RingCentral, Inc. (NYSE:RNG) SVP Sells $814,008.64 in Stock

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

RingCentral Stock Up 5.9 %

RNG opened at $36.91 on Monday. RingCentral, Inc. has a twelve month low of $26.98 and a twelve month high of $40.98. The company has a fifty day moving average of $33.47 and a 200-day moving average of $32.64. The stock has a market cap of $3.34 billion, a PE ratio of -34.82, a price-to-earnings-growth ratio of 2.21 and a beta of 0.99.

RingCentral (NYSE:RNGGet Free Report) last issued 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 return on equity of 2.55% and a negative net margin of 4.17%. The firm had revenue of $608.77 million during the quarter, compared to the consensus estimate of $601.91 million. Sell-side analysts anticipate that RingCentral, Inc. will post 0.84 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Wells Fargo & Company raised their target price on shares of RingCentral from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Raymond James dropped their price target on RingCentral from $52.00 to $50.00 and set a “strong-buy” rating for the company in a report on Friday, November 8th. Deutsche Bank Aktiengesellschaft increased their target price on shares of RingCentral from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, August 6th. StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Monday, November 11th. Finally, Piper Sandler lifted their price target on RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Eight equities research analysts have rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $40.73.

View Our Latest Analysis on RNG

Hedge Funds Weigh In On RingCentral

Several institutional investors have recently added to or reduced their stakes in the business. Natixis acquired a new position in RingCentral during the 1st quarter worth approximately $837,000. Victory Capital Management Inc. increased its holdings in RingCentral by 35.0% in the 2nd quarter. Victory Capital Management Inc. now owns 116,300 shares of the software maker’s stock worth $3,280,000 after acquiring an additional 30,138 shares during the last quarter. Olympiad Research LP bought a new stake in shares of RingCentral in the third quarter valued at approximately $483,000. Jacobs Levy Equity Management Inc. boosted its holdings in shares of RingCentral by 163.1% in the first quarter. Jacobs Levy Equity Management Inc. now owns 310,991 shares of the software maker’s stock worth $10,804,000 after acquiring an additional 192,766 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in RingCentral by 65.9% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 381,178 shares of the software maker’s stock worth $12,057,000 after purchasing an additional 151,433 shares during the period. 98.61% of the stock is owned by institutional investors and hedge funds.

About RingCentral

(Get Free Report)

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.

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Insider Buying and Selling by Quarter for RingCentral (NYSE:RNG)

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