RingCentral, Inc. (NYSE:RNG) SVP John H. Marlow Sells 8,720 Shares

RingCentral, Inc. (NYSE:RNG) SVP John H. Marlow sold 8,720 shares of the stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $42.05, for a total value of $366,676.00. Following the transaction, the senior vice president now owns 334,869 shares of the company’s stock, valued at $14,081,241.45. The trade was a 2.54 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

RingCentral Stock Down 0.9 %

Shares of RingCentral stock traded down $0.36 during trading on Thursday, hitting $41.46. 823,918 shares of the stock traded hands, compared to its average volume of 1,234,188. RingCentral, Inc. has a 52 week low of $26.98 and a 52 week high of $42.19. The firm’s fifty day moving average is $35.70 and its 200-day moving average is $32.94. The stock has a market cap of $3.75 billion, a price-to-earnings ratio of -39.45, a PEG ratio of 2.60 and a beta of 0.99.

RingCentral (NYSE:RNG) last posted its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.10. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. The business had revenue of $608.77 million for the quarter, compared to analyst estimates of $601.91 million. On average, analysts forecast that RingCentral, Inc. will post 0.84 earnings per share for the current fiscal year.

Hedge Funds Weigh In On RingCentral

Hedge funds and other institutional investors have recently modified their holdings of the company. Point72 DIFC Ltd bought a new stake in RingCentral in the second quarter valued at $39,000. Venturi Wealth Management LLC boosted its position in RingCentral by 150.4% during the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after acquiring an additional 1,119 shares in the last quarter. Quarry LP grew its holdings in shares of RingCentral by 106.7% during the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after acquiring an additional 982 shares during the period. KBC Group NV raised its position in shares of RingCentral by 38.9% in the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after acquiring an additional 744 shares in the last quarter. Finally, Central Pacific Bank Trust Division purchased a new position in shares of RingCentral in the 3rd quarter valued at approximately $121,000. 98.61% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently commented on RNG. Rosenblatt Securities restated a “buy” rating and set a $45.00 price target on shares of RingCentral in a research note on Friday, November 8th. Raymond James cut their target price on RingCentral from $52.00 to $50.00 and set a “strong-buy” rating for the company in a research note on Friday, November 8th. StockNews.com upgraded shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Monday, November 11th. Robert W. Baird upped their target price on shares of RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a report on Monday, November 11th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $42.00 price target on shares of RingCentral in a report on Monday, November 11th. Eight equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $40.73.

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.