RingCentral Inc (RNG) CAO Sells $215,861.24 in Stock
RingCentral Inc (NYSE:RNG) CAO John H. Marlow sold 6,286 shares of the stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $34.34, for a total value of $215,861.24. Following the completion of the transaction, the chief accounting officer now directly owns 140,116 shares in the company, valued at $4,811,583.44. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.
John H. Marlow also recently made the following trade(s):
- On Tuesday, May 23rd, John H. Marlow sold 3,000 shares of RingCentral stock. The shares were sold at an average price of $34.10, for a total value of $102,300.00.
Shares of RingCentral Inc (NYSE RNG) traded up 0.42% during trading on Monday, reaching $35.45. 199,777 shares of the company’s stock were exchanged. The company’s market capitalization is $2.66 billion. The company has a 50 day moving average price of $32.35 and a 200-day moving average price of $26.19. RingCentral Inc has a 52-week low of $18.54 and a 52-week high of $35.55.
RingCentral (NYSE:RNG) last posted its earnings results on Tuesday, April 25th. The software maker reported ($0.09) earnings per share for the quarter, meeting the Zacks’ consensus estimate of ($0.09). The business had revenue of $111.80 million for the quarter, compared to analysts’ expectations of $110.35 million. RingCentral had a negative net margin of 7.72% and a negative return on equity of 20.77%. The firm’s revenue for the quarter was up 29.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.01 earnings per share. On average, equities analysts forecast that RingCentral Inc will post $0.16 earnings per share for the current year.
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RNG has been the subject of several recent research reports. Dougherty & Co initiated coverage on RingCentral in a report on Wednesday, April 26th. They issued a “buy” rating and a $36.00 price target for the company. Morgan Stanley upgraded RingCentral from an “equal weight” rating to an “overweight” rating and set a $33.00 price target for the company in a report on Tuesday, April 11th. CIBC increased their price target on RingCentral from $32.00 to $33.00 and gave the company an “outperform” rating in a report on Tuesday, May 2nd. Oppenheimer Holdings Inc. reiterated an “outperform” rating and issued a $33.00 price target (up from $32.00) on shares of RingCentral in a report on Monday, May 1st. Finally, Jefferies Group LLC increased their price target on RingCentral from $32.00 to $38.00 and gave the company a “buy” rating in a report on Friday, April 28th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and ten have assigned a buy rating to the company’s stock. RingCentral presently has an average rating of “Buy” and an average price target of $30.78.
A number of hedge funds have recently bought and sold shares of the stock. Cortina Asset Management LLC boosted its stake in RingCentral by 4.5% in the fourth quarter. Cortina Asset Management LLC now owns 377,456 shares of the software maker’s stock worth $7,776,000 after buying an additional 16,320 shares during the last quarter. FMR LLC boosted its stake in RingCentral by 36.1% in the fourth quarter. FMR LLC now owns 414,700 shares of the software maker’s stock worth $8,543,000 after buying an additional 110,000 shares during the last quarter. State Street Corp boosted its stake in RingCentral by 3.9% in the fourth quarter. State Street Corp now owns 1,167,643 shares of the software maker’s stock worth $24,052,000 after buying an additional 43,897 shares during the last quarter. State Board of Administration of Florida Retirement System boosted its stake in RingCentral by 0.7% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 20,258 shares of the software maker’s stock worth $417,000 after buying an additional 140 shares during the last quarter. Finally, Cadence Capital Management LLC boosted its stake in RingCentral by 2.6% in the fourth quarter. Cadence Capital Management LLC now owns 19,892 shares of the software maker’s stock worth $410,000 after buying an additional 496 shares during the last quarter. 66.67% of the stock is currently owned by institutional investors and hedge funds.
RingCentral Company Profile
RingCentral, Inc is a provider of software-as-a-service (SaaS) solutions for businesses to support modern 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 high definition (HD) voice, video, short messaging service (SMS), messaging and collaboration, conferencing, online meetings, and fax.
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