Ringcentral (NYSE:RNG) CEO Sells $747,858.24 in Stock

Ringcentral, Inc. (NYSE:RNG) CEO Vladimir Shmunis sold 27,018 shares of Ringcentral stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $27.68, for a total value of $747,858.24. Following the sale, the chief executive officer directly owned 262,240 shares of the company’s stock, valued at approximately $7,258,803.20. The trade was a 9.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Vladimir Shmunis also recently made the following trade(s):

• On Friday, November 21st, Vladimir Shmunis sold 46,844 shares of Ringcentral stock. The stock was sold at an average price of $26.89, for a total value of $1,259,635.16.

Ringcentral Stock Performance

Shares of RNG stock traded up $0.24 on Monday, hitting $27.53. The company’s stock had a trading volume of 1,393,829 shares, compared to its average volume of 1,493,781. The stock’s 50 day moving average is $28.49 and its 200-day moving average is $28.24. Ringcentral, Inc. has a fifty-two week low of $20.58 and a fifty-two week high of $42.19. The company has a market capitalization of $2.38 billion, a PE ratio of -196.64, a PEG ratio of 1.33 and a beta of 1.33.

Ringcentral (NYSE:RNG) last issued its quarterly earnings results on Monday, November 3rd. The software maker reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.05. The business had revenue of $638.66 million for the quarter, compared to the consensus estimate of $635.39 million. Ringcentral had a negative return on equity of 19.63% and a negative net margin of 0.50%.The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.95 earnings per share. Ringcentral has set its FY 2025 guidance at 4.290-4.330 EPS. Q4 2025 guidance at 1.120-1.150 EPS. On average, research analysts forecast that Ringcentral, Inc. will post 1.29 earnings per share for the current year.

Hedge Funds Weigh In On Ringcentral

Hedge funds have recently added to or reduced their stakes in the stock. Amalgamated Bank raised its stake in shares of Ringcentral by 6.9% in the third quarter. Amalgamated Bank now owns 6,512 shares of the software maker’s stock worth $185,000 after purchasing an additional 418 shares during the last quarter. Global Retirement Partners LLC raised its position in Ringcentral by 98.5% in the 3rd quarter. Global Retirement Partners LLC now owns 901 shares of the software maker’s stock valued at $26,000 after buying an additional 447 shares during the last quarter. Gagnon Securities LLC lifted its stake in Ringcentral by 5.9% during the 1st quarter. Gagnon Securities LLC now owns 8,155 shares of the software maker’s stock valued at $202,000 after acquiring an additional 452 shares in the last quarter. Jones Financial Companies Lllp boosted its holdings in Ringcentral by 61.6% during the 3rd quarter. Jones Financial Companies Lllp now owns 1,217 shares of the software maker’s stock worth $37,000 after acquiring an additional 464 shares during the last quarter. Finally, California State Teachers Retirement System raised its holdings in shares of Ringcentral by 0.8% in the second quarter. California State Teachers Retirement System now owns 68,575 shares of the software maker’s stock valued at $1,944,000 after purchasing an additional 524 shares during the last quarter. Institutional investors and hedge funds own 98.61% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Needham & Company LLC restated a “buy” rating and set a $36.00 price target on shares of Ringcentral in a report on Tuesday, November 4th. Wells Fargo & Company initiated coverage on shares of Ringcentral in a research note on Tuesday, September 30th. They issued an “equal weight” rating and a $32.00 price objective on the stock. Rosenblatt Securities reaffirmed a “buy” rating and set a $32.00 target price on shares of Ringcentral in a report on Tuesday, November 4th. Morgan Stanley raised their price objective on Ringcentral from $29.00 to $31.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 4th. Finally, Oppenheimer raised shares of Ringcentral from a “market perform” rating to an “outperform” rating and set a $35.00 target price for the company in a research report on Wednesday, August 6th. Four equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Ringcentral has an average rating of “Hold” and an average target price of $31.54.

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.