RingCentral, Inc. (NYSE:RNG) SVP John H. Marlow Sells 23,284 Shares of Stock

RingCentral, Inc. (NYSE:RNG) SVP John H. Marlow sold 23,284 shares of RingCentral stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $34.96, for a total transaction of $814,008.64. Following the completion of the transaction, the senior vice president now directly owns 357,818 shares in the company, valued at approximately $12,509,317.28. The trade was a 6.11 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

RingCentral Price Performance

Shares of RingCentral stock opened at $36.91 on Friday. The firm has a 50-day moving average of $33.32 and a 200-day moving average of $32.59. RingCentral, Inc. has a 52-week low of $26.98 and a 52-week high of $40.98.

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

Analyst Ratings Changes

A number of research analysts have weighed in on RNG shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $42.00 price target on shares of RingCentral in a research note on Monday, November 11th. Piper Sandler boosted their target price on shares of RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. StockNews.com upgraded shares of RingCentral from a “buy” rating to a “strong-buy” rating in a report on Monday, November 11th. Wedbush boosted their target price on shares of RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Finally, Northland Securities upped their price objective on shares of RingCentral from $43.00 to $50.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Eight analysts have rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $40.73.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Neo Ivy Capital Management bought a new position in shares of RingCentral in the third quarter worth about $708,000. MidWestOne Financial Group Inc. bought a new position in shares of RingCentral in the third quarter worth about $210,000. Groupama Asset Managment lifted its holdings in shares of RingCentral by 125.0% in the third quarter. Groupama Asset Managment now owns 3,600,000 shares of the software maker’s stock worth $113,868,000 after acquiring an additional 2,000,000 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of RingCentral in the third quarter worth about $1,132,000. Finally, Stifel Financial Corp lifted its holdings in shares of RingCentral by 3.5% in the third quarter. Stifel Financial Corp now owns 51,924 shares of the software maker’s stock worth $1,642,000 after acquiring an additional 1,752 shares during the last quarter. 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.