Insider Selling: Ringcentral, Inc. (NYSE:RNG) COO Sells 21,185 Shares of Stock

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

Ringcentral Trading Up 1.5%

RNG stock traded up $0.46 during trading on Thursday, hitting $29.93. The company had a trading volume of 750,576 shares, compared to its average volume of 1,317,749. The business has a 50 day moving average of $26.80 and a 200 day moving average of $29.20. The firm has a market capitalization of $2.69 billion, a price-to-earnings ratio of -68.01, a P/E/G ratio of 0.94 and a beta of 1.29. 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 quarterly earnings data on Thursday, May 8th. The software maker reported $1.00 earnings per share (EPS) for the quarter, beating 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 business had revenue of $612.06 million during the quarter, compared to analysts' expectations of $610.53 million. During the same period last year, the firm posted $0.87 earnings per share. The business's revenue was up 4.8% on a year-over-year basis. As a group, equities analysts predict that Ringcentral, Inc. will post 1.29 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Wall Street Zen lowered Ringcentral from a "strong-buy" rating to a "buy" rating in a research report on Saturday, June 7th. Morgan Stanley dropped their price objective on Ringcentral from $40.00 to $29.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 16th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $32.00 target price on shares of Ringcentral in a research report on Monday, May 19th. UBS Group decreased their price target on shares of Ringcentral from $38.00 to $33.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. Finally, Raymond James Financial cut their price target on shares of Ringcentral from $40.00 to $35.00 and set an "outperform" rating on the stock in a report on Friday, May 9th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $33.08.

Institutional Trading of Ringcentral

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Contour Asset Management LLC acquired a new position in Ringcentral during the first quarter worth about $45,650,000. Arrowstreet Capital Limited Partnership grew its stake in shares of Ringcentral by 414.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,445,245 shares of the software maker's stock worth $50,598,000 after purchasing an additional 1,164,241 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its holdings in shares of Ringcentral by 354.8% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 870,666 shares of the software maker's stock worth $21,558,000 after purchasing an additional 679,211 shares in the last quarter. Capital World Investors lifted its stake in Ringcentral by 5.9% during the fourth quarter. Capital World Investors now owns 10,663,441 shares of the software maker's stock valued at $373,327,000 after purchasing an additional 591,398 shares during the last quarter. Finally, First Trust Advisors LP boosted its holdings in Ringcentral by 35.6% during the fourth quarter. First Trust Advisors LP now owns 2,009,286 shares of the software maker's stock worth $70,345,000 after buying an additional 527,901 shares in the last quarter. Institutional investors 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.