RingCentral, Inc. (NYSE:RNG) CEO Vladimir Shmunis Sells 66,112 Shares

RingCentral, Inc. (NYSE:RNG) CEO Vladimir Shmunis sold 66,112 shares of the firm’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $28.83, for a total value of $1,906,008.96. Following the transaction, the chief executive officer now owns 568,300 shares of the company’s stock, valued at $16,384,089. This trade represents a 10.42 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

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

• On Monday, February 24th, Vladimir Shmunis sold 123,560 shares of RingCentral stock. The stock was sold at an average price of $28.56, for a total value of $3,528,873.60.

RingCentral Price Performance

Shares of NYSE RNG traded down $0.02 during mid-day trading on Monday, hitting $28.93. The company’s stock had a trading volume of 2,705,200 shares, compared to its average volume of 1,257,057. RingCentral, Inc. has a one year low of $26.98 and a one year high of $42.19. The company’s fifty day simple moving average is $34.82 and its 200-day simple moving average is $34.26. The stock has a market cap of $2.62 billion, a price-to-earnings ratio of -45.21, a price-to-earnings-growth ratio of 1.27 and a beta of 1.01.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.73). The business had revenue of $614.51 million during the quarter, compared to the consensus estimate of $612.37 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. On average, sell-side analysts predict that RingCentral, Inc. will post 1.29 EPS for the current year.

Institutional Investors Weigh In On RingCentral

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Hennessy Advisors Inc. bought a new position in RingCentral during the fourth quarter worth about $59,055,000. Arrowstreet Capital Limited Partnership raised its position in shares of RingCentral by 414.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,445,245 shares of the software maker’s stock valued at $50,598,000 after acquiring an additional 1,164,241 shares during the period. Pacer Advisors Inc. boosted its stake in RingCentral by 45.3% during the 3rd quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock worth $83,483,000 after acquiring an additional 822,892 shares during the last quarter. Valley Wealth Managers Inc. bought a new position in shares of RingCentral during the fourth quarter worth $20,792,000. Finally, Capital World Investors grew its holdings in shares of RingCentral by 5.9% in the 4th quarter. Capital World Investors now owns 10,663,441 shares of the software maker’s stock valued at $373,327,000 after buying an additional 591,398 shares during the period. Institutional investors own 98.61% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on RNG. UBS Group lowered their target price on shares of RingCentral from $40.00 to $38.00 and set a “neutral” rating on the stock in a report on Friday. Needham & Company LLC dropped their price objective on shares of RingCentral from $42.00 to $36.00 and set a “buy” rating for the company in a report on Friday. Mizuho cut their target price on shares of RingCentral from $42.00 to $36.00 and set a “neutral” rating for the company in a research note on Monday, February 10th. Morgan Stanley increased their price target on RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 18th. Finally, Barclays decreased their target price on RingCentral from $37.00 to $31.00 and set an “equal weight” rating on the stock in a report on Friday. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $38.15.

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.