Why RingCentral (RNG) Shares Are Plunging Today

StockStory01-08 03:44

What Happened? Shares of office and call centre communications software provider RingCentral (RNG) fell 6.8% in the afternoon session after Wells Fargo analyst downgraded the stock's rating from Hold ...

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The new price target translates to a potential 10% downside from where shares traded before the downgrade was announced. \nWhat The Market Is Telling Us\nRingCentral’s shares are quite volatile and have had 16 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business. \nThe biggest move we wrote about over the last year was 8 months ago when the stock gained 15.7% on the news that the company reported first quarter results that beat analysts' billings, revenue and EPS expectations. Its gross margin improved and free cash flow was solid. Looking ahead, revenue guidance for the next quarter came in roughly in line with Wall Street's expectations. 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