Insider Selling: RingCentral, Inc. (NYSE:RNG) CEO Sells 66,112 Shares of Stock

RingCentral, Inc. (NYSE:RNG) CEO Vladimir Shmunis sold 66,112 shares of the company’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $28.83, for a total transaction of $1,906,008.96. Following the sale, the chief executive officer now directly owns 568,300 shares of the company’s stock, valued at $16,384,089. This represents a 10.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Vladimir Shmunis also recently made the following trade(s):

• On Monday, February 24th, Vladimir Shmunis sold 123,560 shares of RingCentral stock. The shares were sold at an average price of $28.56, for a total transaction of $3,528,873.60.

RingCentral Stock Down 0.1 %

Shares of RNG opened at $28.93 on Tuesday. The firm has a market cap of $2.62 billion, a price-to-earnings ratio of -45.21, a price-to-earnings-growth ratio of 1.27 and a beta of 1.01. The company’s fifty day moving average is $34.60 and its 200-day moving average is $34.23. RingCentral, Inc. has a 12 month low of $26.98 and a 12 month high of $42.19.

RingCentral (NYSE:RNG) last posted 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 business had revenue of $614.51 million for the quarter, compared to analyst estimates of $612.37 million. As a group, research analysts predict that RingCentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on RNG. Needham & Company LLC lowered their price objective on shares of RingCentral from $42.00 to $36.00 and set a “buy” rating on the stock in a research report on Friday. Morgan Stanley lifted their price target on RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a report on Wednesday, December 18th. Robert W. Baird increased their price objective on RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a research note on Monday, November 11th. Piper Sandler lowered their target price on RingCentral from $38.00 to $31.00 and set a “neutral” rating on the stock in a research note on Friday. Finally, Barclays reduced their price target on shares of RingCentral from $37.00 to $31.00 and set an “equal weight” rating for the company in a research report on Friday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $38.15.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in RNG. Hennessy Advisors Inc. bought a new stake in RingCentral during the fourth quarter worth approximately $59,055,000. Arrowstreet Capital Limited Partnership lifted its stake in shares of RingCentral by 414.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,445,245 shares of the software maker’s stock worth $50,598,000 after buying an additional 1,164,241 shares during the last quarter. Pacer Advisors Inc. lifted its stake in shares of RingCentral by 45.3% in the third quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock worth $83,483,000 after buying an additional 822,892 shares during the last quarter. Valley Wealth Managers Inc. bought a new stake in shares of RingCentral during the 4th quarter worth $20,792,000. Finally, Capital World Investors grew its stake in RingCentral by 5.9% in the 4th 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. 98.61% of the stock is owned by institutional investors.

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.