RingCentral, Inc. (NYSE:RNG) CAO Sells $29,191.60 in Stock

RingCentral, Inc. (NYSE:RNGGet Rating) CAO John H. Marlow sold 835 shares of the business’s stock in a transaction that occurred on Tuesday, January 10th. The shares were sold at an average price of $34.96, for a total transaction of $29,191.60. Following the completion of the sale, the chief accounting officer now owns 193,661 shares of the company’s stock, valued at $6,770,388.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

RingCentral Stock Down 0.8 %

RNG opened at $36.26 on Friday. The firm’s fifty day moving average price is $35.92 and its 200 day moving average price is $41.61. RingCentral, Inc. has a 12-month low of $28.00 and a 12-month high of $182.04.

RingCentral (NYSE:RNGGet Rating) last released its earnings results on Wednesday, November 9th. The software maker reported ($0.42) earnings per share for the quarter, missing the consensus estimate of ($0.36) by ($0.06). RingCentral had a negative net margin of 37.31% and a negative return on equity of 765.97%. The business had revenue of $509.03 million for the quarter, compared to the consensus estimate of $502.93 million. As a group, research analysts predict that RingCentral, Inc. will post -1.22 EPS for the current year.

Analyst Ratings Changes

RNG has been the topic of a number of recent research reports. Barclays reduced their price target on shares of RingCentral from $90.00 to $40.00 and set an “overweight” rating on the stock in a research report on Thursday, November 10th. Piper Sandler reduced their price target on shares of RingCentral from $59.00 to $39.00 and set an “overweight” rating on the stock in a research report on Thursday, November 10th. StockNews.com raised shares of RingCentral from a “sell” rating to a “hold” rating in a research report on Tuesday, January 10th. The Goldman Sachs Group reduced their price target on shares of RingCentral to $70.00 in a research report on Wednesday, November 16th. Finally, Wolfe Research cut shares of RingCentral from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, December 21st. Eight equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $79.75.

Institutional Trading of RingCentral

Several institutional investors have recently added to or reduced their stakes in the business. Yarbrough Capital LLC bought a new stake in RingCentral during the fourth quarter valued at $51,000. Assenagon Asset Management S.A. grew its position in shares of RingCentral by 16.2% during the fourth quarter. Assenagon Asset Management S.A. now owns 718,692 shares of the software maker’s stock worth $25,442,000 after acquiring an additional 100,399 shares during the last quarter. Captrust Financial Advisors grew its position in shares of RingCentral by 400.4% during the third quarter. Captrust Financial Advisors now owns 6,475 shares of the software maker’s stock worth $259,000 after acquiring an additional 5,181 shares during the last quarter. Neo Ivy Capital Management grew its position in shares of RingCentral by 64.7% during the third quarter. Neo Ivy Capital Management now owns 2,521 shares of the software maker’s stock worth $101,000 after acquiring an additional 990 shares during the last quarter. Finally, Public Employees Retirement System of Ohio grew its position in shares of RingCentral by 3.8% during the third quarter. Public Employees Retirement System of Ohio now owns 44,498 shares of the software maker’s stock worth $1,778,000 after acquiring an additional 1,635 shares during the last quarter. Institutional investors own 88.09% of the company’s stock.

About RingCentral

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RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect in North America. The company offers business cloud communications and contact center solutions based on its Message Video Phone? platform. Its products include RingCentral Office that provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers omni-channel; and RingCentral Engage Digital, a digital customer engagement platform that allows enterprises to interact with their customers.

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