RingCentral, Inc. (NYSE:RNG) SVP John H. Marlow Sells 35,089 Shares

RingCentral, Inc. (NYSE:RNG) SVP John H. Marlow sold 35,089 shares of the stock in a transaction on Monday, February 24th. The shares were sold at an average price of $28.56, for a total value of $1,002,141.84. Following 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

RingCentral Stock Down 0.1 %

Shares of RNG traded down $0.02 during mid-day trading on Monday, reaching $28.93. The company’s stock had a trading volume of 2,705,200 shares, compared to its average volume of 1,257,057. RingCentral, Inc. has a 1 year low of $26.98 and a 1 year high of $42.19. The company has a market cap of $2.62 billion, a price-to-earnings ratio of -45.21, a price-to-earnings-growth ratio of 1.27 and a beta of 1.01. The business has a fifty day moving average of $34.82 and a 200 day moving average of $34.26.

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

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Wedbush raised their target price on RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. StockNews.com upgraded shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Thursday. Rosenblatt Securities dropped their target price on shares of RingCentral from $45.00 to $40.00 and set a “buy” rating on the stock in a report on Friday. Piper Sandler dropped their price target on RingCentral from $38.00 to $31.00 and set a “neutral” rating on the stock in a report on Friday. Finally, Raymond James dropped their price target on RingCentral from $45.00 to $40.00 and set an “outperform” rating on the stock in a report on Friday. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, RingCentral presently has an average rating of “Hold” and an average price target of $38.15.

Institutional Trading of RingCentral

Institutional investors have recently made changes to their positions in the stock. Capital World Investors increased its stake in RingCentral by 5.9% in the 4th quarter. Capital World Investors now owns 10,663,441 shares of the software maker’s stock valued at $373,327,000 after buying an additional 591,398 shares during the period. Ameriprise Financial Inc. boosted its stake in shares of RingCentral by 2.2% during the 4th quarter. Ameriprise Financial Inc. now owns 6,513,731 shares of the software maker’s stock valued at $228,050,000 after buying an additional 142,538 shares during the period. Pacer Advisors Inc. grew its holdings in shares of RingCentral by 45.3% during the 3rd quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock valued at $83,483,000 after acquiring an additional 822,892 shares in the last quarter. First Trust Advisors LP increased its stake in shares of RingCentral by 35.6% in the fourth quarter. First Trust Advisors LP now owns 2,009,286 shares of the software maker’s stock worth $70,345,000 after acquiring an additional 527,901 shares during the last quarter. Finally, Renaissance Technologies LLC raised its holdings in shares of RingCentral by 11.1% during the fourth quarter. Renaissance Technologies LLC now owns 1,795,300 shares of the software maker’s stock worth $62,853,000 after acquiring an additional 180,000 shares in the last quarter. 98.61% of the stock is currently owned by institutional investors and hedge funds.

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.