Insider Selling: RingCentral, Inc. (NYSE:RNG) CEO Sells $3,528,873.60 in Stock

RingCentral, Inc. (NYSE:RNG) CEO Vladimir Shmunis sold 123,560 shares of the company’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $28.56, for a total value of $3,528,873.60. Following the sale, the chief executive officer now owns 444,740 shares in the company, valued at approximately $12,701,774.40. This trade represents a 21.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

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

• On Friday, February 21st, Vladimir Shmunis sold 66,112 shares of RingCentral stock. The shares were sold at an average price of $28.83, for a total value of $1,906,008.96.

RingCentral Stock Down 0.4 %

Shares of NYSE RNG opened at $28.67 on Thursday. RingCentral, Inc. has a 52-week low of $26.98 and a 52-week high of $42.19. The business has a 50-day moving average price of $34.21 and a 200 day moving average price of $34.17. The stock has a market cap of $2.59 billion, a PE ratio of -44.80, a price-to-earnings-growth ratio of 1.27 and a beta of 1.01.

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 analysts’ consensus estimates 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 company had revenue of $614.51 million for the quarter, compared to analyst estimates of $612.37 million. Sell-side analysts anticipate that RingCentral, Inc. will post 1.29 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. StockNews.com upgraded RingCentral from a “buy” rating to a “strong-buy” rating in a report on Thursday, February 20th. Rosenblatt Securities dropped their price objective on RingCentral from $45.00 to $40.00 and set a “buy” rating on the stock in a report on Friday, February 21st. Piper Sandler dropped their price objective on RingCentral from $38.00 to $31.00 and set a “neutral” rating on the stock in a report on Friday, February 21st. Morgan Stanley increased their price objective on RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a report on Wednesday, December 18th. Finally, UBS Group dropped their price objective on RingCentral from $40.00 to $38.00 and set a “neutral” rating on the stock in a report on Friday, February 21st. 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. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $37.69.

Institutional Trading of RingCentral

Hedge funds have recently added to or reduced their stakes in the stock. Fort Washington Investment Advisors Inc. OH lifted its position in RingCentral by 32.5% during the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 550,304 shares of the software maker’s stock worth $19,266,000 after acquiring an additional 134,928 shares during the period. Hennessy Advisors Inc. acquired a new stake in RingCentral during the 4th quarter worth approximately $59,055,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in RingCentral by 65.9% during 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 acquiring an additional 151,433 shares during the period. Olympiad Research LP purchased a new position in shares of RingCentral during the 3rd quarter worth approximately $483,000. Finally, Beaumont Financial Advisors LLC purchased a new position in shares of RingCentral during the 4th quarter worth approximately $262,000. 98.61% of the stock is 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.