management LLC now owns 16,595 shares of the software maker's stock worth $411,000 after buying an additional 5,436 shares during the period. 98.61% of the stock is owned by institutional investors and hedge funds.

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.