Insider Selling: RingCentral, Inc. (NYSE:RNG) SVP Sells 23,284 Shares of Stock

RingCentral, Inc. (NYSE:RNG) SVP John H. Marlow sold 23,284 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $34.96, for a total transaction of $814,008.64. Following the sale, the senior vice president now directly owns 357,818 shares of the company’s stock, valued at $12,509,317.28. This represents a 6.11 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

RingCentral Stock Up 5.9 %

RNG stock opened at $36.91 on Friday. RingCentral, Inc. has a twelve month low of $26.98 and a twelve month high of $40.98. The stock has a 50-day simple moving average of $33.32 and a two-hundred day simple moving average of $32.59.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.10. The firm had revenue of $608.77 million during the quarter, compared to the consensus estimate of $601.91 million. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. As a group, equities analysts predict that RingCentral, Inc. will post 0.84 EPS for the current fiscal year.

Institutional Trading of RingCentral

Hedge funds have recently bought and sold shares of the company. Versant Capital Management Inc lifted its position in RingCentral by 138.3% in the 2nd quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock worth $32,000 after buying an additional 664 shares during the last quarter. Point72 DIFC Ltd bought a new stake in RingCentral in the 2nd quarter worth approximately $39,000. Venturi Wealth Management LLC lifted its position in RingCentral by 150.4% in the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock worth $59,000 after buying an additional 1,119 shares during the last quarter. Quarry LP lifted its position in RingCentral by 106.7% in the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after buying an additional 982 shares during the last quarter. Finally, KBC Group NV lifted its position in RingCentral by 38.9% in the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after buying an additional 744 shares during the last quarter. Institutional investors own 98.61% of the company’s stock.

Analyst Ratings Changes

RNG has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft raised their price objective on shares of RingCentral from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, August 6th. Northland Securities increased their target price on RingCentral from $43.00 to $50.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Robert W. Baird increased their target price on RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a report on Monday, November 11th. Needham & Company LLC reiterated a “buy” rating and issued a $42.00 target price on shares of RingCentral in a report on Monday, November 11th. Finally, Wells Fargo & Company increased their target price on RingCentral from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Eight investment analysts have rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, RingCentral has a consensus rating of “Moderate Buy” and a consensus price target 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.