RingCentral, Inc. (NYSE:RNG) CEO Sells $3,528,873.60 in Stock

RingCentral, Inc. (NYSE:RNG) CEO Vladimir Shmunis sold 123,560 shares of RingCentral stock in a transaction on Monday, February 24th. The shares were sold at an average price of $28.56, for a total transaction of $3,528,873.60. Following the completion of the sale, the chief executive officer now owns 444,740 shares of the company’s stock, valued at $12,701,774.40. This represents a 21.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

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

• On Friday, February 21st, Vladimir Shmunis sold 66,112 shares of RingCentral stock. The stock was sold at an average price of $28.83, for a total transaction of $1,906,008.96.

RingCentral Price Performance

RNG opened at $28.93 on Tuesday. RingCentral, Inc. has a fifty-two week low of $26.98 and a fifty-two week high of $42.19. The company’s 50-day moving average is $34.60 and its 200 day moving average is $34.23. The firm has a market capitalization of $2.62 billion, a P/E ratio of -45.21, a PEG ratio of 1.27 and a beta of 1.01.

RingCentral (NYSE:RNG) last announced its 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). The business had revenue of $614.51 million during the quarter, compared to analysts’ expectations of $612.37 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. On average, equities research analysts expect that RingCentral, Inc. will post 1.29 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Capital World Investors raised its stake in shares of RingCentral by 5.9% during the 4th quarter. Capital World Investors now owns 10,663,441 shares of the software maker’s stock worth $373,327,000 after purchasing an additional 591,398 shares during the period. Ameriprise Financial Inc. increased its holdings in RingCentral by 2.2% during the fourth quarter. Ameriprise Financial Inc. now owns 6,513,731 shares of the software maker’s stock worth $228,050,000 after buying an additional 142,538 shares during the last quarter. Pacer Advisors Inc. increased its holdings in 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 buying an additional 822,892 shares during the last quarter. First Trust Advisors LP raised its position in RingCentral by 35.6% in the fourth quarter. First Trust Advisors LP now owns 2,009,286 shares of the software maker’s stock worth $70,345,000 after acquiring an additional 527,901 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in RingCentral by 11.1% in the fourth quarter. Renaissance Technologies LLC now owns 1,795,300 shares of the software maker’s stock valued at $62,853,000 after acquiring an additional 180,000 shares during the last quarter. Institutional investors own 98.61% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on RNG. Needham & Company LLC dropped their price objective on shares of RingCentral from $42.00 to $36.00 and set a “buy” rating on the stock in a report on Friday. Morgan Stanley upped their price target on RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 18th. UBS Group reduced their price objective on RingCentral from $40.00 to $38.00 and set a “neutral” rating for the company in a research note on Friday. Wells Fargo & Company reaffirmed an “underweight” rating and set a $30.00 target price (down from $38.00) on shares of RingCentral in a research report on Tuesday, January 7th. 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 given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $38.15.

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.