Ringcentral, Inc. (NYSE:RNG) COO Kira Makagon Sells 21,185 Shares

Ringcentral, Inc. (NYSE:RNG - Get Free Report) COO Kira Makagon sold 21,185 shares of the stock in a transaction on Friday, June 27th. The shares were sold at an average price of $27.69, for a total value of $586,612.65. Following the completion of the transaction, the chief operating officer owned 413,131 shares of the company's stock, valued at $11,439,597.39. This trade represents a 4.88% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Ringcentral Price Performance

NYSE:RNG traded up $0.26 during mid-day trading on Tuesday, reaching $28.61. The stock had a trading volume of 227,128 shares, compared to its average volume of 1,316,815. The stock has a market cap of $2.57 billion, a P/E ratio of -64.84, a PEG ratio of 0.90 and a beta of 1.27. The business's 50 day moving average is $26.56 and its 200 day moving average is $29.20. Ringcentral, Inc. has a fifty-two week low of $20.59 and a fifty-two week high of $42.19.

Ringcentral (NYSE:RNG - Get Free Report) last posted its earnings results on Thursday, May 8th. The software maker reported $1.00 EPS for the quarter, topping the consensus estimate of $0.96 by $0.04. Ringcentral had a negative net margin of 1.65% and a negative return on equity of 15.63%. The company had revenue of $612.06 million during the quarter, compared to the consensus estimate of $610.53 million. During the same period in the previous year, the firm posted $0.87 earnings per share. The company's revenue for the quarter was up 4.8% compared to the same quarter last year. Equities analysts expect that Ringcentral, Inc. will post 1.29 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Mizuho raised their price objective on shares of Ringcentral from $25.00 to $27.00 and gave the stock a "neutral" rating in a research note on Monday, May 12th. Piper Sandler raised their target price on Ringcentral from $25.00 to $28.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th. Wall Street Zen downgraded Ringcentral from a "strong-buy" rating to a "buy" rating in a report on Saturday, June 7th. UBS Group reduced their price objective on Ringcentral from $38.00 to $33.00 and set a "neutral" rating for the company in a research note on Friday, May 9th. Finally, Raymond James Financial decreased their price objective on Ringcentral from $40.00 to $35.00 and set an "outperform" rating for the company in a research report on Friday, May 9th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $33.08.

Institutional Trading of Ringcentral

Institutional investors and hedge funds have recently made changes to their positions in the stock. Bayforest Capital Ltd bought a new position in shares of Ringcentral in the 1st quarter valued at approximately $145,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Ringcentral by 2.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 261,190 shares of the software maker's stock worth $6,467,000 after buying an additional 5,398 shares during the period. Woodline Partners LP grew its stake in Ringcentral by 14.8% in the 1st quarter. Woodline Partners LP now owns 159,474 shares of the software maker's stock valued at $3,949,000 after buying an additional 20,518 shares during the last quarter. Empowered Funds LLC raised its holdings in Ringcentral by 9.0% in the 1st quarter. Empowered Funds LLC now owns 11,417 shares of the software maker's stock worth $283,000 after acquiring an additional 940 shares during the period. Finally, Kestra Investment Management LLC raised its holdings in Ringcentral by 48.7% in the 1st quarter. Kestra Investment Management LLC now owns 16,595 shares of the software maker's stock worth $411,000 after acquiring an additional 5,436 shares during the period. Institutional investors and hedge funds own 98.61% of the company's stock.

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.