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

Ringcentral, Inc. (NYSE:RNG - Get Free Report) CAO Tarun Arora sold 7,776 shares of the business's stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $28.00, for a total value of $217,728.00. Following the transaction, the chief accounting officer directly owned 114,497 shares in the company, valued at approximately $3,205,916. This represents a 6.36% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

Ringcentral Price Performance

NYSE RNG traded up $0.46 during trading on Thursday, reaching $29.93. 750,576 shares of the company's stock traded hands, compared to its average volume of 1,317,749. Ringcentral, Inc. has a 12-month low of $20.59 and a 12-month high of $42.19. The firm has a market cap of $2.69 billion, a price-to-earnings ratio of -68.01, a price-to-earnings-growth ratio of 0.94 and a beta of 1.29. The company's 50 day simple moving average is $26.80 and its two-hundred day simple moving average is $29.20.

Ringcentral (NYSE:RNG - Get Free Report) last issued 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. The company had revenue of $612.06 million for the quarter, compared to analyst estimates of $610.53 million. Ringcentral had a negative net margin of 1.65% and a negative return on equity of 15.63%. Ringcentral's revenue was up 4.8% compared to the same quarter last year. During the same period last year, the company posted $0.87 earnings per share. Research analysts expect that Ringcentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently issued reports on RNG. Raymond James Financial dropped their price objective on Ringcentral from $40.00 to $35.00 and set an "outperform" rating for the company in a report on Friday, May 9th. Needham & Company LLC started coverage on shares of Ringcentral in a research note on Friday, May 9th. They set a "buy" rating and a $36.00 target price for the company. Wells Fargo & Company cut their price target on shares of Ringcentral from $30.00 to $22.00 and set an "underweight" rating on the stock in a report on Tuesday, April 22nd. UBS Group decreased their price objective on shares of Ringcentral from $38.00 to $33.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Finally, KeyCorp initiated coverage on shares of Ringcentral in a research report on Friday, June 6th. They issued a "sector weight" rating for the company. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, Ringcentral has a consensus rating of "Hold" and an average price target of $33.08.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in RNG. Rafferty Asset Management LLC grew its stake in Ringcentral by 1.7% in the fourth quarter. Rafferty Asset Management LLC now owns 19,685 shares of the software maker's stock valued at $689,000 after purchasing an additional 325 shares during the last quarter. Xponance Inc. grew its position in shares of Ringcentral by 4.2% in the 4th quarter. Xponance Inc. now owns 10,664 shares of the software maker's stock worth $373,000 after buying an additional 426 shares during the last quarter. Gagnon Securities LLC raised its stake in shares of Ringcentral by 5.9% during the 1st quarter. Gagnon Securities LLC now owns 8,155 shares of the software maker's stock worth $202,000 after acquiring an additional 452 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Ringcentral by 10.4% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker's stock worth $176,000 after acquiring an additional 468 shares in the last quarter. Finally, Private Advisor Group LLC lifted its position in Ringcentral by 6.2% during the first quarter. Private Advisor Group LLC now owns 9,448 shares of the software maker's stock valued at $234,000 after acquiring an additional 552 shares during the last quarter. 98.61% of the stock is owned by institutional investors.

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.