Insider Selling: RingCentral, Inc. (NYSE:RNG) Director Sells 2,914 Shares of Stock

RingCentral, Inc. (NYSE:RNG) Director Ned D. Segal sold 2,914 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $41.60, for a total value of $121,222.40. Following the transaction, the director now owns 10,633 shares of the company’s stock, valued at $442,332.80. This trade represents a 21.51 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

RingCentral Trading Down 5.6 %

Shares of NYSE:RNG traded down $2.30 on Friday, reaching $39.05. The company had a trading volume of 1,693,179 shares, compared to its average volume of 1,235,599. The firm has a market capitalization of $3.53 billion, a PE ratio of -36.72, a PEG ratio of 2.65 and a beta of 0.99. RingCentral, Inc. has a 52-week low of $26.98 and a 52-week high of $42.19. The firm’s 50 day simple moving average is $35.91 and its 200-day simple moving average is $33.00.

RingCentral (NYSE:RNG) last posted its earnings results on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, beating 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 company had revenue of $608.77 million during the quarter, compared to analysts’ expectations of $601.91 million. As a group, equities research analysts predict that RingCentral, Inc. will post 0.84 earnings per share for the current year.

Analyst Upgrades and Downgrades

RNG has been the subject of a number of recent analyst reports. Needham & Company LLC restated a “buy” rating and set a $42.00 price objective on shares of RingCentral in a report on Monday, November 11th. StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research note on Monday, November 11th. Raymond James reduced their price target on shares of RingCentral from $52.00 to $50.00 and set a “strong-buy” rating on the stock in a research note on Friday, November 8th. Mizuho reiterated a “neutral” rating and set a $42.00 price objective on shares of RingCentral in a report on Friday. Finally, Piper Sandler upped their target price on shares of RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Eight equities research analysts have rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $41.43.

Hedge Funds Weigh In On RingCentral

Several hedge funds have recently modified their holdings of RNG. Sovereign Financial Group Inc. grew its position in RingCentral by 6.9% during the 3rd quarter. Sovereign Financial Group Inc. now owns 9,693 shares of the software maker’s stock worth $307,000 after purchasing an additional 625 shares during the last quarter. Xponance Inc. grew its holdings in shares of RingCentral by 6.8% during the second quarter. Xponance Inc. now owns 11,122 shares of the software maker’s stock valued at $314,000 after buying an additional 704 shares during the last quarter. KBC Group NV increased its position in shares of 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 acquiring an additional 744 shares during the period. Private Advisor Group LLC raised its stake in RingCentral by 13.6% in the 3rd quarter. Private Advisor Group LLC now owns 8,119 shares of the software maker’s stock worth $257,000 after acquiring an additional 971 shares during the last quarter. Finally, Quarry LP lifted its position in RingCentral by 106.7% during the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after acquiring an additional 982 shares during the period. Institutional investors and hedge funds own 98.61% of the company’s stock.

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.