Vladimir Shmunis Sells 66,451 Shares of RingCentral, Inc. (NYSE:RNG) Stock

RingCentral, Inc. (NYSE:RNG) CEO Vladimir Shmunis sold 66,451 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $34.96, for a total transaction of $2,323,126.96. Following the completion of the transaction, the chief executive officer now owns 479,468 shares in the company, valued at approximately $16,762,201.28. The trade was a 12.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

RingCentral Trading Up 5.9 %

Shares of NYSE RNG opened at $36.91 on Friday. The business has a 50-day moving average of $33.47 and a 200-day moving average of $32.65. The firm has a market capitalization of $3.34 billion, a price-to-earnings ratio of -34.82, a PEG ratio of 2.21 and a beta of 0.99. RingCentral, Inc. has a 12 month low of $26.98 and a 12 month high of $40.98.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, topping analysts’ consensus estimates 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. On average, analysts predict that RingCentral, Inc. will post 0.84 earnings per share for the current year.

Institutional Investors Weigh In On RingCentral

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

Analysts Set New Price Targets

RNG has been the topic of a number of research reports. Northland Securities lifted their price target on shares of RingCentral from $43.00 to $50.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Needham & Company LLC restated a “buy” rating and issued a $42.00 target price on shares of RingCentral in a research note on Monday, November 11th. Deutsche Bank Aktiengesellschaft increased their price target on RingCentral from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, August 6th. StockNews.com upgraded RingCentral from a “buy” rating to a “strong-buy” rating in a research note on Monday, November 11th. Finally, Robert W. Baird upped their price objective on shares of RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a report on Monday, November 11th. 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. Based on data from MarketBeat, the company currently 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.