Robert I. Theis Sells 1,457 Shares of RingCentral, Inc. (NYSE:RNG) Stock

RingCentral, Inc. (NYSE:RNG) Director Robert I. Theis sold 1,457 shares of the company’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $37.79, for a total value of $55,060.03. Following the completion of the transaction, the director now owns 28,690 shares in the company, valued at $1,084,195.10. This represents a 4.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

RingCentral Price Performance

Shares of NYSE:RNG traded up $2.53 during midday trading on Friday, hitting $41.03. The company had a trading volume of 1,563,669 shares, compared to its average volume of 1,231,598. The company has a fifty day moving average of $34.89 and a two-hundred day moving average of $32.80. RingCentral, Inc. has a 12-month low of $26.98 and a 12-month high of $41.04. The company has a market cap of $3.71 billion, a price-to-earnings ratio of -36.32, a PEG ratio of 2.35 and a beta of 0.99.

RingCentral (NYSE:RNG) last issued its earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.10. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. The firm had revenue of $608.77 million for the quarter, compared to analysts’ expectations of $601.91 million. Research analysts expect that RingCentral, Inc. will post 0.84 earnings per share for the current fiscal year.

Hedge Funds Weigh In On RingCentral

Institutional investors have recently bought and sold shares of the business. Comerica Bank increased its position in shares of RingCentral by 1,715.5% during the 1st quarter. Comerica Bank now owns 13,090 shares of the software maker’s stock valued at $455,000 after purchasing an additional 12,369 shares during the last quarter. SG Americas Securities LLC lifted its stake in RingCentral by 782.0% in the second quarter. SG Americas Securities LLC now owns 78,836 shares of the software maker’s stock worth $2,223,000 after purchasing an additional 69,898 shares during the last quarter. Wedge Capital Management L L P NC boosted its position in shares of RingCentral by 14.4% during the second quarter. Wedge Capital Management L L P NC now owns 57,628 shares of the software maker’s stock valued at $1,625,000 after buying an additional 7,251 shares during the period. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of RingCentral in the second quarter worth approximately $2,476,000. Finally, Lecap Asset Management Ltd. raised its holdings in shares of RingCentral by 3.0% in the second quarter. Lecap Asset Management Ltd. now owns 34,325 shares of the software maker’s stock worth $968,000 after buying an additional 1,001 shares during the period. Institutional investors own 98.61% of the company’s stock.

Wall Street Analyst Weigh In

RNG has been the subject of several research analyst reports. Rosenblatt Securities reiterated a “buy” rating and set a $45.00 target price on shares of RingCentral in a research report on Friday, November 8th. Piper Sandler upped their target price on shares of RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Wedbush raised their price target on RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Robert W. Baird boosted their target price on RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a research report on Monday, November 11th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $42.00 price target on shares of RingCentral in a research report on Monday, November 11th. Eight research 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 stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $40.73.

About RingCentral

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.