John H. Marlow Sells 35,089 Shares of RingCentral, Inc. (NYSE:RNG) Stock

RingCentral, Inc. (NYSE:RNG) SVP John H. Marlow sold 35,089 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $28.56, for a total value of $1,002,141.84. Following the completion of the sale, the senior vice president now owns 313,510 shares of the company’s stock, valued at $8,953,845.60. This trade represents a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

RingCentral Stock Performance

NYSE RNG opened at $28.93 on Tuesday. The firm’s 50 day moving average price is $34.60 and its two-hundred day moving average price is $34.23. RingCentral, Inc. has a twelve month low of $26.98 and a twelve month high of $42.19. The stock has a market cap of $2.62 billion, a price-to-earnings ratio of -45.21, a PEG ratio of 1.27 and a beta of 1.01.

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

Institutional Trading of RingCentral

Hedge funds have recently made changes to their positions in the stock. Rafferty Asset Management LLC increased its stake in RingCentral by 1.7% in the 4th quarter. Rafferty Asset Management LLC now owns 19,685 shares of the software maker’s stock valued at $689,000 after buying an additional 325 shares during the period. Sovereign Financial Group Inc. grew its holdings in shares of RingCentral by 4.0% during the 4th quarter. Sovereign Financial Group Inc. now owns 10,079 shares of the software maker’s stock valued at $353,000 after acquiring an additional 386 shares in the last quarter. Gagnon Securities LLC increased its stake in shares of RingCentral by 5.6% in the fourth quarter. Gagnon Securities LLC now owns 7,703 shares of the software maker’s stock worth $270,000 after acquiring an additional 407 shares during the last quarter. Xponance Inc. raised its holdings in shares of RingCentral by 4.2% during the fourth quarter. Xponance Inc. now owns 10,664 shares of the software maker’s stock worth $373,000 after acquiring an additional 426 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in RingCentral by 10.4% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker’s stock valued at $176,000 after purchasing an additional 468 shares during the last quarter. 98.61% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently commented on RNG shares. Barclays dropped their price objective on RingCentral from $37.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Friday. Mizuho dropped their price target on shares of RingCentral from $42.00 to $36.00 and set a “neutral” rating on the stock in a research report on Monday, February 10th. Raymond James reduced their price objective on shares of RingCentral from $45.00 to $40.00 and set an “outperform” rating for the company in a research report on Friday. Rosenblatt Securities dropped their target price on shares of RingCentral from $45.00 to $40.00 and set a “buy” rating on the stock in a report on Friday. Finally, UBS Group cut their target price on shares of RingCentral from $40.00 to $38.00 and set a “neutral” rating for the company in a research note on Friday. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $38.15.

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.