Ringcentral (NYSE:RNG) COO Sells $415,971.78 in Stock

Ringcentral, Inc. (NYSE:RNG) COO Kira Makagon sold 14,798 shares of the stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of $28.11, for a total transaction of $415,971.78. Following the completion of the sale, the chief operating officer owned 349,358 shares of the company’s stock, valued at approximately $9,820,453.38. The trade was a 4.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Ringcentral Stock Down 0.7%

Shares of RNG opened at $29.22 on Thursday. The stock’s 50-day moving average price is $28.10 and its 200 day moving average price is $28.26. The firm has a market capitalization of $2.53 billion, a price-to-earnings ratio of 208.76, a P/E/G ratio of 1.48 and a beta of 1.29. Ringcentral, Inc. has a 12-month low of $20.58 and a 12-month high of $42.19.

Ringcentral (NYSE:RNG) last announced its quarterly earnings data on Monday, November 3rd. The software maker reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.05. The company had revenue of $638.66 million for the quarter, compared to analyst estimates of $635.39 million. Ringcentral had a negative return on equity of 22.38% and a net margin of 0.53%.Ringcentral’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.95 EPS. Ringcentral has set its FY 2025 guidance at 4.290-4.330 EPS and its Q4 2025 guidance at 1.120-1.150 EPS. Equities research analysts expect that Ringcentral, Inc. will post 1.29 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of RNG. Vanguard Group Inc. grew its position in Ringcentral by 1.1% during the 3rd quarter. Vanguard Group Inc. now owns 11,823,636 shares of the software maker’s stock worth $335,082,000 after acquiring an additional 129,444 shares during the last quarter. Capital World Investors boosted its stake in Ringcentral by 20.9% in the third quarter. Capital World Investors now owns 11,735,991 shares of the software maker’s stock worth $332,598,000 after purchasing an additional 2,031,861 shares in the last quarter. Ameriprise Financial Inc. grew its holdings in shares of Ringcentral by 7.9% during the first quarter. Ameriprise Financial Inc. now owns 7,026,565 shares of the software maker’s stock worth $173,987,000 after purchasing an additional 512,834 shares during the last quarter. Alyeska Investment Group L.P. acquired a new stake in shares of Ringcentral in the third quarter valued at $53,365,000. Finally, Contour Asset Management LLC acquired a new stake in shares of Ringcentral in the first quarter valued at $45,650,000. Institutional investors own 98.61% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on RNG shares. Jefferies Financial Group dropped their price objective on shares of Ringcentral from $30.00 to $29.00 and set a “hold” rating for the company in a research note on Wednesday, August 6th. Needham & Company LLC reissued a “buy” rating and issued a $36.00 price target on shares of Ringcentral in a research report on Tuesday, November 4th. Wells Fargo & Company began coverage on shares of Ringcentral in a research note on Tuesday, September 30th. They set an “equal weight” rating and a $32.00 price target for the company. Rosenblatt Securities reiterated a “buy” rating and issued a $32.00 price objective on shares of Ringcentral in a research note on Tuesday, November 4th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Ringcentral in a report on Monday. Four research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $31.54.

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.