Vladimir Shmunis Sells 123,560 Shares of RingCentral, Inc. (NYSE:RNG) Stock

RingCentral, Inc. (NYSE:RNG) CEO Vladimir Shmunis sold 123,560 shares of the 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 $3,528,873.60. Following the transaction, the chief executive officer now directly owns 444,740 shares of the company’s stock, valued at approximately $12,701,774.40. This trade represents a 21.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

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

• On Friday, February 21st, Vladimir Shmunis sold 66,112 shares of RingCentral stock. The stock was sold at an average price of $28.83, for a total value of $1,906,008.96.

RingCentral Stock Performance

RingCentral stock opened at $28.67 on Thursday. The stock has a fifty day moving average of $34.21 and a two-hundred day moving average of $34.17. The company 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, Inc. has a fifty-two week low of $26.98 and a fifty-two week high of $42.19.

RingCentral (NYSE:RNG) last released its quarterly earnings results 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). RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. The company had revenue of $614.51 million for the quarter, compared to analysts’ expectations of $612.37 million. On average, analysts forecast that RingCentral, Inc. will post 1.29 EPS for the current fiscal year.

Institutional Investors Weigh In On RingCentral

Several hedge funds have recently made changes to their positions in RNG. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in shares of RingCentral during the fourth quarter worth $49,000. Venturi Wealth Management LLC boosted its holdings in shares of RingCentral by 150.4% during the third quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock worth $59,000 after purchasing an additional 1,119 shares during the last quarter. Quarry LP boosted its holdings in shares of RingCentral by 106.7% during the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after purchasing an additional 982 shares during the last quarter. KBC Group NV boosted its holdings 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 purchasing an additional 744 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd acquired a new stake in shares of RingCentral during the fourth quarter worth $173,000. Institutional investors and hedge funds own 98.61% of the company’s stock.

Analyst Upgrades and Downgrades

RNG has been the subject of several research analyst reports. Wells Fargo & Company reaffirmed an “underweight” rating and issued a $30.00 price objective (down from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th. Morgan Stanley raised their price objective on RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 18th. Wedbush raised their price objective on RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Raymond James dropped their price objective on RingCentral from $45.00 to $40.00 and set an “outperform” rating for the company in a research note on Friday, February 21st. Finally, Barclays dropped their price objective on RingCentral from $37.00 to $31.00 and set an “equal weight” rating for the company in a research note on Friday, February 21st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $37.69.

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.