Insider Selling: RingCentral, Inc. (NYSE:RNG) CEO Sells $2,323,126.96 in Stock

RingCentral, Inc. (NYSE:RNG) CEO Vladimir Shmunis sold 66,451 shares of the company’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $34.96, for a total value of $2,323,126.96. Following the sale, the chief executive officer now owns 479,468 shares of the company’s stock, valued at approximately $16,762,201.28. This trade represents a 12.17 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

RingCentral Price Performance

Shares of RNG stock opened at $36.91 on Monday. The stock’s fifty day simple moving average is $33.47 and its 200 day simple moving average is $32.64. RingCentral, Inc. has a one year low of $26.98 and a one year high of $40.98. The firm has a market cap of $3.34 billion, a price-to-earnings ratio of -34.82, a P/E/G ratio of 2.21 and a beta of 0.99.

RingCentral (NYSE:RNG) last posted its earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.10. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. The business had revenue of $608.77 million for the quarter, compared to analyst estimates of $601.91 million. On average, research analysts anticipate that RingCentral, Inc. will post 0.84 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. Sei Investments Co. raised its position in RingCentral by 2.3% in the 1st quarter. Sei Investments Co. now owns 23,485 shares of the software maker’s stock valued at $816,000 after purchasing an additional 539 shares during the last quarter. Vanguard Group Inc. lifted its position in RingCentral by 5.2% during the 1st quarter. Vanguard Group Inc. now owns 10,909,549 shares of the software maker’s stock worth $378,998,000 after buying an additional 538,325 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its holdings in RingCentral by 4.3% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 214,209 shares of the software maker’s stock worth $7,438,000 after acquiring an additional 8,881 shares during the last quarter. Natixis acquired a new stake in RingCentral in the 1st quarter valued at about $837,000. Finally, BOKF NA raised its stake in shares of RingCentral by 144.3% in the first quarter. BOKF NA now owns 76,694 shares of the software maker’s stock worth $2,588,000 after acquiring an additional 45,299 shares during the last quarter. Institutional investors own 98.61% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. StockNews.com raised RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Monday, November 11th. Raymond James lowered their target price on shares of RingCentral from $52.00 to $50.00 and set a “strong-buy” rating on the stock in a research note on Friday, November 8th. Northland Securities boosted their target price on shares of RingCentral from $43.00 to $50.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Wells Fargo & Company raised their price target on RingCentral from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Finally, Wedbush boosted their price objective on RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Eight investment analysts have rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $40.73.

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.