Ringcentral (NYSE:RNG) CAO Sells $111,585.60 in Stock

Ringcentral, Inc. (NYSE:RNG) CAO Tarun Arora sold 3,888 shares of the stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $28.70, for a total transaction of $111,585.60. Following the completion of the sale, the chief accounting officer owned 93,412 shares of the company’s stock, valued at approximately $2,680,924.40. The trade was a 4.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Tarun Arora also recently made the following trade(s):

• On Thursday, November 13th, Tarun Arora sold 882 shares of Ringcentral stock. The shares were sold at an average price of $27.38, for a total transaction of $24,149.16.

Ringcentral Stock Performance

Shares of NYSE:RNG traded up $0.62 during midday trading on Monday, hitting $28.86. 1,303,301 shares of the stock were exchanged, compared to its average volume of 1,485,529. The company has a market capitalization of $2.50 billion, a PE ratio of -206.09, a P/E/G ratio of 1.33 and a beta of 1.33. Ringcentral, Inc. has a 52-week low of $20.58 and a 52-week high of $42.19. The business’s fifty day simple moving average is $28.22 and its two-hundred day simple moving average is $28.24.

Ringcentral (NYSE:RNG) last issued its earnings results on Monday, November 3rd. The software maker reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.05. Ringcentral had a negative return on equity of 19.63% and a negative net margin of 0.50%.The company had revenue of $638.66 million for the quarter, compared to analyst estimates of $635.39 million. During the same period in the prior year, the firm posted $0.95 EPS. The business’s revenue was up 4.9% compared to the same quarter last year. Ringcentral has set its FY 2025 guidance at 4.290-4.330 EPS. Q4 2025 guidance at 1.120-1.150 EPS. As a group, equities analysts anticipate that Ringcentral, Inc. will post 1.29 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Capital World Investors grew its position in shares of Ringcentral by 20.9% in the third quarter. Capital World Investors now owns 11,735,991 shares of the software maker’s stock valued at $332,598,000 after purchasing an additional 2,031,861 shares during the last quarter. Alyeska Investment Group L.P. bought a new stake in Ringcentral during the 3rd quarter valued at approximately $53,365,000. Contour Asset Management LLC acquired a new stake in Ringcentral in the 1st quarter valued at approximately $45,650,000. LSV Asset Management acquired a new stake in Ringcentral in the 3rd quarter valued at approximately $33,577,000. Finally, Jacobs Levy Equity Management Inc. increased its position in Ringcentral by 354.8% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 870,666 shares of the software maker’s stock worth $21,558,000 after buying an additional 679,211 shares during the period. Institutional investors and hedge funds own 98.61% of the company’s stock.

Wall Street Analysts Forecast Growth

RNG has been the subject of a number of analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $36.00 target price on shares of Ringcentral in a research note on Tuesday, November 4th. Oppenheimer upgraded shares of Ringcentral from a “market perform” rating to an “outperform” rating and set a $35.00 price target on the stock in a report on Wednesday, August 6th. Morgan Stanley upped their price objective on shares of Ringcentral from $29.00 to $31.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 4th. UBS Group lowered their target price on shares of Ringcentral from $33.00 to $32.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 6th. Finally, Rosenblatt Securities restated a “buy” rating and set a $32.00 target price on shares of Ringcentral in a report on Tuesday, November 4th. Four analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $31.54.

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.