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 firm’s stock in a transaction that occurred on Friday, February 21st. The stock was 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 owns 568,300 shares of the company’s stock, valued at approximately $16,384,089. This represents a 10.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed 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 stock was sold at an average price of $28.56, for a total transaction of $3,528,873.60.

RingCentral Price Performance

Shares of NYSE RNG traded down $0.02 during trading hours on Monday, hitting $28.93. 2,705,200 shares of the stock were exchanged, compared to its average volume of 1,257,057. RingCentral, Inc. has a one year low of $26.98 and a one year high of $42.19. The company’s 50 day moving average is $34.82 and its 200 day moving average is $34.26. The firm has a market capitalization of $2.62 billion, a P/E ratio of -45.21, a P/E/G ratio of 1.27 and a beta of 1.01.

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

Analyst Ratings Changes

Several brokerages recently issued reports on RNG. StockNews.com upgraded RingCentral from a “buy” rating to a “strong-buy” rating in a report on Thursday. Robert W. Baird raised their price target on RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a research note on Monday, November 11th. Mizuho reduced their price target on RingCentral from $42.00 to $36.00 and set a “neutral” rating for the company in a report on Monday, February 10th. UBS Group dropped their price objective on RingCentral from $40.00 to $38.00 and set a “neutral” rating on the stock in a report on Friday. Finally, Barclays reduced their target price on shares of RingCentral from $37.00 to $31.00 and set an “equal weight” rating for the company in a research note on Friday. One analyst has rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $38.15.

Institutional Trading of RingCentral

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Kayne Anderson Rudnick Investment Management LLC bought a new stake in shares of RingCentral in the fourth quarter valued at approximately $49,000. Venturi Wealth Management LLC boosted its holdings in RingCentral by 150.4% in the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after purchasing an additional 1,119 shares during the period. Quarry LP grew 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 purchasing an additional 982 shares during the last quarter. KBC Group NV increased its holdings in shares of RingCentral by 38.9% during the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after purchasing an additional 744 shares during the period. Finally, Harvest Fund Management Co. Ltd bought a new position in shares of RingCentral during the 4th quarter worth about $173,000. Institutional investors and hedge funds own 98.61% of the company’s stock.

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.