Ringcentral, Inc. (NYSE:RNG) CAO Tarun Arora Sells 7,776 Shares

Ringcentral, Inc. (NYSE:RNG - Get Free Report) CAO Tarun Arora sold 7,776 shares of the stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $28.00, for a total transaction of $217,728.00. Following the completion of the sale, the chief accounting officer owned 114,497 shares of the company's stock, valued at approximately $3,205,916. The trade was a 6.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Ringcentral Stock Up 2.1%

NYSE:RNG traded up $0.57 during trading hours on Monday, reaching $28.36. The company had a trading volume of 1,086,443 shares, compared to its average volume of 1,320,988. The stock has a 50-day moving average of $26.43 and a two-hundred day moving average of $29.28. Ringcentral, Inc. has a one year low of $20.59 and a one year high of $42.19. The firm has a market capitalization of $2.55 billion, a PE ratio of -64.45, a PEG ratio of 0.90 and a beta of 1.27.

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

Analyst Upgrades and Downgrades

Several research firms have commented on RNG. Needham & Company LLC began coverage on Ringcentral in a report on Friday, May 9th. They issued a "buy" rating and a $36.00 price target for the company. Rosenblatt Securities restated a "buy" rating and set a $32.00 price objective on shares of Ringcentral in a research report on Monday, May 19th. Wedbush cut their target price on Ringcentral from $38.00 to $30.00 and set a "neutral" rating for the company in a research note on Friday, May 9th. UBS Group decreased their price target on shares of Ringcentral from $38.00 to $33.00 and set a "neutral" rating on the stock in a research note on Friday, May 9th. Finally, Piper Sandler boosted their price target on shares of Ringcentral from $25.00 to $28.00 and gave the company a "neutral" rating in a report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Ringcentral currently has a consensus rating of "Hold" and an average price target of $33.08.

Institutional Trading of Ringcentral

Several large investors have recently added to or reduced their stakes in the company. Private Advisor Group LLC raised its stake in shares of Ringcentral by 9.6% in the fourth quarter. Private Advisor Group LLC now owns 8,896 shares of the software maker's stock valued at $311,000 after acquiring an additional 777 shares during the last quarter. Plato Investment Management Ltd increased its holdings in Ringcentral by 27,590.6% during the 4th quarter. Plato Investment Management Ltd now owns 8,861 shares of the software maker's stock valued at $311,000 after purchasing an additional 8,829 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Ringcentral by 1.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 832,197 shares of the software maker's stock valued at $29,135,000 after purchasing an additional 10,110 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Ringcentral by 29.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,418 shares of the software maker's stock valued at $1,030,000 after purchasing an additional 6,736 shares during the last quarter. Finally, Wealthfront Advisers LLC acquired a new position in Ringcentral in the fourth quarter worth $312,000. 98.61% of the stock is owned by institutional investors.

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.

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