RingCentral, Inc. (NYSE:RNG) Director Ned D. Segal Sells 2,914 Shares

RingCentral, Inc. (NYSE:RNG) Director Ned D. Segal sold 2,914 shares of RingCentral stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $41.60, for a total value of $121,222.40. Following the completion of the transaction, the director now owns 10,633 shares of the company’s stock, valued at approximately $442,332.80. The trade was a 21.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

RingCentral Stock Performance

Shares of RNG stock opened at $39.05 on Monday. RingCentral, Inc. has a 1 year low of $26.98 and a 1 year high of $42.19. The business’s fifty day moving average is $36.07 and its 200-day moving average is $33.01. The stock has a market cap of $3.53 billion, a PE ratio of -36.84, a price-to-earnings-growth ratio of 2.48 and a beta of 0.99.

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

Analyst Ratings Changes

RNG has been the subject of a number of analyst reports. Needham & Company LLC restated a “buy” rating and set a $42.00 price objective on shares of RingCentral in a research report on Monday, November 11th. StockNews.com upgraded shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Monday, November 11th. Wedbush increased their price objective on shares of RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Mizuho restated a “neutral” rating and issued a $42.00 target price on shares of RingCentral in a research report on Friday. Finally, Rosenblatt Securities restated a “buy” rating and issued a $45.00 price target on shares of RingCentral in a research note on Friday, November 8th. Eight analysts have rated the stock with a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $41.43.

Institutional Trading of RingCentral

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. 272 Capital LP bought a new position in shares of RingCentral in the third quarter valued at $436,000. Sanctuary Advisors LLC acquired a new stake in shares of RingCentral during the third quarter worth $178,000. Neo Ivy Capital Management acquired a new stake in shares of RingCentral during the third quarter worth $708,000. MidWestOne Financial Group Inc. purchased a new stake in shares of RingCentral during the third quarter valued at $210,000. Finally, Y Intercept Hong Kong Ltd acquired a new position in shares of RingCentral in the 3rd quarter valued at $1,132,000. 98.61% of the stock is owned by institutional investors and hedge funds.

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.