RingCentral Inc. (RNG) SVP John H. Marlow Sells 2,238 Shares of Stock
RingCentral Inc. (NYSE:RNG) SVP John H. Marlow sold 2,238 shares of RingCentral stock in a transaction dated Tuesday, November 22nd. The shares were sold at an average price of $22.20, for a total value of $49,683.60. Following the completion of the transaction, the senior vice president now directly owns 86,273 shares of the company’s stock, valued at $1,915,260.60. The transaction was disclosed in a legal filing with the SEC, which is available through this link.
Shares of RingCentral Inc. (NYSE:RNG) traded up 3.39% during midday trading on Thursday, reaching $22.85. The company’s stock had a trading volume of 331,632 shares. The firm’s market capitalization is $1.68 billion. The company’s 50-day moving average price is $21.84 and its 200 day moving average price is $21.64. RingCentral Inc. has a 1-year low of $13.88 and a 1-year high of $25.67.
RingCentral (NYSE:RNG) last announced its quarterly earnings results on Tuesday, October 25th. The company reported $0.03 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.01 by $0.02. The company earned $96.80 million during the quarter, compared to analyst estimates of $41.93 million. RingCentral had a negative return on equity of 20.73% and a negative net margin of 8.17%. The firm’s revenue was up 26.0% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.09) earnings per share. On average, equities research analysts forecast that RingCentral Inc. will post $0.08 earnings per share for the current year.
A number of large investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its stake in shares of RingCentral by 22.2% in the third quarter. Price T Rowe Associates Inc. MD now owns 1,827,286 shares of the company’s stock valued at $43,234,000 after buying an additional 332,354 shares in the last quarter. Verition Fund Management LLC raised its stake in shares of RingCentral by 0.7% in the third quarter. Verition Fund Management LLC now owns 21,008 shares of the company’s stock valued at $497,000 after buying an additional 149 shares in the last quarter. Eaton Vance Management purchased a new stake in shares of RingCentral during the third quarter valued at approximately $4,732,000. Capital World Investors raised its stake in shares of RingCentral by 84.6% in the third quarter. Capital World Investors now owns 2,648,604 shares of the company’s stock valued at $62,666,000 after buying an additional 1,213,604 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. raised its stake in shares of RingCentral by 5.4% in the third quarter. D. E. Shaw & Co. Inc. now owns 86,189 shares of the company’s stock valued at $2,039,000 after buying an additional 4,452 shares in the last quarter. Institutional investors own 69.61% of the company’s stock.
Several equities analysts have recently issued reports on the company. Robert W. Baird assumed coverage on RingCentral in a research note on Thursday, August 25th. They issued a “neutral” rating and a $24.00 price objective for the company. Oppenheimer Holdings Inc. reiterated an “outperform” rating and issued a $29.00 price objective (up previously from $27.00) on shares of RingCentral in a research note on Friday, August 5th. Jefferies Group lifted their price objective on RingCentral from $27.00 to $29.00 and gave the company a “buy” rating in a research note on Thursday, August 4th. Zacks Investment Research cut RingCentral from a “hold” rating to a “sell” rating in a research note on Tuesday, November 1st. Finally, Goldman Sachs Group Inc. restated a “neutral” rating and set a $26.00 target price on shares of RingCentral in a research note on Wednesday, October 26th. Four equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $25.89.
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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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