RingCentral, Inc. (NYSE:RNG) SVP Sells $774,834.88 in Stock

RingCentral, Inc. (NYSE:RNG) SVP John H. Marlow sold 29,173 shares of the business’s stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $26.56, for a total transaction of $774,834.88. Following the transaction, the senior vice president now owns 352,448 shares of the company’s stock, valued at $9,361,018.88. This trade represents a 7.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

RingCentral Stock Up 1.1%

RNG stock opened at $26.52 on Friday. RingCentral, Inc. has a twelve month low of $20.59 and a twelve month high of $42.19. The firm’s fifty day simple moving average is $25.33 and its two-hundred day simple moving average is $31.40. The stock has a market capitalization of $2.39 billion, a price-to-earnings ratio of -41.44, a price-to-earnings-growth ratio of 1.27 and a beta of 1.33.

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

Analysts Set New Price Targets

A number of analysts have recently issued reports on RNG shares. Rosenblatt Securities reaffirmed a “buy” rating and set a $32.00 price objective on shares of RingCentral in a report on Monday. Raymond James lowered their price target on RingCentral from $40.00 to $35.00 and set an “outperform” rating on the stock in a research report on Friday, May 9th. Robert W. Baird cut their price objective on RingCentral from $38.00 to $32.00 and set a “neutral” rating for the company in a report on Tuesday, February 25th. Wedbush reduced their price objective on RingCentral from $38.00 to $30.00 and set a “neutral” rating on the stock in a research report on Friday, May 9th. Finally, UBS Group dropped their target price on RingCentral from $38.00 to $33.00 and set a “neutral” rating for the company in a research report on Friday, May 9th. One 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 company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $33.08.

Institutional Trading of RingCentral

Institutional investors have recently bought and sold shares of the stock. Kayne Anderson Rudnick Investment Management LLC purchased a new position in RingCentral in the 4th quarter worth $49,000. New Age Alpha Advisors LLC acquired a new position in shares of RingCentral in the first quarter valued at about $49,000. PNC Financial Services Group Inc. raised its stake in shares of RingCentral by 26.6% in the first quarter. PNC Financial Services Group Inc. now owns 2,925 shares of the software maker’s stock worth $72,000 after purchasing an additional 615 shares during the last quarter. Venturi Wealth Management LLC raised its stake in shares of RingCentral by 55.2% in the fourth quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker’s stock worth $101,000 after purchasing an additional 1,028 shares during the last quarter. Finally, KBC Group NV lifted its holdings in shares of RingCentral by 30.8% during the fourth quarter. KBC Group NV now owns 3,478 shares of the software maker’s stock worth $122,000 after purchasing an additional 819 shares during the period. 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.