John H. Marlow Sells 35,089 Shares of RingCentral, Inc. (NYSE:RNG) Stock

RingCentral, Inc. (NYSE:RNG) SVP John H. Marlow sold 35,089 shares of RingCentral stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $28.56, for a total value of $1,002,141.84. Following the transaction, the senior vice president now owns 313,510 shares of the company’s stock, valued at approximately $8,953,845.60. This represents a 10.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link.

RingCentral Trading Down 0.5 %

NYSE:RNG opened at $28.79 on Wednesday. The stock has a 50 day moving average of $34.39 and a two-hundred day moving average of $34.20. RingCentral, Inc. has a 12 month low of $26.98 and a 12 month high of $42.19. The firm has a market cap of $2.60 billion, a P/E ratio of -44.98, a price-to-earnings-growth 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 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 firm had revenue of $614.51 million for the quarter, compared to analysts’ expectations of $612.37 million. On average, research analysts forecast that RingCentral, Inc. will post 1.29 earnings per share for the current year.

Institutional Investors Weigh In On RingCentral

A number of hedge funds have recently modified their holdings of RNG. Rafferty Asset Management LLC boosted its position in RingCentral by 1.7% during the fourth quarter. Rafferty Asset Management LLC now owns 19,685 shares of the software maker’s stock worth $689,000 after acquiring an additional 325 shares during the last quarter. Sovereign Financial Group Inc. boosted its holdings in shares of RingCentral by 4.0% during the 4th quarter. Sovereign Financial Group Inc. now owns 10,079 shares of the software maker’s stock worth $353,000 after purchasing an additional 386 shares during the last quarter. Gagnon Securities LLC boosted its holdings in shares of RingCentral by 5.6% during the 4th quarter. Gagnon Securities LLC now owns 7,703 shares of the software maker’s stock worth $270,000 after purchasing an additional 407 shares during the last quarter. Xponance Inc. grew its position in shares of RingCentral by 4.2% in the fourth quarter. Xponance Inc. now owns 10,664 shares of the software maker’s stock valued at $373,000 after purchasing an additional 426 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of RingCentral by 10.4% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker’s stock valued at $176,000 after purchasing an additional 468 shares during the last quarter. 98.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on RNG. Needham & Company LLC dropped their price objective on shares of RingCentral from $42.00 to $36.00 and set a “buy” rating on the stock in a research note on Friday, February 21st. Morgan Stanley lifted their price objective on shares of RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a report on Wednesday, December 18th. Piper Sandler decreased their price objective on shares of RingCentral from $38.00 to $31.00 and set a “neutral” rating for the company in a research report on Friday, February 21st. Rosenblatt Securities dropped their target price on RingCentral from $45.00 to $40.00 and set a “buy” rating on the stock in a research report on Friday, February 21st. Finally, Wells Fargo & Company reaffirmed an “underweight” rating and issued a $30.00 price target (down previously from $38.00) on shares of RingCentral in a report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $37.69.

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.