John H. Marlow Sells 23,284 Shares of RingCentral, Inc. (NYSE:RNG) Stock

RingCentral, Inc. (NYSE:RNG) SVP John H. Marlow sold 23,284 shares of the company’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $34.96, for a total value of $814,008.64. Following the completion of the sale, the senior vice president now directly owns 357,818 shares of the company’s stock, valued at $12,509,317.28. The trade was a 6.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

RingCentral Stock Performance

Shares of NYSE:RNG opened at $36.91 on Friday. The company’s fifty day moving average is $33.47 and its two-hundred day moving average is $32.65. RingCentral, Inc. has a 1-year low of $26.98 and a 1-year high of $40.98. The stock has a market capitalization of $3.34 billion, a price-to-earnings ratio of -34.82, a price-to-earnings-growth ratio of 2.21 and a beta of 0.99.

RingCentral (NYSE:RNG) last released its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.10. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. The firm had revenue of $608.77 million for the quarter, compared to analyst estimates of $601.91 million. Sell-side analysts expect that RingCentral, Inc. will post 0.84 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in RingCentral by 5.2% in the first quarter. Vanguard Group Inc. now owns 10,909,549 shares of the software maker’s stock worth $378,998,000 after buying an additional 538,325 shares during the period. Groupama Asset Managment increased its holdings in shares of RingCentral by 125.0% in the 3rd quarter. Groupama Asset Managment now owns 3,600,000 shares of the software maker’s stock worth $113,868,000 after acquiring an additional 2,000,000 shares during the period. Pacer Advisors Inc. lifted its position in RingCentral by 45.3% in the 3rd quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock valued at $83,483,000 after purchasing an additional 822,892 shares during the last quarter. Renaissance Technologies LLC boosted its stake in RingCentral by 3.5% during the 2nd quarter. Renaissance Technologies LLC now owns 1,606,700 shares of the software maker’s stock valued at $45,309,000 after purchasing an additional 54,500 shares during the period. Finally, AQR Capital Management LLC grew its position in RingCentral by 2.4% in the 2nd quarter. AQR Capital Management LLC now owns 881,109 shares of the software maker’s stock worth $24,706,000 after purchasing an additional 20,666 shares during the last quarter. Institutional investors and hedge funds own 98.61% of the company’s stock.

Wall Street Analyst Weigh In

RNG has been the subject of a number of analyst reports. Needham & Company LLC restated a “buy” rating and issued a $42.00 price target on shares of RingCentral in a report on Monday, November 11th. Wedbush raised their price target on shares of RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Wells Fargo & Company lifted their price target on shares of RingCentral from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Piper Sandler upped their price objective on shares of RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Finally, Northland Securities boosted their price target on RingCentral from $43.00 to $50.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Eight investment analysts have rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $40.73.

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.