RingCentral, Inc. (NYSE:RNG) Director Sells $121,222.40 in Stock

RingCentral, Inc. (NYSE:RNG) Director Ned D. Segal sold 2,914 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $41.60, for a total value of $121,222.40. Following the transaction, the director now directly owns 10,633 shares in the company, valued at $442,332.80. This trade represents a 21.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

RingCentral Trading Down 5.6 %

RingCentral stock opened at $39.05 on Friday. RingCentral, Inc. has a 12 month low of $26.98 and a 12 month high of $42.19. The company has a market capitalization of $3.53 billion, a price-to-earnings ratio of -36.84, a price-to-earnings-growth ratio of 2.65 and a beta of 0.99. The business’s fifty day simple moving average is $36.07 and its two-hundred day simple moving average is $33.02.

RingCentral (NYSE:RNG) last posted its quarterly 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 during the quarter, compared to analyst estimates of $601.91 million. On average, equities research analysts predict that RingCentral, Inc. will post 0.84 EPS for the current year.

Institutional Investors Weigh In On RingCentral

Institutional investors have recently made changes to their positions in the company. Point72 DIFC Ltd purchased a new position in RingCentral in the 2nd quarter worth approximately $39,000. Venturi Wealth Management LLC boosted its stake in RingCentral by 150.4% during the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after purchasing an additional 1,119 shares during the last quarter. Quarry LP increased its holdings in shares of RingCentral by 106.7% in the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after purchasing an additional 982 shares in the last quarter. KBC Group NV raised its stake in shares of RingCentral by 38.9% in the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after purchasing an additional 744 shares during the last quarter. Finally, Central Pacific Bank Trust Division bought a new position in shares of RingCentral during the third quarter valued at $121,000. Hedge funds and other institutional investors own 98.61% of the company’s stock.

Wall Street Analysts Forecast Growth

RNG has been the subject of several research reports. 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. Needham & Company LLC reissued a “buy” rating and issued a $42.00 price target on shares of RingCentral in a research note on Monday, November 11th. Rosenblatt Securities restated a “buy” rating and issued a $45.00 price objective on shares of RingCentral in a report on Friday, November 8th. Raymond James reduced their target price on RingCentral from $52.00 to $50.00 and set a “strong-buy” rating on the stock in a report on Friday, November 8th. Finally, Piper Sandler raised their target price on RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Eight investment analysts have rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $41.43.

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.