Vladimir Shmunis Sells 123,560 Shares of RingCentral, Inc. (NYSE:RNG) Stock

RingCentral, Inc. (NYSE:RNG) CEO Vladimir Shmunis sold 123,560 shares of the company’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $28.56, for a total transaction of $3,528,873.60. Following the completion of the sale, the chief executive officer now directly owns 444,740 shares in the company, valued at $12,701,774.40. This trade represents a 21.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Friday, February 21st, Vladimir Shmunis sold 66,112 shares of RingCentral stock. The shares were sold at an average price of $28.83, for a total transaction of $1,906,008.96.

RingCentral Stock Down 0.5 %

RNG opened at $28.79 on Wednesday. The firm’s fifty day simple moving average is $34.39 and its two-hundred day simple moving average is $34.20. RingCentral, Inc. has a 52-week low of $26.98 and a 52-week high of $42.19. The company has a market cap of $2.60 billion, a price-to-earnings ratio of -44.98, a PEG ratio of 1.27 and a beta of 1.01.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.73). RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The company had revenue of $614.51 million during the quarter, compared to analysts’ expectations of $612.37 million. On average, research analysts forecast that RingCentral, Inc. will post 1.29 EPS for the current year.

Institutional Trading of RingCentral

A number of institutional investors have recently made changes to their positions in RNG. Fort Washington Investment Advisors Inc. OH lifted its holdings in RingCentral by 32.5% in the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 550,304 shares of the software maker’s stock valued at $19,266,000 after purchasing an additional 134,928 shares in the last quarter. Hennessy Advisors Inc. acquired a new stake in shares of RingCentral in the fourth quarter valued at about $59,055,000. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of RingCentral by 65.9% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 381,178 shares of the software maker’s stock worth $12,057,000 after buying an additional 151,433 shares in the last quarter. Olympiad Research LP purchased a new position in shares of RingCentral in the third quarter worth about $483,000. Finally, Beaumont Financial Advisors LLC acquired a new position in RingCentral during the fourth quarter worth about $262,000. 98.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on RNG shares. StockNews.com upgraded RingCentral from a “buy” rating to a “strong-buy” rating in a research note on Thursday, February 20th. Wedbush lifted their price target on RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Piper Sandler decreased their price target on RingCentral from $38.00 to $31.00 and set a “neutral” rating for the company in a report on Friday, February 21st. Wells Fargo & Company reaffirmed an “underweight” rating and set a $30.00 price objective (down previously from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th. 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 report on Friday, February 21st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $37.69.

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.