RingCentral, Inc. (NYSE:RNG) SVP John H. Marlow Sells 22,979 Shares of Stock

RingCentral, Inc. (NYSE:RNG) SVP John H. Marlow sold 22,979 shares of RingCentral stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $28.82, for a total value of $662,254.78. Following the sale, the senior vice president now directly owns 348,599 shares in the company, valued at $10,046,623.18. The trade was a 6.18 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

RingCentral Stock Performance

Shares of RNG opened at $28.93 on Tuesday. The stock has a fifty day moving average price of $34.60 and a two-hundred day moving average price of $34.23. RingCentral, Inc. has a 52-week low of $26.98 and a 52-week high of $42.19. The company has a market cap of $2.62 billion, a price-to-earnings ratio of -45.21, a PEG ratio of 1.27 and a beta of 1.01.

RingCentral (NYSE:RNG) last released its earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.73). The firm had revenue of $614.51 million for the quarter, compared to the consensus estimate of $612.37 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. As a group, research analysts predict that RingCentral, Inc. will post 1.29 EPS for the current fiscal year.

Institutional Investors Weigh In On RingCentral

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Mackenzie Financial Corp raised its position in shares of RingCentral by 56.2% during the fourth quarter. Mackenzie Financial Corp now owns 127,406 shares of the software maker’s stock worth $4,460,000 after acquiring an additional 45,848 shares during the last quarter. PharVision Advisers LLC bought a new stake in RingCentral in the fourth quarter valued at about $246,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in RingCentral by 14.4% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 255,792 shares of the software maker’s stock valued at $8,955,000 after acquiring an additional 32,175 shares during the period. Woodline Partners LP grew its stake in RingCentral by 17.6% in the fourth quarter. Woodline Partners LP now owns 138,956 shares of the software maker’s stock valued at $4,865,000 after acquiring an additional 20,799 shares during the period. Finally, Two Sigma Advisers LP grew its stake in RingCentral by 79.5% in the fourth quarter. Two Sigma Advisers LP now owns 412,700 shares of the software maker’s stock valued at $14,449,000 after acquiring an additional 182,800 shares during the period. Institutional investors own 98.61% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Morgan Stanley boosted their price target on RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 18th. Wedbush boosted their price target on RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. StockNews.com raised RingCentral from a “buy” rating to a “strong-buy” rating in a research note on Thursday, February 20th. Barclays decreased their price target on RingCentral from $37.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Friday. Finally, Mizuho decreased their price target on RingCentral from $42.00 to $36.00 and set a “neutral” rating on the stock in a research note on Monday, February 10th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target 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.