RingCentral, Inc. (NYSE:RNG) SVP John H. Marlow Sells 23,284 Shares

RingCentral, Inc. (NYSE:RNG) SVP John H. Marlow sold 23,284 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $34.96, for a total transaction of $814,008.64. Following the completion of the sale, the senior vice president now owns 357,818 shares in the company, valued at $12,509,317.28. This represents a 6.11 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

RingCentral Trading Up 5.9 %

RingCentral stock opened at $36.91 on Monday. RingCentral, Inc. has a 12-month low of $26.98 and a 12-month high of $40.98. The firm has a market capitalization of $3.34 billion, a PE ratio of -34.82, a price-to-earnings-growth ratio of 2.21 and a beta of 0.99. The firm has a 50-day moving average price of $33.47 and a 200-day moving average price of $32.64.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, beating the consensus estimate of $0.14 by $0.10. The company had revenue of $608.77 million for the quarter, compared to the consensus estimate of $601.91 million. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. As a group, sell-side analysts predict that RingCentral, Inc. will post 0.84 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently weighed in on RNG shares. StockNews.com upgraded RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Monday, November 11th. Piper Sandler increased their price target on RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Raymond James dropped their price objective on RingCentral from $52.00 to $50.00 and set a “strong-buy” rating for the company in a research note on Friday, November 8th. Needham & Company LLC reissued a “buy” rating and set a $42.00 target price on shares of RingCentral in a research note on Monday, November 11th. Finally, Wells Fargo & Company increased their price objective on shares of RingCentral from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Eight investment analysts have rated the stock with a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $40.73.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Natixis purchased a new position in shares of RingCentral during the first quarter valued at $837,000. Victory Capital Management Inc. increased its position in RingCentral by 35.0% during the 2nd quarter. Victory Capital Management Inc. now owns 116,300 shares of the software maker’s stock valued at $3,280,000 after purchasing an additional 30,138 shares during the period. Olympiad Research LP bought a new stake in shares of RingCentral in the 3rd quarter valued at about $483,000. Jacobs Levy Equity Management Inc. raised its stake in RingCentral by 163.1% in the first quarter. Jacobs Levy Equity Management Inc. now owns 310,991 shares of the software maker’s stock worth $10,804,000 after buying an additional 192,766 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in RingCentral by 65.9% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 381,178 shares of the software maker’s stock worth $12,057,000 after buying an additional 151,433 shares during the period. 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.