RingCentral, Inc. (NYSE:RNG) CEO Vladimir Shmunis Sells 123,560 Shares

RingCentral, Inc. (NYSE:RNG) CEO Vladimir Shmunis sold 123,560 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $28.56, for a total transaction of $3,528,873.60. Following the sale, the chief executive officer now directly owns 444,740 shares of the company’s stock, valued at approximately $12,701,774.40. This trade represents a 21.74 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Vladimir Shmunis also recently made the following trade(s):

• On Friday, February 21st, Vladimir Shmunis sold 66,112 shares of RingCentral stock. The shares were sold at an average price of $28.83, for a total transaction of $1,906,008.96.

RingCentral Stock Performance

RNG stock 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 company has a market capitalization of $2.62 billion, a P/E ratio of -45.21, a PEG ratio of 1.27 and a beta of 1.01. The company has a fifty day moving average price of $34.60 and a 200-day moving average price of $34.23.

RingCentral (NYSE:RNG) last announced its 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 return on equity of 12.34% and a negative net margin of 2.43%. The company had revenue of $614.51 million for the quarter, compared to the consensus estimate of $612.37 million. As a group, sell-side analysts forecast that RingCentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently issued reports on RNG. Raymond James decreased their price target on RingCentral from $45.00 to $40.00 and set an “outperform” rating on the stock in a research note on Friday. Robert W. Baird lifted their target price on RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a research report on Monday, November 11th. Mizuho lowered their target price on RingCentral from $42.00 to $36.00 and set a “neutral” rating for the company in a research note on Monday, February 10th. StockNews.com upgraded shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research note on Thursday, February 20th. Finally, Barclays lowered their price objective on shares of RingCentral from $37.00 to $31.00 and set an “equal weight” rating for the company in a research report on Friday. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $38.15.

Institutional Trading of RingCentral

Several institutional investors have recently added to or reduced their stakes in RNG. Kayne Anderson Rudnick Investment Management LLC bought a new position in RingCentral during the 4th quarter worth approximately $49,000. Venturi Wealth Management LLC increased its position in shares of RingCentral by 150.4% during the third 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 during the period. Quarry LP raised its stake in RingCentral by 106.7% during the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after buying an additional 982 shares during the last quarter. KBC Group NV lifted its holdings in 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 during the period. Finally, Harvest Fund Management Co. Ltd bought a new stake in RingCentral during the fourth quarter valued at $173,000. 98.61% of the stock is currently owned by institutional investors.

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.