Today’s Stock On Watch: Is Selling RingCentral Inc Here a Winning Strategy?

Today's Stock On Watch: Is Selling RingCentral Inc Here a Winning Strategy?

The stock of RingCentral Inc (NYSE:RNG) is a huge mover today! The stock decreased 4.18% or $1.01 during the last trading session, hitting $23.14. About 481,546 shares traded hands or 39.53% up from the average. RingCentral Inc (NYSE:RNG) has risen 26.77% since March 2, 2016 and is uptrending. It has outperformed by 18.51% the S&P500.
The move comes after 6 months negative chart setup for the $1.71B company. It was reported on Oct, 5 by We have $21.06 PT which if reached, will make NYSE:RNG worth $153.90M less.

Analysts await RingCentral Inc (NYSE:RNG) to report earnings on November, 7. They expect $-0.09 earnings per share, down 12.50% or $0.01 from last year’s $-0.08 per share. After $-0.09 actual earnings per share reported by RingCentral Inc for the previous quarter, Wall Street now forecasts 0.00% EPS growth.

RingCentral Inc (NYSE:RNG) Ratings Coverage

Out of 10 analysts covering RingCentral (NYSE:RNG), 8 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 80% are positive. RingCentral has been the topic of 18 analyst reports since July 21, 2015 according to StockzIntelligence Inc. Jefferies maintained the shares of RNG in a report on Thursday, August 4 with “Buy” rating. As per Tuesday, October 6, the company rating was initiated by RBC Capital Markets. The rating was maintained by Oppenheimer on Tuesday, November 3 with “Outperform”. On Monday, August 10 the stock rating was initiated by Canaccord Genuity with “Buy”. The firm has “Buy” rating given on Tuesday, June 28 by Summit Redstone Partners. As per Friday, July 31, the company rating was maintained by Oppenheimer. The rating was upgraded by Raymond James on Friday, July 31 to “Strong Buy”. RBC Capital Markets maintained it with “Outperform” rating and $26 target price in Wednesday, December 2 report. The firm earned “Outperform” rating on Wednesday, December 16 by Oppenheimer. JP Morgan initiated RingCentral Inc (NYSE:RNG) rating on Thursday, July 23. JP Morgan has “Overweight” rating and $27 price target.

According to Zacks Investment Research, “RingCentral, Inc. provides solutions for business communications primarily in the United States. The Company’s products include RingCentral Office, RingCentral Mobile and RingCentral Fax. It provides solutions such as auto-receptionist, flexible extension structure, multiple voicemail boxes, smart call routing, business answering rules, extension dialing, call transfers and elegant integration with Smartphones. RingCentral, Inc. is headquartered in San Mateo, California.”

Insitutional Activity: The institutional sentiment increased to 1.51 in Q2 2016. Its up 0.56, from 0.95 in 2016Q1. The ratio improved, as 19 funds sold all RingCentral Inc shares owned while 40 reduced positions. 29 funds bought stakes while 60 increased positions. They now own 46.80 million shares or 2.34% less from 47.92 million shares in 2016Q1.
Ubs Asset Management Americas accumulated 28,100 shares or 0% of the stock. The Alabama-based Wealthtrust has invested 0% in RingCentral Inc (NYSE:RNG). The Quebec – Canada-based Caisse De Depot Et Placement Du Quebec has invested 0.01% in RingCentral Inc (NYSE:RNG). Raymond James And Assoc has 0% invested in the company for 28,456 shares. Millennium Management Lc reported 630,673 shares or 0.03% of all its holdings. Capital Investors holds 1.44M shares or 0.01% of its portfolio. Alphaone Inv Services, a Pennsylvania-based fund reported 18,320 shares. Paloma holds 0.01% or 23,439 shares in its portfolio. First Washington Corporation holds 35,700 shares or 0.4% of its portfolio. Art Advisors Ltd Company last reported 0.01% of its portfolio in the stock. Pnc Fin Group Inc last reported 60,434 shares in the company. G2 Invest Prtnrs accumulated 0.29% or 31,322 shares. The California-based California State Teachers Retirement Systems has invested 0.01% in RingCentral Inc (NYSE:RNG). Jpmorgan Chase & last reported 1.38M shares in the company. Portolan Cap Mgmt Llc holds 729,139 shares or 2.07% of its portfolio.

Insider Transactions: Since May 16, 2016, the stock had 0 insider purchases, and 28 sales for $9.28 million net activity. On Friday, May 20 Shmunis Vladimir sold $312,144 worth of the stock or 16,472 shares. On Monday, August 29 the insider Shah Praful sold $53,589. Makagon Kira sold $204,300 worth of RingCentral Inc (NYSE:RNG) on Monday, June 13. $355,560 worth of RingCentral Inc (NYSE:RNG) shares were sold by Marlow John H. HOSEIN CLYDE sold $44,012 worth of stock or 2,409 shares. Sipes David sold $41,583 worth of stock.

Another recent and important RingCentral Inc (NYSE:RNG) news was published by which published an article titled: “RingCentral, Inc. (RNG) CEO Vladimir Shmunis on Q1 2016 Results – Earnings …” on April 28, 2016.

RNG Company Profile

RingCentral, Inc., incorporated on August 29, 2013, is a well-known provider of software-as-a-service (SaaS) solutions for business communications. The Company’s cloud business communications solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, personal computers (PCs) and desk phones, and allow for communication across multiple channels, including voice, text, team messaging collaboration, high definition (HD) video for Web conferencing and fax. The Company’s products include RingCentral Office, RingCentral Professional, RingCentral Fax, RingCentral Contact Center and Glip by RingCentral. RingCentral Office is a multi-user, enterprise-grade communications solution. RingCentral Professional is an inbound call routing subscription with additional text and fax capabilities targeting smaller deployments, and RingCentral Fax is an Internet fax subscription that permits sending and receiving faxes over the Internet.

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