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 that occurred on 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 represents a 21.74 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 stock was sold at an average price of $28.83, for a total transaction of $1,906,008.96.

RingCentral Price Performance

RNG traded down $0.02 on Monday, hitting $28.93. 2,705,200 shares of the stock were exchanged, compared to its average volume of 1,257,057. The firm has a market capitalization of $2.62 billion, a price-to-earnings ratio of -45.21, a PEG 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. The business has a 50-day moving average of $34.82 and a two-hundred day moving average of $34.26.

RingCentral (NYSE:RNG) last issued its quarterly earnings results 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). The firm had revenue of $614.51 million for the quarter, compared to the consensus estimate of $612.37 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. Equities research analysts expect that RingCentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Hedge Funds Weigh In On RingCentral

Institutional investors have recently added to or reduced their stakes in the stock. Hennessy Advisors Inc. acquired a new stake in shares of RingCentral during the 4th quarter valued at $59,055,000. Arrowstreet Capital Limited Partnership grew its holdings in shares of RingCentral by 414.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,445,245 shares of the software maker’s stock worth $50,598,000 after purchasing an additional 1,164,241 shares during the last quarter. Pacer Advisors Inc. increased its stake in shares of RingCentral by 45.3% in the third quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock valued at $83,483,000 after buying an additional 822,892 shares during the period. Valley Wealth Managers Inc. bought a new position in RingCentral in the 4th quarter valued at approximately $20,792,000. Finally, Capital World Investors boosted its position in RingCentral by 5.9% during the 4th quarter. Capital World Investors now owns 10,663,441 shares of the software maker’s stock worth $373,327,000 after buying an additional 591,398 shares during the period. 98.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Morgan Stanley lifted their price objective on shares of RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 18th. Wedbush raised their price objective on RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. StockNews.com upgraded RingCentral from a “buy” rating to a “strong-buy” rating in a research note on Thursday. Raymond James dropped their price target on RingCentral from $45.00 to $40.00 and set an “outperform” rating on the stock in a research note on Friday. Finally, Robert W. Baird lifted their price objective on shares of RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a research report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $38.15.

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.