RingCentral, Inc. (NYSE:RNG) SVP Sells $1,002,141.84 in Stock

RingCentral, Inc. (NYSE:RNG) SVP John H. Marlow sold 35,089 shares of the firm’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $28.56, for a total value of $1,002,141.84. Following the transaction, the senior vice president now owns 313,510 shares in the company, valued at approximately $8,953,845.60. This trade represents a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

RingCentral Price Performance

Shares of NYSE RNG traded down $0.02 during mid-day trading on Monday, hitting $28.93. The company had a trading volume of 2,705,200 shares, compared to its average volume of 1,257,057. RingCentral, Inc. has a 12 month low of $26.98 and a 12 month high of $42.19. The firm has a market cap of $2.62 billion, a P/E ratio of -45.21, a PEG ratio of 1.27 and a beta of 1.01. The business’s 50-day simple moving average is $34.82 and its 200-day simple moving average is $34.26.

RingCentral (NYSE:RNG) last posted its quarterly earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by ($0.73). The business had revenue of $614.51 million during the quarter, compared to analyst estimates of $612.37 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. As a group, sell-side analysts predict that RingCentral, Inc. will post 1.29 EPS for the current year.

Hedge Funds Weigh In On RingCentral

Several institutional investors have recently added to or reduced their stakes in RNG. Rafferty Asset Management LLC boosted its stake in RingCentral by 1.7% in the fourth quarter. Rafferty Asset Management LLC now owns 19,685 shares of the software maker’s stock worth $689,000 after purchasing an additional 325 shares in the last quarter. Sovereign Financial Group Inc. grew its holdings in RingCentral by 4.0% during the 4th quarter. Sovereign Financial Group Inc. now owns 10,079 shares of the software maker’s stock worth $353,000 after acquiring an additional 386 shares during the last quarter. Gagnon Securities LLC lifted its position in shares of RingCentral by 5.6% during the fourth quarter. Gagnon Securities LLC now owns 7,703 shares of the software maker’s stock worth $270,000 after purchasing an additional 407 shares in the last quarter. Xponance Inc. grew its stake in shares of RingCentral by 4.2% during the fourth quarter. Xponance Inc. now owns 10,664 shares of the software maker’s stock valued at $373,000 after purchasing an additional 426 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of RingCentral by 10.4% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker’s stock valued at $176,000 after purchasing an additional 468 shares in the last quarter. 98.61% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on RNG. Morgan Stanley raised their price objective on RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 18th. Wells Fargo & Company reissued an “underweight” rating and issued a $30.00 price target (down previously from $38.00) on shares of RingCentral in a research report on Tuesday, January 7th. Rosenblatt Securities decreased their price objective on shares of RingCentral from $45.00 to $40.00 and set a “buy” rating for the company in a report on Friday. Robert W. Baird raised their target price on shares of RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a research note on Monday, November 11th. Finally, Needham & Company LLC cut their target price on shares of RingCentral from $42.00 to $36.00 and set a “buy” rating for the company in a research report on Friday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, RingCentral has an average rating of “Hold” and a consensus price target of $38.15.

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.