RingCentral, Inc. (NYSE:RNG) SVP Sells $662,254.78 in Stock

RingCentral, Inc. (NYSE:RNG) SVP John H. Marlow sold 22,979 shares of the stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $28.82, for a total transaction of $662,254.78. Following the transaction, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

RingCentral Trading Down 0.4 %

NYSE RNG opened at $28.67 on Thursday. RingCentral, Inc. has a 12 month low of $26.98 and a 12 month high of $42.19. The stock has a market cap of $2.59 billion, a PE ratio of -44.80, a P/E/G ratio of 1.27 and a beta of 1.01. The stock’s 50 day moving average is $34.21 and its 200 day moving average is $34.17.

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

Analyst Upgrades and Downgrades

RNG has been the subject of several research analyst reports. Robert W. Baird cut their price objective on RingCentral from $38.00 to $32.00 and set a “neutral” rating for the company in a report on Tuesday. Mizuho reduced their price target on shares of RingCentral from $42.00 to $36.00 and set a “neutral” rating for the company in a research report on Monday, February 10th. Needham & Company LLC reduced their target price on shares of RingCentral from $42.00 to $36.00 and set a “buy” rating for the company in a report on Friday, February 21st. Raymond James cut their price objective on shares of RingCentral from $45.00 to $40.00 and set an “outperform” rating for the company in a research report on Friday, February 21st. Finally, Piper Sandler cut their price target on RingCentral from $38.00 to $31.00 and set a “neutral” rating for the company in a report on Friday, February 21st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, RingCentral presently has a consensus rating of “Hold” and a consensus price target of $37.69.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in RNG. Capital World Investors boosted its stake in RingCentral by 5.9% during the fourth quarter. Capital World Investors now owns 10,663,441 shares of the software maker’s stock valued at $373,327,000 after buying an additional 591,398 shares during the last quarter. Ameriprise Financial Inc. raised its holdings 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 acquiring an additional 142,538 shares in the last quarter. Pacer Advisors Inc. boosted its position 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 valued at $83,483,000 after acquiring an additional 822,892 shares during the last quarter. First Trust Advisors LP grew its holdings in shares of RingCentral by 35.6% in 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 increased its position in RingCentral by 11.1% in the fourth quarter. Renaissance Technologies LLC now owns 1,795,300 shares of the software maker’s stock worth $62,853,000 after purchasing an additional 180,000 shares during the last quarter. Hedge funds and other 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.