John H. Marlow Sells 29,173 Shares of RingCentral, Inc. (NYSE:RNG) Stock

RingCentral, Inc. (NYSE:RNG) SVP John H. Marlow sold 29,173 shares of the business’s stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $26.56, for a total transaction of $774,834.88. Following the completion of the sale, the senior vice president now owns 352,448 shares of the company’s stock, valued at approximately $9,361,018.88. The trade was a 7.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

RingCentral Trading Down 2.2%

Shares of RingCentral stock opened at $25.96 on Friday. The company’s fifty day simple moving average is $25.31 and its two-hundred day simple moving average is $31.33. The company has a market cap of $2.33 billion, a P/E ratio of -40.55, a PEG ratio of 1.27 and a beta of 1.33. RingCentral, Inc. has a 12-month low of $20.59 and a 12-month high of $42.19.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Thursday, May 8th. The software maker reported $1.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.04. The business had revenue of $612.06 million for the quarter, compared to the consensus estimate of $610.53 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The company’s quarterly revenue was up 4.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.87 EPS. Analysts predict that RingCentral, Inc. will post 1.29 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Barclays decreased their target price on shares of RingCentral from $37.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Friday, February 21st. Robert W. Baird decreased their target price on shares of RingCentral from $38.00 to $32.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 25th. Piper Sandler lifted their target price on shares of RingCentral from $25.00 to $28.00 and gave the stock a “neutral” rating in a research note on Friday, May 9th. Raymond James decreased their target price on shares of RingCentral from $40.00 to $35.00 and set an “outperform” rating on the stock in a research note on Friday, May 9th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $32.00 target price on shares of RingCentral in a research note on Monday, May 19th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $33.08.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Fort Washington Investment Advisors Inc. OH boosted its stake in RingCentral by 32.5% during the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 550,304 shares of the software maker’s stock worth $19,266,000 after acquiring an additional 134,928 shares in the last quarter. Beaumont Financial Advisors LLC purchased a new position in shares of RingCentral during the fourth quarter valued at approximately $262,000. Northern Trust Corp lifted its holdings in shares of RingCentral by 2.3% during the fourth quarter. Northern Trust Corp now owns 529,746 shares of the software maker’s stock valued at $18,546,000 after purchasing an additional 11,911 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. boosted its position in shares of RingCentral by 106.9% in the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 185,205 shares of the software maker’s stock worth $6,484,000 after purchasing an additional 95,684 shares in the last quarter. Finally, Private Advisor Group LLC grew its stake in shares of RingCentral by 9.6% in the 4th quarter. Private Advisor Group LLC now owns 8,896 shares of the software maker’s stock worth $311,000 after buying an additional 777 shares during the last quarter. 98.61% of the stock is currently owned by institutional investors.

About RingCentral

RingCentral, Inc, together with its subsidiaries, provides cloud communications, video meetings, collaboration, and contact center software-as-a-service solutions worldwide. The company’s products include RingCentral Message Video Phone that provides a unified experience for communication and collaboration across multiple modes, including HD voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers AI-powered omnichannel and workforce engagement solutions with integrated RingCentral MVP; and RingCX, an AI-powered contact center that a native delivers omnichannel experience.