RingCentral, Inc. (NYSE:RNG) CEO Sells $1,906,008.96 in Stock

RingCentral, Inc. (NYSE:RNG) CEO Vladimir Shmunis sold 66,112 shares of the company’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $28.83, for a total value of $1,906,008.96. Following the transaction, the chief executive officer now directly owns 568,300 shares of the company’s stock, valued at $16,384,089. This trade represents a 10.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Vladimir Shmunis also recently made the following trade(s):

• On Monday, February 24th, Vladimir Shmunis sold 123,560 shares of RingCentral stock. The shares were sold at an average price of $28.56, for a total value of $3,528,873.60.

RingCentral Price Performance

RNG opened at $28.79 on Wednesday. The business has a 50 day moving average price of $34.39 and a two-hundred day moving average price of $34.20. The company has a market capitalization of $2.60 billion, a price-to-earnings ratio of -44.98, a price-to-earnings-growth ratio of 1.27 and a beta of 1.01. RingCentral, Inc. has a 1-year low of $26.98 and a 1-year high of $42.19.

RingCentral (NYSE:RNG) last announced its quarterly earnings data 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 firm had revenue of $614.51 million during the quarter, compared to analyst estimates of $612.37 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. Equities analysts expect that RingCentral, Inc. will post 1.29 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

RNG has been the topic of a number of recent research reports. UBS Group cut their target price on RingCentral from $40.00 to $38.00 and set a “neutral” rating on the stock in a research note on Friday, February 21st. Morgan Stanley lifted their price objective on shares of RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 18th. Rosenblatt Securities decreased their target price on shares of RingCentral from $45.00 to $40.00 and set a “buy” rating for the company in a research report on Friday, February 21st. Wells Fargo & Company reaffirmed an “underweight” rating and set a $30.00 price target (down previously from $38.00) on shares of RingCentral in a report on Tuesday, January 7th. Finally, Raymond James reduced their price objective on RingCentral from $45.00 to $40.00 and set an “outperform” rating for the company in a research report on Friday, February 21st. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $37.69.

Hedge Funds Weigh In On RingCentral

Several large investors have recently made changes to their positions in the business. Hennessy Advisors Inc. bought a new stake in shares of RingCentral in the 4th quarter worth approximately $59,055,000. Arrowstreet Capital Limited Partnership boosted its holdings in RingCentral by 414.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,445,245 shares of the software maker’s stock worth $50,598,000 after buying an additional 1,164,241 shares in the last quarter. Pacer Advisors Inc. grew its position in RingCentral by 45.3% in the third quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock worth $83,483,000 after buying an additional 822,892 shares during the last quarter. Valley Wealth Managers Inc. bought a new position in shares of RingCentral in the fourth quarter valued at $20,792,000. Finally, Capital World Investors lifted its position in shares of RingCentral by 5.9% during the 4th quarter. Capital World Investors now owns 10,663,441 shares of the software maker’s stock valued at $373,327,000 after acquiring an additional 591,398 shares during the last quarter. 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.