Insider Selling: RingCentral, Inc. (NYSE:RNG) CEO Sells 123,560 Shares of Stock

RingCentral, Inc. (NYSE:RNG) CEO Vladimir Shmunis sold 123,560 shares of the business’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $28.56, for a total value 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 approximately $12,701,774.40. The trade was a 21.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

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 value of $1,906,008.96.

RingCentral Price Performance

RingCentral stock opened at $28.79 on Wednesday. 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. The stock’s fifty day moving average is $34.39 and its two-hundred day moving average is $34.20. RingCentral, Inc. has a 1-year low of $26.98 and a 1-year high of $42.19.

RingCentral (NYSE:RNG) last issued 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 business had revenue of $614.51 million for 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%. On average, research analysts expect that RingCentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on RNG. Rosenblatt Securities lowered their target price on RingCentral from $45.00 to $40.00 and set a “buy” rating for the company in a report on Friday, February 21st. Needham & Company LLC reduced their price target on shares of RingCentral from $42.00 to $36.00 and set a “buy” rating on the stock in a research report on Friday, February 21st. UBS Group dropped their price objective on shares of RingCentral from $40.00 to $38.00 and set a “neutral” rating for the company in a report on Friday, February 21st. Morgan Stanley increased their target price on shares of RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 18th. Finally, Piper Sandler decreased their price target on shares of RingCentral from $38.00 to $31.00 and set a “neutral” rating for the company in a research report on Friday, February 21st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, RingCentral has a consensus rating of “Hold” and a consensus target price of $37.69.

Institutional Trading of RingCentral

Several institutional investors have recently modified their holdings of the stock. Creative Planning acquired a new stake in RingCentral during the 3rd quarter worth $211,000. Private Advisor Group LLC grew its holdings in shares of RingCentral by 13.6% during the third quarter. Private Advisor Group LLC now owns 8,119 shares of the software maker’s stock worth $257,000 after purchasing an additional 971 shares during the last quarter. Robeco Institutional Asset Management B.V. acquired a new stake in shares of RingCentral during the third quarter worth about $386,000. Heritage Investors Management Corp lifted its holdings in shares of RingCentral by 0.9% in the 3rd quarter. Heritage Investors Management Corp now owns 159,462 shares of the software maker’s stock valued at $5,044,000 after purchasing an additional 1,484 shares during the last quarter. Finally, Olympiad Research LP acquired a new stake in shares of RingCentral in the 3rd quarter valued at about $483,000. Hedge funds and other institutional investors 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.