Insider Selling: RingCentral, Inc. (NYSE:RNG) SVP Sells 22,979 Shares of Stock

RingCentral, Inc. (NYSE:RNG) SVP John H. Marlow sold 22,979 shares of the company’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $28.82, for a total value of $662,254.78. Following the sale, the senior vice president now owns 348,599 shares in the company, valued at approximately $10,046,623.18. This trade represents a 6.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

RingCentral Trading Down 0.4 %

Shares of RNG stock opened at $28.67 on Thursday. RingCentral, Inc. has a twelve month low of $26.98 and a twelve month high of $42.19. The stock has a fifty day simple moving average of $34.21 and a two-hundred day simple moving average of $34.17. The stock has a market capitalization of $2.59 billion, a price-to-earnings ratio of -44.80, a P/E/G ratio of 1.27 and a beta of 1.01.

RingCentral (NYSE:RNG) last released its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.73). The business had revenue of $614.51 million during the quarter, compared to analysts’ expectations of $612.37 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. Research analysts predict that RingCentral, Inc. will post 1.29 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Robert W. Baird cut their target price on RingCentral from $38.00 to $32.00 and set a “neutral” rating on the stock in a research report on Tuesday. Morgan Stanley increased their target price on shares of RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 18th. Raymond James dropped their price target on shares of RingCentral from $45.00 to $40.00 and set an “outperform” rating for the company in a research note on Friday, February 21st. Mizuho reduced their price objective on shares of RingCentral from $42.00 to $36.00 and set a “neutral” rating on the stock in a research report on Monday, February 10th. Finally, Rosenblatt Securities reduced their price target on RingCentral from $45.00 to $40.00 and set a “buy” rating on the stock in a report on Friday, February 21st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $37.69.

Hedge Funds Weigh In On RingCentral

Several institutional investors have recently bought and sold shares of RNG. Capital World Investors boosted its position in 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 in the last quarter. Ameriprise Financial Inc. lifted its stake in shares of RingCentral by 2.2% during the 4th quarter. Ameriprise Financial Inc. now owns 6,513,731 shares of the software maker’s stock worth $228,050,000 after purchasing an additional 142,538 shares during the last quarter. Pacer Advisors Inc. lifted its stake in shares of RingCentral by 45.3% during the 3rd quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock worth $83,483,000 after purchasing an additional 822,892 shares during the last quarter. First Trust Advisors LP boosted its position in RingCentral by 35.6% during the fourth quarter. First Trust Advisors LP now owns 2,009,286 shares of the software maker’s stock valued at $70,345,000 after purchasing an additional 527,901 shares in the last quarter. Finally, Renaissance Technologies LLC grew its stake in RingCentral by 11.1% in the fourth quarter. Renaissance Technologies LLC now owns 1,795,300 shares of the software maker’s stock valued at $62,853,000 after purchasing an additional 180,000 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.