RingCentral, Inc. (NYSE:RNG) CEO Sells $2,323,126.96 in Stock

RingCentral, Inc. (NYSE:RNG) CEO Vladimir Shmunis sold 66,451 shares of RingCentral stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $34.96, for a total value of $2,323,126.96. Following the completion of 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 sale was disclosed in a filing with the SEC, which is available through this hyperlink.

RingCentral Price Performance

NYSE:RNG traded up $2.04 during midday trading on Friday, reaching $36.91. The stock had a trading volume of 1,282,240 shares, compared to its average volume of 1,222,489. The stock has a market capitalization of $3.34 billion, a P/E ratio of -34.82, a PEG ratio of 2.26 and a beta of 0.99. RingCentral, Inc. has a 1-year low of $26.98 and a 1-year high of $40.98. The firm’s fifty day simple moving average is $33.32 and its 200-day simple moving average is $32.59.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.10. The business had revenue of $608.77 million during the quarter, compared to analysts’ expectations of $601.91 million. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. On average, equities research analysts anticipate that RingCentral, Inc. will post 0.84 earnings per share for the current fiscal year.

Hedge Funds Weigh In On RingCentral

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Versant Capital Management Inc lifted its position in RingCentral by 138.3% in the second quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock worth $32,000 after purchasing an additional 664 shares during the period. Point72 DIFC Ltd bought a new position in shares of RingCentral during the 2nd quarter worth about $39,000. Venturi Wealth Management LLC boosted its position in shares of RingCentral by 150.4% during the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after acquiring an additional 1,119 shares in the last quarter. Quarry LP increased its stake in RingCentral by 106.7% in the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after acquiring an additional 982 shares during the period. Finally, KBC Group NV lifted its stake in RingCentral by 38.9% during the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after purchasing an additional 744 shares during the period. Institutional investors own 98.61% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on RNG. Wedbush boosted their price target on shares of RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of RingCentral from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, August 6th. Needham & Company LLC reiterated a “buy” rating and set a $42.00 price target on shares of RingCentral in a report on Monday, November 11th. Wells Fargo & Company upped their price target on RingCentral from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Finally, Raymond James lowered their target price on RingCentral from $52.00 to $50.00 and set a “strong-buy” rating on the stock in a research note on Friday, November 8th. Eight research analysts have rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, RingCentral has an average rating of “Moderate Buy” and an average target price of $40.73.

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.