John H. Marlow Sells 22,979 Shares of RingCentral, Inc. (NYSE:RNG) Stock

RingCentral, Inc. (NYSE:RNG) SVP John H. Marlow sold 22,979 shares of the stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $28.82, for a total value of $662,254.78. Following the transaction, the senior vice president now directly owns 348,599 shares in the company, valued at approximately $10,046,623.18. This represents a 6.18 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

RingCentral Price Performance

Shares of RNG stock opened at $28.79 on Wednesday. The business has a 50 day simple moving average of $34.39 and a 200 day simple moving average of $34.20. The firm has a market capitalization of $2.60 billion, a price-to-earnings ratio of -44.98, a price-to-earnings-growth ratio of 1.27 and a beta of 1.01. RingCentral, Inc. has a 12-month low of $26.98 and a 12-month high of $42.19.

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

Institutional Trading of RingCentral

A number of hedge funds and other institutional investors have recently made changes to their positions in RNG. Kayne Anderson Rudnick Investment Management LLC bought a new position in shares of RingCentral in the fourth quarter valued at approximately $49,000. Venturi Wealth Management LLC lifted its position in RingCentral by 150.4% in the third quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock worth $59,000 after purchasing an additional 1,119 shares during the period. Quarry LP boosted its stake in RingCentral by 106.7% during the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after purchasing an additional 982 shares in the last quarter. KBC Group NV increased its position in shares of RingCentral by 38.9% during 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 during the period. Finally, Harvest Fund Management Co. Ltd acquired a new position in shares of RingCentral during the 4th quarter valued at $173,000. 98.61% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on RNG shares. StockNews.com upgraded RingCentral from a “buy” rating to a “strong-buy” rating in a research note on Thursday, February 20th. UBS Group reduced their price target on shares of RingCentral from $40.00 to $38.00 and set a “neutral” rating on the stock in a research report on Friday, February 21st. Robert W. Baird lowered their price objective on shares of RingCentral from $38.00 to $32.00 and set a “neutral” rating for the company in a research report on Tuesday. Mizuho cut their target price on shares of RingCentral from $42.00 to $36.00 and set a “neutral” rating on the stock in a report on Monday, February 10th. Finally, Raymond James decreased their target price on RingCentral from $45.00 to $40.00 and set an “outperform” rating for the company in a research note on Friday, February 21st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $37.69.

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.