RingCentral Inc. (RNG) Stock Price Down 2.8% After Insider Selling
Shares of RingCentral Inc. (NYSE:RNG) traded down 2.8% during mid-day trading on Wednesday following insider selling activity. The stock traded as low as $23.36 and last traded at $23.47, with a volume of 175,746 shares. The stock had previously closed at $24.15.
Specifically, CEO Vladimir Shmunis sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 9th. The stock was sold at an average price of $23.16, for a total value of $463,200.00. Following the completion of the transaction, the chief executive officer now directly owns 243,994 shares of the company’s stock, valued at $5,650,901.04. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Praful Shah sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $23.19, for a total value of $231,900.00. Following the completion of the transaction, the senior vice president now directly owns 340,662 shares of the company’s stock, valued at $7,899,951.78. The disclosure for this sale can be found here. 17.34% of the stock is owned by insiders.
RNG has been the subject of several recent analyst reports. Robert W. Baird initiated coverage on RingCentral in a report on Thursday, August 25th. They issued a “neutral” rating and a $24.00 target price for the company. Oppenheimer Holdings Inc. reaffirmed an “outperform” rating and issued a $29.00 target price (up from $27.00) on shares of RingCentral in a report on Friday, August 5th. Craig Hallum initiated coverage on RingCentral in a report on Thursday, July 7th. They issued a “buy” rating and a $25.00 target price for the company. Jefferies Group upped their target price on RingCentral from $27.00 to $29.00 and gave the company a “buy” rating in a report on Thursday, August 4th. Finally, Summit Research initiated coverage on RingCentral in a report on Tuesday, June 28th. They issued a “buy” rating for the company. Three investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $25.40.
The company’s market cap is $1.69 billion. The stock has a 50 day moving average of $22.89 and a 200-day moving average of $20.50.
RingCentral (NYSE:RNG) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported $0.02 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.01 by $0.01. The company earned $91.80 million during the quarter, compared to the consensus estimate of $70.70 million. RingCentral had a negative net margin of 8.17% and a negative return on equity of 21.08%. The firm’s quarterly revenue was up 29.8% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.05) earnings per share. Analysts forecast that RingCentral Inc. will post $0.07 EPS for the current year.
Several large investors have recently made changes to their positions in the stock. Nisa Investment Advisors LLC increased its stake in shares of RingCentral by 20.0% in the second quarter. Nisa Investment Advisors LLC now owns 12,000 shares of the company’s stock valued at $237,000 after buying an additional 2,000 shares during the period. Herald Investment Management Ltd purchased a new stake in shares of RingCentral during the first quarter valued at $1,573,000. Hunt Lane Capital LP increased its stake in shares of RingCentral by 92.8% in the first quarter. Hunt Lane Capital LP now owns 1,187,508 shares of the company’s stock valued at $18,703,000 after buying an additional 571,508 shares during the period. Jacobs Levy Equity Management Inc. increased its stake in shares of RingCentral by 41.8% in the first quarter. Jacobs Levy Equity Management Inc. now owns 122,160 shares of the company’s stock valued at $1,924,000 after buying an additional 35,998 shares during the period. Finally, Harvest Capital Strategies LLC purchased a new stake in shares of RingCentral during the first quarter valued at $2,097,000. 67.06% of the stock is owned by institutional investors.
RingCentral Company Profile
RingCentral, Inc is a provider of software-as-a-service (SaaS) solutions for business communications. The Company’s cloud-based business communications solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, personal computers (PCs) and desk phones, and allow for communication across multiple channels, including voice, text, team messaging collaboration, high definition (HD) video for Web conferencing and fax.
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