Vladimir Shmunis Sells 66,112 Shares of RingCentral, Inc. (NYSE:RNG) Stock

RingCentral, Inc. (NYSE:RNG) CEO Vladimir Shmunis sold 66,112 shares of the stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $28.83, for a total transaction of $1,906,008.96. Following the transaction, the chief executive officer now owns 568,300 shares in the company, valued at approximately $16,384,089. The trade was a 10.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Vladimir Shmunis also recently made the following trade(s):

• On Monday, February 24th, Vladimir Shmunis sold 123,560 shares of RingCentral stock. The shares were sold at an average price of $28.56, for a total transaction of $3,528,873.60.

RingCentral Stock Down 0.5 %

NYSE RNG opened at $28.79 on Wednesday. RingCentral, Inc. has a fifty-two week low of $26.98 and a fifty-two week high of $42.19. The business has a 50 day moving average price of $34.39 and a two-hundred day moving average price of $34.20. The stock has a market cap of $2.60 billion, a PE ratio of -44.98, a P/E/G ratio of 1.27 and a beta of 1.01.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on RNG shares. UBS Group decreased their price target on shares of RingCentral from $40.00 to $38.00 and set a “neutral” rating on the stock in a report on Friday, February 21st. Wells Fargo & Company reiterated an “underweight” rating and issued a $30.00 target price (down previously from $38.00) on shares of RingCentral in a report on Tuesday, January 7th. Mizuho dropped their price target on RingCentral from $42.00 to $36.00 and set a “neutral” rating for the company in a research note on Monday, February 10th. Needham & Company LLC reduced their price objective on RingCentral from $42.00 to $36.00 and set a “buy” rating on the stock in a research note on Friday, February 21st. Finally, Robert W. Baird decreased their target price on RingCentral from $38.00 to $32.00 and set a “neutral” rating for the company in a report on Tuesday. One analyst has rated the stock with a sell rating, seven have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $37.69.

Institutional Trading of RingCentral

Large investors have recently modified their holdings of the business. Kayne Anderson Rudnick Investment Management LLC acquired a new position in shares of RingCentral in the fourth quarter worth about $49,000. Venturi Wealth Management LLC increased its holdings in RingCentral by 150.4% during the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock worth $59,000 after purchasing an additional 1,119 shares during the last quarter. Quarry LP raised its position in shares of RingCentral by 106.7% in the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after purchasing an additional 982 shares in the last quarter. KBC Group NV boosted its stake in shares of 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 buying an additional 744 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd acquired a new stake in shares of RingCentral during the fourth quarter worth approximately $173,000. 98.61% of the stock is currently owned by institutional investors and hedge funds.

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.