RingCentral (NYSE:RNG) Sees Unusually-High Trading Volume – Time to Buy?

RingCentral, Inc. (NYSE:RNG) saw an uptick in trading volume on Tuesday . 2,538,684 shares were traded during trading, an increase of 108% from the previous session’s volume of 1,220,654 shares.The stock last traded at $38.25 and had previously closed at $37.76.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Wedbush raised their price objective on RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Rosenblatt Securities reissued a “buy” rating and set a $45.00 price objective on shares of RingCentral in a research note on Friday, November 8th. StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research note on Monday, November 11th. Needham & Company LLC reissued a “buy” rating and set a $42.00 price target on shares of RingCentral in a research report on Monday, November 11th. Finally, Robert W. Baird boosted their price objective on shares of RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a research report on Monday, November 11th. Eight equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $40.73.

RingCentral Trading Up 0.4 %

The firm has a 50 day simple moving average of $34.42 and a 200 day simple moving average of $32.71. The firm has a market capitalization of $3.43 billion, a PE ratio of -35.62, a P/E/G ratio of 2.39 and a beta of 0.99.

RingCentral (NYSE:RNG) last issued its earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.10. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. The business had revenue of $608.77 million during the quarter, compared to analyst estimates of $601.91 million. Research analysts forecast that RingCentral, Inc. will post 0.84 earnings per share for the current year.

Insider Transactions at RingCentral

In related news, CFO Vaibhav Agarwal sold 1,985 shares of the stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total value of $62,329.00. Following the completion of the sale, the chief financial officer now directly owns 135,560 shares of the company’s stock, valued at approximately $4,256,584. This represents a 1.44 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Vladimir Shmunis sold 66,451 shares of RingCentral stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $34.96, for a total transaction of $2,323,126.96. Following the transaction, the chief executive officer now directly owns 479,468 shares in the company, valued at $16,762,201.28. This represents a 12.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 104,082 shares of company stock worth $3,632,417 in the last quarter. Company insiders own 6.76% of the company’s stock.

Institutional Trading of RingCentral

Several institutional investors and hedge funds have recently modified their holdings of RNG. Versant Capital Management Inc raised its holdings in RingCentral by 138.3% during the second quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock valued at $32,000 after acquiring an additional 664 shares during the period. Point72 DIFC Ltd bought a new stake in RingCentral during the 2nd quarter valued at approximately $39,000. Venturi Wealth Management LLC lifted its holdings in RingCentral by 150.4% in the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock worth $59,000 after purchasing an additional 1,119 shares in the last quarter. Quarry LP grew its holdings in RingCentral by 106.7% during the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after buying an additional 982 shares in the last quarter. Finally, KBC Group NV increased its holdings in RingCentral by 38.9% in the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after acquiring an additional 744 shares during the last quarter. 98.61% of the stock is currently owned by institutional investors.

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.