Insider Selling: Ringcentral, Inc. (RNG) CAO Sells 1,945 Shares of Stock
Ringcentral, Inc. (NYSE:RNG) CAO John H. Marlow sold 1,945 shares of the stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $48.65, for a total value of $94,624.25. Following the completion of the transaction, the chief accounting officer now directly owns 120,373 shares of the company’s stock, valued at approximately $5,856,146.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.
Shares of Ringcentral, Inc. (NYSE RNG) traded down $0.40 during trading on Wednesday, hitting $48.30. The stock had a trading volume of 337,661 shares, compared to its average volume of 668,362. Ringcentral, Inc. has a twelve month low of $19.95 and a twelve month high of $49.10.
Ringcentral (NYSE:RNG) last announced its earnings results on Wednesday, November 8th. The software maker reported $0.06 EPS for the quarter, beating the consensus estimate of $0.04 by $0.02. Ringcentral had a negative return on equity of 17.97% and a negative net margin of 5.80%. The business had revenue of $129.76 million during the quarter, compared to the consensus estimate of $126.06 million. During the same period in the prior year, the business posted $0.03 earnings per share. Ringcentral’s revenue was up 34.0% compared to the same quarter last year. analysts forecast that Ringcentral, Inc. will post -0.33 EPS for the current year.
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Hedge funds and other institutional investors have recently made changes to their positions in the company. Sei Investments Co. lifted its holdings in shares of Ringcentral by 66.1% during the second quarter. Sei Investments Co. now owns 31,255 shares of the software maker’s stock valued at $1,142,000 after purchasing an additional 12,442 shares during the last quarter. SG Americas Securities LLC purchased a new stake in shares of Ringcentral during the second quarter valued at $1,173,000. Federated Investors Inc. PA lifted its holdings in shares of Ringcentral by 58.3% during the second quarter. Federated Investors Inc. PA now owns 164,268 shares of the software maker’s stock valued at $6,004,000 after purchasing an additional 60,468 shares during the last quarter. FMR LLC lifted its holdings in shares of Ringcentral by 40.1% during the second quarter. FMR LLC now owns 2,905,422 shares of the software maker’s stock valued at $106,193,000 after purchasing an additional 832,314 shares during the last quarter. Finally, Bank of Nova Scotia purchased a new stake in shares of Ringcentral during the second quarter valued at $1,871,000. 76.88% of the stock is owned by institutional investors and hedge funds.
Several research analysts have recently issued reports on RNG shares. Bank of America Corporation increased their price target on Ringcentral from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, October 25th. Summit Redstone reissued a “buy” rating and issued a $40.00 price target (up previously from $36.00) on shares of Ringcentral in a research note on Thursday, August 3rd. Dougherty & Co increased their price target on Ringcentral from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday, August 3rd. Jefferies Group LLC reissued a “buy” rating and issued a $48.00 price target on shares of Ringcentral in a research note on Thursday, October 19th. Finally, Zacks Investment Research upgraded Ringcentral from a “hold” rating to a “buy” rating and set a $49.00 price objective for the company in a report on Wednesday, October 4th. Three investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $44.15.
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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