Insider Selling: RingCentral, Inc. (NYSE:RNG) CEO Sells 66,451 Shares of Stock

RingCentral, Inc. (NYSE:RNG) CEO Vladimir Shmunis sold 66,451 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $34.96, for a total transaction of $2,323,126.96. Following the sale, the chief executive officer now owns 479,468 shares of the company’s stock, valued at $16,762,201.28. This trade represents a 12.17 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

RingCentral Stock Performance

NYSE:RNG traded up $2.04 during mid-day trading on Friday, hitting $36.91. The company had a trading volume of 1,282,240 shares, compared to its average volume of 1,222,489. The firm has a market cap of $3.34 billion, a P/E ratio of -34.82, a P/E/G ratio of 2.26 and a beta of 0.99. RingCentral, Inc. has a fifty-two week low of $26.98 and a fifty-two week high of $40.98. The business’s fifty day moving average is $33.32 and its two-hundred day moving average is $32.59.

RingCentral (NYSE:RNG) last released its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.10. The business had revenue of $608.77 million for the quarter, compared to analyst estimates of $601.91 million. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. Equities analysts forecast that RingCentral, Inc. will post 0.84 earnings per share for the current year.

Institutional Trading of RingCentral

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

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on RNG shares. Wells Fargo & Company boosted their target price on RingCentral from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft increased their target price on RingCentral from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, August 6th. StockNews.com raised RingCentral from a “buy” rating to a “strong-buy” rating in a report on Monday, November 11th. Northland Securities increased their price objective on shares of RingCentral from $43.00 to $50.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Finally, Raymond James dropped their target price on shares of RingCentral from $52.00 to $50.00 and set a “strong-buy” rating for the company in a research note on Friday, November 8th. Eight investment analysts have rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $40.73.

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.