Insider Selling: RingCentral, Inc. (NYSE:RNG) SVP Sells 35,089 Shares of Stock

RingCentral, Inc. (NYSE:RNG) SVP John H. Marlow sold 35,089 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $28.56, for a total transaction of $1,002,141.84. Following the completion of the transaction, the senior vice president now directly owns 313,510 shares of the company’s stock, valued at approximately $8,953,845.60. The trade was a 10.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

RingCentral Stock Down 0.5 %

Shares of NYSE RNG opened at $28.79 on Wednesday. The business has a 50-day moving average price of $34.39 and a 200 day moving average price of $34.20. The stock has a market cap of $2.60 billion, a PE ratio of -44.98, a price-to-earnings-growth ratio of 1.27 and a beta of 1.01. RingCentral, Inc. has a 52-week low of $26.98 and a 52-week high of $42.19.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.73). The firm had revenue of $614.51 million during the quarter, compared to analyst estimates of $612.37 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. Sell-side analysts anticipate that RingCentral, Inc. will post 1.29 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have recently weighed in on RNG shares. Mizuho cut their price objective on RingCentral from $42.00 to $36.00 and set a “neutral” rating on the stock in a research report on Monday, February 10th. Barclays cut their price target on RingCentral from $37.00 to $31.00 and set an “equal weight” rating on the stock in a report on Friday, February 21st. UBS Group decreased 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, February 21st. Raymond James dropped their price objective on shares of RingCentral from $45.00 to $40.00 and set an “outperform” rating on the stock in a research report on Friday, February 21st. Finally, Morgan Stanley lifted their price objective on shares of RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $37.69.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Fort Washington Investment Advisors Inc. OH boosted its stake in shares of RingCentral by 32.5% during the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 550,304 shares of the software maker’s stock worth $19,266,000 after buying an additional 134,928 shares during the period. Hennessy Advisors Inc. purchased a new stake in RingCentral during the 4th quarter valued at approximately $59,055,000. Connor Clark & Lunn Investment Management Ltd. raised its stake in RingCentral by 65.9% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 381,178 shares of the software maker’s stock valued at $12,057,000 after acquiring an additional 151,433 shares during the last quarter. Olympiad Research LP acquired a new stake in RingCentral during the 3rd quarter worth approximately $483,000. Finally, Beaumont Financial Advisors LLC purchased a new position in shares of RingCentral in the 4th quarter valued at approximately $262,000. 98.61% of the stock is owned by hedge funds and other institutional investors.

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.