John H. Marlow Sells 19,442 Shares of RingCentral, Inc. (NYSE:RNG) Stock

RingCentral, Inc. (NYSE:RNG) SVP John H. Marlow sold 19,442 shares of RingCentral stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $26.43, for a total value of $513,852.06. Following the sale, the senior vice president now owns 333,006 shares of the company’s stock, valued at approximately $8,801,348.58. This trade represents a 5.52% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

RingCentral Price Performance

Shares of RingCentral stock opened at $25.96 on Friday. The business’s 50 day simple moving average is $25.31 and its two-hundred day simple moving average is $31.33. The stock has a market capitalization of $2.33 billion, a P/E ratio of -40.55, a price-to-earnings-growth ratio of 1.27 and a beta of 1.33. RingCentral, Inc. has a one year low of $20.59 and a one year high of $42.19.

RingCentral (NYSE:RNG) last announced its quarterly earnings results on Thursday, May 8th. The software maker reported $1.00 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.04. The business had revenue of $612.06 million for the quarter, compared to analysts’ expectations of $610.53 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. The business’s quarterly revenue was up 4.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.87 EPS. Sell-side analysts expect that RingCentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Needham & Company LLC assumed coverage on RingCentral in a research report on Friday, May 9th. They set a “buy” rating and a $36.00 price target for the company. Mizuho raised their price objective on RingCentral from $25.00 to $27.00 and gave the company a “neutral” rating in a report on Monday, May 12th. Wall Street Zen raised RingCentral from a “buy” rating to a “strong-buy” rating in a report on Tuesday, May 13th. Morgan Stanley decreased their price objective on RingCentral from $40.00 to $29.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 16th. Finally, Wedbush decreased their price objective on RingCentral from $38.00 to $30.00 and set a “neutral” rating on the stock in a report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $33.08.

Hedge Funds Weigh In On RingCentral

Large investors have recently bought and sold shares of the stock. Kayne Anderson Rudnick Investment Management LLC bought a new stake in shares of RingCentral in the 4th quarter worth approximately $49,000. New Age Alpha Advisors LLC bought a new stake in shares of RingCentral in the 1st quarter worth approximately $49,000. Venturi Wealth Management LLC grew its position in shares of RingCentral by 55.2% in the 4th quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker’s stock worth $101,000 after buying an additional 1,028 shares during the last quarter. PNC Financial Services Group Inc. grew its position in shares of RingCentral by 26.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,925 shares of the software maker’s stock worth $72,000 after buying an additional 615 shares during the last quarter. Finally, KBC Group NV grew its position in shares of RingCentral by 30.8% in the 4th quarter. KBC Group NV now owns 3,478 shares of the software maker’s stock worth $122,000 after buying an additional 819 shares during the last quarter. 98.61% of the stock is owned by hedge funds and other institutional investors.

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.