Vladimir Shmunis Sells 123,560 Shares of RingCentral, Inc. (NYSE:RNG) Stock

RingCentral, Inc. (NYSE:RNG) CEO Vladimir Shmunis sold 123,560 shares of the business’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 transaction of $3,528,873.60. Following the sale, the chief executive officer now directly owns 444,740 shares of the company’s stock, valued at approximately $12,701,774.40. This trade represents a 21.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

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 transaction of $1,906,008.96.

RingCentral Trading Down 0.1 %

Shares of RNG stock traded down $0.02 during trading hours on Monday, hitting $28.93. 2,705,200 shares of the company were exchanged, compared to its average volume of 1,257,057. 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 of $34.82 and a two-hundred day moving average of $34.26. The company has a market capitalization of $2.62 billion, a PE ratio of -45.21, a PEG ratio of 1.27 and a beta of 1.01.

RingCentral (NYSE:RNG) last announced its 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 company had revenue of $614.51 million during the quarter, compared to analyst estimates of $612.37 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. On average, research analysts forecast that RingCentral, Inc. will post 1.29 EPS for the current year.

Institutional Investors Weigh In On RingCentral

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Hennessy Advisors Inc. bought a new position in shares of RingCentral during the 4th quarter worth approximately $59,055,000. Arrowstreet Capital Limited Partnership lifted its position in shares of RingCentral by 414.3% in 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 in the last quarter. Pacer Advisors Inc. boosted its holdings in RingCentral by 45.3% during the third quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock worth $83,483,000 after purchasing an additional 822,892 shares during the last quarter. Valley Wealth Managers Inc. bought a new position in RingCentral in the fourth quarter valued at $20,792,000. Finally, Capital World Investors increased its stake in RingCentral by 5.9% in the 4th quarter. Capital World Investors now owns 10,663,441 shares of the software maker’s stock valued at $373,327,000 after buying an additional 591,398 shares during the last quarter. Institutional investors and hedge funds own 98.61% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on RNG. Piper Sandler cut their price target on RingCentral from $38.00 to $31.00 and set a “neutral” rating on the stock in a research note on Friday. Raymond James cut their target price on RingCentral from $45.00 to $40.00 and set an “outperform” rating on the stock in a research note on Friday. Rosenblatt Securities decreased their target price on RingCentral from $45.00 to $40.00 and set a “buy” rating for the company in a research report on Friday. Mizuho lowered their price target on RingCentral from $42.00 to $36.00 and set a “neutral” rating for the company in a research note on Monday, February 10th. Finally, Wells Fargo & Company reissued an “underweight” rating and set a $30.00 price objective (down previously from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $38.15.

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.