Vladimir Shmunis Sells 66,112 Shares of RingCentral, Inc. (NYSE:RNG) Stock

RingCentral, Inc. (NYSE:RNG) CEO Vladimir Shmunis sold 66,112 shares of the company’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $28.83, for a total transaction of $1,906,008.96. Following the completion of the sale, the chief executive officer now directly owns 568,300 shares in the company, valued at approximately $16,384,089. The trade was a 10.42 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Vladimir Shmunis also recently made the following trade(s):

• On Monday, February 24th, Vladimir Shmunis sold 123,560 shares of RingCentral stock. The stock was sold at an average price of $28.56, for a total transaction of $3,528,873.60.

RingCentral Trading Down 0.4 %

Shares of RNG stock opened at $28.67 on Thursday. RingCentral, Inc. has a 1 year low of $26.98 and a 1 year high of $42.19. The firm’s 50 day moving average is $34.21 and its 200-day moving average is $34.17. The firm has a market capitalization of $2.59 billion, a price-to-earnings ratio of -44.80, a PEG ratio of 1.27 and a beta of 1.01.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.73). The company had revenue of $614.51 million during the quarter, compared to the consensus estimate of $612.37 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. On average, equities research analysts forecast that RingCentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Hedge Funds Weigh In On RingCentral

Large investors have recently made changes to their positions in the company. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in RingCentral in the fourth quarter worth about $49,000. Venturi Wealth Management LLC boosted its stake in shares of RingCentral by 150.4% in 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 grew its position in shares of RingCentral by 106.7% during the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after buying an additional 982 shares during the period. KBC Group NV raised its stake in shares of RingCentral by 38.9% during the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after buying an additional 744 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd acquired a new position in RingCentral in the fourth quarter valued at approximately $173,000. Institutional investors and hedge funds own 98.61% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on RNG. Rosenblatt Securities dropped their target price on RingCentral from $45.00 to $40.00 and set a “buy” rating for the company in a report on Friday, February 21st. StockNews.com upgraded RingCentral from a “buy” rating to a “strong-buy” rating in a research note on Thursday, February 20th. UBS Group reduced their target price on shares of RingCentral from $40.00 to $38.00 and set a “neutral” rating on the stock in a research note on Friday, February 21st. Barclays dropped their target price on shares of RingCentral from $37.00 to $31.00 and set an “equal weight” rating for the company in a research report on Friday, February 21st. Finally, Mizuho cut their price target on shares of RingCentral from $42.00 to $36.00 and set a “neutral” rating for the company in a report on Monday, February 10th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $37.69.

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.