Insider Selling: RingCentral, Inc. (NYSE:RNG) CEO Sells $1,906,008.96 in Stock

RingCentral, Inc. (NYSE:RNG) CEO Vladimir Shmunis sold 66,112 shares of the firm’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $28.83, for a total value of $1,906,008.96. Following the sale, the chief executive officer now directly owns 568,300 shares of the company’s stock, valued at $16,384,089. This trade represents a 10.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Vladimir Shmunis also recently made the following trade(s):

• On Monday, February 24th, Vladimir Shmunis sold 123,560 shares of RingCentral stock. The shares were sold at an average price of $28.56, for a total value of $3,528,873.60.

RingCentral Stock Down 0.4 %

Shares of NYSE:RNG opened at $28.67 on Thursday. The company has a market cap of $2.59 billion, a price-to-earnings ratio of -44.80, a PEG ratio of 1.27 and a beta of 1.01. The business has a 50 day moving average price of $34.21 and a 200 day moving average price of $34.17. RingCentral, Inc. has a twelve month low of $26.98 and a twelve month high of $42.19.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 earnings per share for the quarter, missing the consensus estimate 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 during the quarter, compared to the consensus estimate of $612.37 million. Analysts anticipate that RingCentral, Inc. will post 1.29 EPS for the current year.

Analyst Ratings Changes

A number of analysts have issued reports on RNG shares. Wedbush lifted their target price on shares of RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Robert W. Baird reduced their price objective on shares of RingCentral from $38.00 to $32.00 and set a “neutral” rating for the company in a research note on Tuesday. Morgan Stanley upped their price objective on shares of RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 18th. Wells Fargo & Company restated an “underweight” rating and set a $30.00 target price (down from $38.00) on shares of RingCentral in a report on Tuesday, January 7th. Finally, Needham & Company LLC decreased their price target on RingCentral from $42.00 to $36.00 and set a “buy” rating for the company in a research note on Friday, February 21st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, RingCentral has a consensus rating of “Hold” and a consensus target price of $37.69.

Institutional Trading of RingCentral

Several hedge funds and other institutional investors have recently bought and sold shares of RNG. Kayne Anderson Rudnick Investment Management LLC bought a new stake in shares of RingCentral in the fourth quarter valued at about $49,000. Venturi Wealth Management LLC raised its holdings in RingCentral by 150.4% in the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after acquiring an additional 1,119 shares in the last quarter. Quarry LP lifted 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 acquiring an additional 982 shares during the period. KBC Group NV lifted 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 worth $84,000 after acquiring an additional 744 shares during the period. Finally, Harvest Fund Management Co. Ltd acquired a new stake in shares of RingCentral during the 4th quarter worth approximately $173,000. 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.