RingCentral, Inc. (NYSE:RNG) CEO Vladimir Shmunis Sells 66,451 Shares

RingCentral, Inc. (NYSE:RNG) CEO Vladimir Shmunis sold 66,451 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $34.96, for a total transaction of $2,323,126.96. Following the completion of the transaction, the chief executive officer now owns 479,468 shares in the company, valued at $16,762,201.28. This represents a 12.17 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

RingCentral Trading Up 5.9 %

Shares of NYSE:RNG opened at $36.91 on Friday. RingCentral, Inc. has a 12-month low of $26.98 and a 12-month high of $40.98. The stock has a market capitalization of $3.34 billion, a price-to-earnings ratio of -34.82, a PEG ratio of 2.21 and a beta of 0.99. The stock has a fifty day simple moving average of $33.47 and a two-hundred day simple moving average of $32.65.

RingCentral (NYSE:RNG) last announced its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.10. The company had revenue of $608.77 million for the quarter, compared to analysts’ expectations of $601.91 million. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. As a group, equities research analysts predict that RingCentral, Inc. will post 0.84 EPS for the current year.

Wall Street Analyst Weigh In

RNG has been the topic of a number of recent analyst reports. Rosenblatt Securities reissued a “buy” rating and issued a $45.00 price target on shares of RingCentral in a report on Friday, November 8th. Piper Sandler boosted their price target on RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Robert W. Baird increased their price objective on RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a report on Monday, November 11th. StockNews.com raised RingCentral from a “buy” rating to a “strong-buy” rating in a research note on Monday, November 11th. Finally, Raymond James dropped their price target on RingCentral from $52.00 to $50.00 and set a “strong-buy” rating for the company in a research note on Friday, November 8th. Eight analysts have rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $40.73.

Institutional Investors Weigh In On RingCentral

Several institutional investors and hedge funds have recently made changes to their positions in the company. Groupama Asset Managment boosted its stake in RingCentral by 125.0% during the 3rd quarter. Groupama Asset Managment now owns 3,600,000 shares of the software maker’s stock valued at $113,868,000 after purchasing an additional 2,000,000 shares during the last quarter. Pacer Advisors Inc. boosted its position in shares of RingCentral by 45.3% during the third quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock valued at $83,483,000 after buying an additional 822,892 shares during the last quarter. Vanguard Group Inc. increased its holdings in RingCentral by 5.2% in the 1st quarter. Vanguard Group Inc. now owns 10,909,549 shares of the software maker’s stock worth $378,998,000 after buying an additional 538,325 shares in the last quarter. Foundry Partners LLC purchased a new position in RingCentral in the 3rd quarter worth about $8,886,000. Finally, Cubist Systematic Strategies LLC lifted its stake in RingCentral by 130.1% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 414,347 shares of the software maker’s stock valued at $11,685,000 after acquiring an additional 234,238 shares during the period. Institutional investors own 98.61% of the company’s stock.

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.