Ringcentral Inc (RNG)

Shares of RingCentral Inc. (RNG) dropped by 6.80% from $34.11 to $31.79 in the trading on Monday, December 11, 2023. The reason why RNG down today is due to the announcement of CEO Tarek Robbiati's resignation from the company and his departure from the Board of Directors. The separation was mutually agreed upon and became effective on December 8, 2023. Importantly, Robbiati's resignation did not result from any disagreement with the company, the board, or any matters relating to RingCentral's operations, policies, or practices. Following Robbiati's departure, Vlad Shmunis, RingCentral's founder and Executive Chairman of the Board, has resumed his full-time role as Chief Executive Officer (CEO). Shmunis will also continue to serve as Chairman of the Board.

Shares of RingCentral Inc. (RNG) dropped by 5.22% from $29.31 to $27.78 in the trading on Monday, November 27, 2023. The reason why RNG is down today is due to the insider trading activity. Executive Chairman Vladimir Shmunis recently conducted a significant stock transaction by selling 67,725 shares of RingCentral Inc (NYSE:RNG) on November 22, 2023. Such insider transactions can draw the attention of investors and market analysts, as they are seen as potential indicators of a company's prospects and the confidence level of its top executives. In this case, the insider's stock sale likely contributed to the decline in RingCentral's stock price.

The stock of Ringcentral dropped 18.42% due to its below-expected third-quarter and full-year earnings guidance, increasing borrowing costs, and the unexpected step-down of the long-time CEO.

https://www.fool.com/investing/2023/08/08/why-ringcentral-stock-plunged-18-today/