Ringcentral (NYSE:RNG) CAO Tarun Arora Sells 942 Shares

Ringcentral, Inc. (NYSE:RNG) CAO Tarun Arora sold 942 shares of Ringcentral stock in a transaction that occurred on Wednesday, November 26th. The shares were sold at an average price of $28.06, for a total transaction of $26,432.52. Following the completion of the transaction, the chief accounting officer directly owned 97,300 shares in the company, valued at approximately $2,730,238. The trade was a 0.96% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

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

• On Monday, December 1st, Tarun Arora sold 3,888 shares of Ringcentral stock. The stock was sold at an average price of $28.70, for a total value of $111,585.60.
• On Thursday, November 13th, Tarun Arora sold 882 shares of Ringcentral stock. The stock was sold at an average price of $27.38, for a total value of $24,149.16.

Ringcentral Price Performance

NYSE:RNG traded up $0.62 during trading hours on Monday, reaching $28.86. 1,303,301 shares of the stock were exchanged, compared to its average volume of 1,485,529. The firm has a 50 day moving average of $28.22 and a 200 day moving average of $28.24. The stock has a market cap of $2.50 billion, a PE ratio of -206.09, a PEG ratio of 1.33 and a beta of 1.33. Ringcentral, Inc. has a twelve month low of $20.58 and a twelve month high of $42.19.

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

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Wells Fargo & Company started coverage on shares of Ringcentral in a research note on Tuesday, September 30th. They issued an “equal weight” rating and a $32.00 target price for the company. Rosenblatt Securities reiterated a “buy” rating and issued a $32.00 price target on shares of Ringcentral in a research note on Tuesday, November 4th. Needham & Company LLC restated a “buy” rating and set a $36.00 price objective on shares of Ringcentral in a research note on Tuesday, November 4th. UBS Group dropped their target price on shares of Ringcentral from $33.00 to $32.00 and set a “neutral” rating on the stock in a report on Wednesday, August 6th. Finally, Oppenheimer upgraded Ringcentral from a “market perform” rating to an “outperform” rating and set a $35.00 price target for the company in a report on Wednesday, August 6th. Four equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Ringcentral has a consensus rating of “Hold” and a consensus target price of $31.54.

Hedge Funds Weigh In On Ringcentral

Several institutional investors and hedge funds have recently modified their holdings of RNG. Fort Washington Investment Advisors Inc. OH raised its stake in Ringcentral by 27.1% in the 2nd quarter. Fort Washington Investment Advisors Inc. OH now owns 995,888 shares of the software maker’s stock worth $28,233,000 after purchasing an additional 212,146 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of Ringcentral during the second quarter worth approximately $404,000. Vise Technologies Inc. bought a new position in shares of Ringcentral during the second quarter worth approximately $430,000. CSM Advisors LLC acquired a new stake in shares of Ringcentral in the second quarter valued at approximately $5,854,000. Finally, Acadian Asset Management LLC boosted its stake in shares of Ringcentral by 3.6% in the second quarter. Acadian Asset Management LLC now owns 1,081,588 shares of the software maker’s stock valued at $30,646,000 after buying an additional 37,611 shares during the period. 98.61% of the stock is currently owned by institutional investors and hedge funds.

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.