John H. Marlow Sells 22,979 Shares of RingCentral, Inc. (NYSE:RNG) Stock

RingCentral, Inc. (NYSE:RNG) SVP John H. Marlow sold 22,979 shares of the company’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $28.82, for a total value of $662,254.78. Following the transaction, the senior vice president now directly owns 348,599 shares of the company’s stock, valued at $10,046,623.18. This represents a 6.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

RingCentral Stock Performance

Shares of RNG opened at $28.93 on Tuesday. RingCentral, Inc. has a 52-week low of $26.98 and a 52-week high of $42.19. The business’s fifty day moving average is $34.60 and its 200-day moving average is $34.23. The firm has a market cap of $2.62 billion, a price-to-earnings ratio of -45.21, a PEG ratio of 1.27 and a beta of 1.01.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by ($0.73). RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The business had revenue of $614.51 million during the quarter, compared to the consensus estimate of $612.37 million. As a group, research analysts forecast that RingCentral, Inc. will post 1.29 EPS for the current fiscal year.

Analysts Set New Price Targets

RNG has been the topic of a number of recent research reports. Barclays lowered their target price on RingCentral from $37.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Friday. Needham & Company LLC lowered their target price on RingCentral from $42.00 to $36.00 and set a “buy” rating on the stock in a research note on Friday. Robert W. Baird increased their target price on RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a research note on Monday, November 11th. Rosenblatt Securities lowered their target price on RingCentral from $45.00 to $40.00 and set a “buy” rating on the stock in a research note on Friday. Finally, UBS Group reduced their price target on RingCentral from $40.00 to $38.00 and set a “neutral” rating on the stock in a research report on Friday. One analyst has rated the stock with a sell rating, seven have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, RingCentral presently has an average rating of “Hold” and a consensus price target of $38.15.

Hedge Funds Weigh In On RingCentral

Several hedge funds and other institutional investors have recently modified their holdings of RNG. Kayne Anderson Rudnick Investment Management LLC bought a new position in shares of RingCentral in the 4th quarter valued at $49,000. Venturi Wealth Management LLC increased its stake 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 valued at $59,000 after purchasing an additional 1,119 shares during the last quarter. Quarry LP grew its position in 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 last quarter. KBC Group NV grew its position in RingCentral by 38.9% during 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 during the last quarter. Finally, Harvest Fund Management Co. Ltd bought a new stake in RingCentral during the 4th quarter worth $173,000. Institutional investors own 98.61% of the company’s stock.

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.