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 that occurred on Friday, February 21st. The stock was sold at an average price of $28.82, for a total transaction of $662,254.78. Following the sale, the senior vice president now owns 348,599 shares in the company, valued at $10,046,623.18. The trade was a 6.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.

RingCentral Stock Performance

NYSE RNG traded down $0.02 on Monday, reaching $28.93. The stock had a trading volume of 2,705,200 shares, compared to its average volume of 1,257,057. The stock has a market cap of $2.62 billion, a P/E ratio of -45.21, a price-to-earnings-growth ratio of 1.27 and a beta of 1.01. RingCentral, Inc. has a 12-month low of $26.98 and a 12-month high of $42.19. The business’s 50-day moving average price is $34.82 and its 200 day moving average price is $34.26.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Thursday, February 20th. The software maker reported $0.23 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 analysts’ expectations of $612.37 million. On average, sell-side analysts predict that RingCentral, Inc. will post 1.29 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have commented on RNG. Robert W. Baird boosted their price target on shares of RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a report on Monday, November 11th. Piper Sandler lowered their target price on shares of RingCentral from $38.00 to $31.00 and set a “neutral” rating for the company in a research note on Friday. Rosenblatt Securities dropped their target price on RingCentral from $45.00 to $40.00 and set a “buy” rating on the stock in a report on Friday. Raymond James decreased their price target on RingCentral from $45.00 to $40.00 and set an “outperform” rating for the company in a report on Friday. Finally, Wells Fargo & Company reiterated an “underweight” rating and issued a $30.00 price objective (down previously from $38.00) on shares of RingCentral in a report on Tuesday, January 7th. One investment 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 stock. According to data from MarketBeat.com, RingCentral presently has a consensus rating of “Hold” and an average price target of $38.15.

Institutional Trading of RingCentral

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in RingCentral in the fourth quarter valued at about $49,000. Venturi Wealth Management LLC raised its stake in shares of RingCentral by 150.4% during 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 in the last quarter. Quarry LP lifted its holdings in shares of RingCentral by 106.7% in the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after buying an additional 982 shares during the period. KBC Group NV boosted its stake in shares of RingCentral by 38.9% in the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after buying an additional 744 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd acquired a new position in RingCentral during the fourth quarter worth $173,000. Hedge funds and other institutional investors own 98.61% of the company’s stock.

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.