RingCentral, Inc. (NYSE:RNG) SVP John H. Marlow Sells 8,720 Shares

RingCentral, Inc. (NYSE:RNG) SVP John H. Marlow sold 8,720 shares of the stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $42.05, for a total value of $366,676.00. Following the sale, the senior vice president now owns 334,869 shares in the company, valued at $14,081,241.45. The trade was a 2.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

RingCentral Stock Down 1.1 %

RingCentral stock opened at $41.35 on Friday. The company has a 50 day moving average price of $35.91 and a 200 day moving average price of $33.00. RingCentral, Inc. has a 52 week low of $26.98 and a 52 week high of $42.19.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.10. The business 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%. Research analysts predict that RingCentral, Inc. will post 0.84 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on RNG. Piper Sandler increased their price objective on RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Rosenblatt Securities reiterated a “buy” rating and set a $45.00 price target on shares of RingCentral in a research report on Friday, November 8th. StockNews.com raised RingCentral from a “buy” rating to a “strong-buy” rating in a report on Monday, November 11th. Robert W. Baird upped their price objective on shares of RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a report on Monday, November 11th. Finally, 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. Seven 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. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $41.14.

Institutional Trading of RingCentral

Institutional investors have recently made changes to their positions in the stock. Comerica Bank boosted its position in RingCentral by 1,715.5% during the first 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 grew its stake in shares of RingCentral by 782.0% in the 2nd quarter. SG Americas Securities LLC now owns 78,836 shares of the software maker’s stock valued at $2,223,000 after buying an additional 69,898 shares in the last quarter. Wedge Capital Management L L P NC increased its holdings in RingCentral by 14.4% in the second quarter. Wedge Capital Management L L P NC now owns 57,628 shares of the software maker’s stock worth $1,625,000 after buying an additional 7,251 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. bought a new position in RingCentral during the second quarter valued at approximately $2,476,000. Finally, Lecap Asset Management Ltd. lifted its stake in RingCentral by 3.0% in the second quarter. Lecap Asset Management Ltd. now owns 34,325 shares of the software maker’s stock valued at $968,000 after acquiring an additional 1,001 shares during the last quarter. 98.61% of the stock is currently owned by institutional investors and hedge funds.

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.