Insider Selling: RingCentral, Inc. (NYSE:RNG) SVP Sells $1,002,141.84 in Stock

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

RingCentral Price Performance

NYSE RNG opened at $28.67 on Thursday. The company has a fifty day moving average price of $34.21 and a 200-day moving average price of $34.17. RingCentral, Inc. has a 1 year low of $26.98 and a 1 year high of $42.19. The firm 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.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 earnings per share (EPS) 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 firm had revenue of $614.51 million during the quarter, compared to the consensus estimate of $612.37 million. On average, research analysts anticipate that RingCentral, Inc. will post 1.29 EPS for the current fiscal year.

Institutional Trading of RingCentral

Institutional investors and hedge funds have recently modified their holdings of the business. Kayne Anderson Rudnick Investment Management LLC bought a new position in RingCentral in the 4th quarter valued at $49,000. Venturi Wealth Management LLC boosted its holdings in shares of RingCentral by 150.4% in the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock worth $59,000 after buying an additional 1,119 shares during the last quarter. Quarry LP increased its holdings in RingCentral by 106.7% during the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after buying an additional 982 shares during the last quarter. KBC Group NV raised its position in RingCentral by 38.9% in the third 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 purchased a new position in RingCentral in the fourth quarter valued at about $173,000. 98.61% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

RNG has been the subject of several analyst reports. Needham & Company LLC lowered their target price on RingCentral from $42.00 to $36.00 and set a “buy” rating for the company in a research report on Friday, February 21st. Mizuho lowered their price objective on RingCentral from $42.00 to $36.00 and set a “neutral” rating for the company in a research report on Monday, February 10th. Wedbush upped their target price on RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Raymond James lowered their price target on shares of RingCentral from $45.00 to $40.00 and set an “outperform” rating for the company in a report on Friday, February 21st. Finally, StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research note on Thursday, February 20th. One research 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. According to data from MarketBeat, RingCentral has a consensus rating of “Hold” and a consensus price target of $37.69.

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.