RingCentral, Inc. (NYSE:RNG) SVP John H. Marlow Sells 22,979 Shares

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 stock was sold at an average price of $28.82, for a total value of $662,254.78. Following the completion of the sale, the senior vice president now owns 348,599 shares in the company, valued at approximately $10,046,623.18. This represents a 6.18 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

RingCentral Trading Down 0.1 %

Shares of NYSE RNG traded down $0.02 on Monday, reaching $28.93. 2,705,200 shares of the company traded hands, compared to its average volume of 1,257,057. The stock has a market capitalization of $2.62 billion, a PE ratio of -45.21, a P/E/G ratio of 1.27 and a beta of 1.01. RingCentral, Inc. has a fifty-two week low of $26.98 and a fifty-two week high of $42.19. The company has a 50 day moving average of $34.82 and a 200 day moving average of $34.26.

RingCentral (NYSE:RNG) last announced its quarterly earnings results 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). RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The company had revenue of $614.51 million during the quarter, compared to analyst estimates of $612.37 million. As a group, research analysts expect that RingCentral, Inc. will post 1.29 earnings per share for the current year.

Institutional Investors Weigh In On RingCentral

A number of institutional investors have recently added to or reduced their stakes in RNG. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in RingCentral during the fourth quarter worth about $49,000. Venturi Wealth Management LLC increased its position in RingCentral by 150.4% during the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock worth $59,000 after purchasing an additional 1,119 shares in the last quarter. Quarry LP raised its holdings in RingCentral by 106.7% in the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after buying an additional 982 shares during the period. KBC Group NV raised its holdings in RingCentral by 38.9% in the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after buying an additional 744 shares during the period. Finally, Harvest Fund Management Co. Ltd acquired a new position in RingCentral during the fourth quarter valued at approximately $173,000. Hedge funds and other institutional investors own 98.61% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Piper Sandler lowered their target price on RingCentral from $38.00 to $31.00 and set a “neutral” rating on the stock in a report on Friday. Barclays decreased their price objective on shares of RingCentral from $37.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Friday. UBS Group dropped their target price on shares of RingCentral from $40.00 to $38.00 and set a “neutral” rating for the company in a report on Friday. Rosenblatt Securities reduced their price target on shares of RingCentral from $45.00 to $40.00 and set a “buy” rating on the stock in a report on Friday. Finally, Morgan Stanley increased their price target 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. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $38.15.

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.