RingCentral, Inc. (NYSE:RNG) SVP Sells $366,676.00 in Stock

RingCentral, Inc. (NYSE:RNG) SVP John H. Marlow sold 8,720 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $42.05, for a total value of $366,676.00. Following the completion of the sale, the senior vice president now directly owns 334,869 shares in the company, valued at approximately $14,081,241.45. This represents a 2.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

RingCentral Trading Down 5.6 %

NYSE RNG opened at $39.05 on Friday. RingCentral, Inc. has a 1-year low of $26.98 and a 1-year high of $42.19. The company has a market capitalization of $3.53 billion, a price-to-earnings ratio of -36.84, a PEG ratio of 2.65 and a beta of 0.99. The stock’s 50 day moving average is $36.07 and its two-hundred day moving average is $33.02.

RingCentral (NYSE:RNG) last announced its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, beating the consensus estimate of $0.14 by $0.10. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. The business had revenue of $608.77 million for the quarter, compared to analyst estimates of $601.91 million. On average, analysts predict that RingCentral, Inc. will post 0.84 earnings per share for the current year.

Wall Street Analyst Weigh In

RNG has been the topic of a number of research analyst reports. Mizuho reaffirmed a “neutral” rating and issued a $42.00 target price on shares of RingCentral in a report on Friday. Rosenblatt Securities reaffirmed a “buy” rating and set a $45.00 target price on shares of RingCentral in a research report on Friday, November 8th. Robert W. Baird upped 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. Wedbush raised their price target on shares of RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Finally, StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Monday, November 11th. Eight investment analysts have rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $41.43.

Institutional Investors Weigh In On RingCentral

A number of hedge funds have recently made changes to their positions in RNG. Point72 DIFC Ltd acquired a new position in RingCentral in the second quarter valued at about $39,000. Venturi Wealth Management LLC boosted its holdings in shares of RingCentral by 150.4% in the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock worth $59,000 after acquiring an additional 1,119 shares in the last quarter. Quarry LP grew its position in RingCentral by 106.7% during the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after acquiring an additional 982 shares during the last quarter. KBC Group NV increased its holdings in RingCentral by 38.9% during the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after purchasing an additional 744 shares in the last quarter. Finally, Central Pacific Bank Trust Division bought a new position in RingCentral in the 3rd quarter valued at $121,000. Institutional investors and hedge funds own 98.61% of the company’s stock.

About RingCentral

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.