R Neil Williams Sells 22,000 Shares of Ringcentral, Inc. (RNG) Stock
Ringcentral, Inc. (NYSE:RNG) Director R Neil Williams sold 22,000 shares of the stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $39.50, for a total transaction of $869,000.00. Following the completion of the sale, the director now owns 6,921 shares of the company’s stock, valued at $273,379.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Ringcentral, Inc. (RNG) traded up 0.51% during midday trading on Wednesday, reaching $39.40. 408,565 shares of the company traded hands. Ringcentral, Inc. has a 12 month low of $19.35 and a 12 month high of $43.05. The firm’s market capitalization is $3.02 billion. The company’s 50-day moving average price is $36.35 and its 200 day moving average price is $31.48.
Ringcentral (NYSE:RNG) last announced its earnings results on Wednesday, August 2nd. The software maker reported $0.04 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.01. Ringcentral had a negative net margin of 6.77% and a negative return on equity of 19.59%. The firm had revenue of $119.40 million during the quarter, compared to the consensus estimate of $118.19 million. During the same quarter in the previous year, the company posted $0.02 EPS. The firm’s revenue for the quarter was up 30.1% on a year-over-year basis. On average, equities analysts anticipate that Ringcentral, Inc. will post $0.17 earnings per share for the current year.
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A number of hedge funds and other institutional investors have recently made changes to their positions in RNG. Ameritas Investment Partners Inc. purchased a new position in shares of Ringcentral during the first quarter valued at $143,000. Fortaleza Asset Management Inc. bought a new position in Ringcentral during the first quarter worth approximately $157,000. Invictus RG bought a new position in Ringcentral during the first quarter worth approximately $162,000. ProShare Advisors LLC bought a new position in Ringcentral during the second quarter worth approximately $202,000. Finally, Amalgamated Bank bought a new position in Ringcentral during the first quarter worth approximately $203,000. 69.73% of the stock is owned by hedge funds and other institutional investors.
RNG has been the subject of a number of recent research reports. BidaskClub cut shares of Ringcentral from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 19th. Dougherty & Co initiated coverage on shares of Ringcentral in a research report on Wednesday, April 26th. They issued a “buy” rating and a $36.00 target price for the company. Summit Redstone reiterated a “buy” rating and issued a $40.00 target price (up from $36.00) on shares of Ringcentral in a research report on Thursday, August 3rd. Northland Securities set a $43.00 target price on shares of Ringcentral and gave the company a “buy” rating in a research report on Thursday, August 3rd. Finally, Zacks Investment Research cut shares of Ringcentral from a “hold” rating to a “sell” rating in a research report on Tuesday, August 8th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eleven have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $39.17.
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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