RingCentral, Inc. (NYSE:RNG) SVP John H. Marlow Sells 35,089 Shares

RingCentral, Inc. (NYSE:RNG) SVP John H. Marlow sold 35,089 shares of RingCentral stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $28.56, for a total value of $1,002,141.84. Following the completion of the sale, the senior vice president now directly owns 313,510 shares of the company’s stock, valued at approximately $8,953,845.60. This trade represents a 10.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

RingCentral Stock Performance

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 stock has a fifty day moving average of $34.21 and a 200 day moving average of $34.17. The firm has a market capitalization of $2.59 billion, a price-to-earnings ratio of -44.80, a P/E/G ratio of 1.27 and a beta of 1.01.

RingCentral (NYSE:RNG) last released its quarterly earnings results 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 analysts’ expectations of $612.37 million. Equities analysts forecast that RingCentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Institutional Investors Weigh In On RingCentral

Several hedge funds have recently bought and sold shares of the stock. Kayne Anderson Rudnick Investment Management LLC bought a new position in shares of RingCentral in the 4th quarter worth $49,000. Venturi Wealth Management LLC grew 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 acquiring an additional 1,119 shares in the last quarter. Quarry LP grew its position in RingCentral by 106.7% in the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after acquiring an additional 982 shares in the last quarter. KBC Group NV increased its stake in RingCentral by 38.9% in the third 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 last quarter. Finally, Harvest Fund Management Co. Ltd purchased a new stake in RingCentral during the fourth quarter valued at about $173,000. 98.61% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

RNG has been the subject of a number of research reports. UBS Group cut their target price on shares of RingCentral from $40.00 to $38.00 and set a “neutral” rating for the company in a research report on Friday, February 21st. Piper Sandler cut their price objective on shares of RingCentral from $38.00 to $31.00 and set a “neutral” rating for the company in a report on Friday, February 21st. 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 note on Wednesday, December 18th. Mizuho dropped their target price on RingCentral from $42.00 to $36.00 and set a “neutral” rating on the stock in a research report on Monday, February 10th. Finally, StockNews.com raised RingCentral from a “buy” rating to a “strong-buy” rating in a report on Thursday, February 20th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price 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.