RingCentral, Inc. (NYSE:RNG) SVP John H. Marlow Sells 23,284 Shares

RingCentral, Inc. (NYSE:RNG) SVP John H. Marlow sold 23,284 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $34.96, for a total transaction of $814,008.64. Following the completion of the transaction, the senior vice president now owns 357,818 shares in the company, valued at approximately $12,509,317.28. This represents a 6.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

RingCentral Stock Performance

RNG traded up $2.04 during trading on Friday, hitting $36.91. The stock had a trading volume of 1,282,240 shares, compared to its average volume of 1,222,489. The firm has a market capitalization of $3.34 billion, a P/E ratio of -34.82, a PEG ratio of 2.26 and a beta of 0.99. The company’s 50-day moving average price is $33.32 and its 200 day moving average price is $32.59. RingCentral, Inc. has a twelve month low of $26.98 and a twelve month high of $40.98.

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

Analysts Set New Price Targets

A number of equities research analysts have issued reports on RNG shares. Piper Sandler increased their target price on shares of RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Rosenblatt Securities reiterated a “buy” rating and set a $45.00 target price on shares of RingCentral in a report on Friday, November 8th. Wells Fargo & Company increased their target price on shares of RingCentral from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Northland Securities increased their target price 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, Robert W. Baird increased their target price on shares of RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a report on Monday, November 11th. Eight analysts have rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $40.73.

Hedge Funds Weigh In On RingCentral

Institutional investors and hedge funds have recently made changes to their positions in the stock. Versant Capital Management Inc boosted its position in shares of RingCentral by 138.3% in the 2nd quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock worth $32,000 after buying an additional 664 shares in the last quarter. Point72 DIFC Ltd purchased a new stake in shares of RingCentral in the 2nd quarter worth about $39,000. Venturi Wealth Management LLC boosted its position in shares of RingCentral by 150.4% in the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock worth $59,000 after buying an additional 1,119 shares in the last quarter. Quarry LP boosted its position in shares of 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 buying an additional 982 shares in the last quarter. Finally, KBC Group NV lifted its holdings in RingCentral by 38.9% in the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after purchasing an additional 744 shares in the last quarter. 98.61% of the stock is owned by institutional investors and hedge funds.

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.