John H. Marlow Sells 7,946 Shares of Ringcentral, Inc. (RNG) Stock
Ringcentral, Inc. (NYSE:RNG) CAO John H. Marlow sold 7,946 shares of Ringcentral stock in a transaction dated Friday, August 25th. The stock was sold at an average price of $39.20, for a total value of $311,483.20. Following the sale, the chief accounting officer now directly owns 135,047 shares of the company’s stock, valued at approximately $5,293,842.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Ringcentral, Inc. (NYSE:RNG) opened at 40.30 on Thursday. The stock’s 50 day moving average price is $36.76 and its 200 day moving average price is $32.18. Ringcentral, Inc. has a 52 week low of $19.35 and a 52 week high of $43.05. The firm’s market capitalization is $3.09 billion.
Ringcentral (NYSE:RNG) last issued its quarterly earnings results on Wednesday, August 2nd. The software maker reported $0.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.01. The firm had revenue of $119.40 million during the quarter, compared to analyst estimates of $118.19 million. Ringcentral had a negative return on equity of 19.59% and a negative net margin of 6.77%. The firm’s quarterly revenue was up 30.1% on a year-over-year basis. During the same period last year, the company posted $0.02 EPS. On average, equities analysts expect that Ringcentral, Inc. will post $0.17 EPS for the current year.
Several large investors have recently made changes to their positions in the stock. BlackRock Inc. increased its stake in shares of Ringcentral by 64,315.0% in the first quarter. BlackRock Inc. now owns 3,827,538 shares of the software maker’s stock worth $108,320,000 after buying an additional 3,821,596 shares during the period. FMR LLC increased its stake in shares of Ringcentral by 399.9% in the first quarter. FMR LLC now owns 2,073,108 shares of the software maker’s stock worth $58,668,000 after buying an additional 1,658,408 shares during the period. Capital World Investors increased its stake in shares of Ringcentral by 23.9% in the second quarter. Capital World Investors now owns 6,599,000 shares of the software maker’s stock worth $241,193,000 after buying an additional 1,275,000 shares during the period. Whale Rock Capital Management LLC bought a new stake in shares of Ringcentral during the second quarter worth approximately $39,450,000. Finally, Massachusetts Financial Services Co. MA bought a new stake in shares of Ringcentral during the first quarter worth approximately $15,197,000. Institutional investors own 75.22% of the company’s stock.
RNG has been the subject of a number of research reports. BidaskClub downgraded Ringcentral from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 19th. Summit Redstone reaffirmed a “buy” rating and set a $40.00 target price (up previously from $36.00) on shares of Ringcentral in a report on Thursday, August 3rd. Northland Securities set a $43.00 target price on Ringcentral and gave the stock a “buy” rating in a report on Thursday, August 3rd. Robert W. Baird downgraded Ringcentral from an “outperform” rating to a “neutral” rating and lifted their target price for the stock from $38.80 to $41.00 in a report on Thursday, August 10th. Finally, Dougherty & Co lifted their target price on Ringcentral from $36.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, August 3rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eleven have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $39.17.
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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