RingCentral, Inc. (NYSE:RNG) SVP Sells $814,008.64 in Stock

RingCentral, Inc. (NYSE:RNG) SVP John H. Marlow sold 23,284 shares of the firm’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $34.96, for a total transaction of $814,008.64. Following the transaction, the senior vice president now directly owns 357,818 shares in the company, valued at approximately $12,509,317.28. The trade was a 6.11 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link.

RingCentral Price Performance

Shares of RNG opened at $36.91 on Friday. The business’s 50-day moving average is $33.47 and its 200-day moving average is $32.65. RingCentral, Inc. has a fifty-two week low of $26.98 and a fifty-two week high of $40.98. The company has a market capitalization of $3.34 billion, a price-to-earnings ratio of -34.82, a P/E/G ratio of 2.21 and a beta of 0.99.

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

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of RNG. Sei Investments Co. increased its holdings in RingCentral by 2.3% in the first quarter. Sei Investments Co. now owns 23,485 shares of the software maker’s stock worth $816,000 after buying an additional 539 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of RingCentral by 5.2% during the 1st quarter. Vanguard Group Inc. now owns 10,909,549 shares of the software maker’s stock worth $378,998,000 after purchasing an additional 538,325 shares during the last quarter. CANADA LIFE ASSURANCE Co raised its holdings in shares of RingCentral by 4.3% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 214,209 shares of the software maker’s stock valued at $7,438,000 after purchasing an additional 8,881 shares in the last quarter. Natixis acquired a new stake in shares of RingCentral in the 1st quarter valued at $837,000. Finally, BOKF NA boosted its holdings in RingCentral by 144.3% in the first quarter. BOKF NA now owns 76,694 shares of the software maker’s stock worth $2,588,000 after purchasing an additional 45,299 shares in the last quarter. 98.61% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

RNG has been the subject of several recent analyst reports. Wells Fargo & Company increased their price objective on shares of RingCentral from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Raymond James cut their price objective on RingCentral from $52.00 to $50.00 and set a “strong-buy” rating for the company in a report on Friday, November 8th. Wedbush raised their target price on RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Rosenblatt Securities restated a “buy” rating and set a $45.00 price objective on shares of RingCentral in a research report on Friday, November 8th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $42.00 price objective on shares of RingCentral in a research report on Monday, November 11th. Eight analysts have rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus 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.