Ringcentral (NYSE:RNG) CEO Vladimir Shmunis Sells 46,844 Shares

Ringcentral, Inc. (NYSE:RNG) CEO Vladimir Shmunis sold 46,844 shares of the company’s stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $26.89, for a total value of $1,259,635.16. Following the completion of the sale, the chief executive officer directly owned 317,139 shares of the company’s stock, valued at approximately $8,527,867.71. This trade represents a 12.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

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

• On Monday, November 24th, Vladimir Shmunis sold 27,018 shares of Ringcentral stock. The stock was sold at an average price of $27.68, for a total transaction of $747,858.24.

Ringcentral Stock Up 0.9%

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

Ringcentral (NYSE:RNG) last announced its quarterly earnings results on Monday, November 3rd. The software maker reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.05. The firm had revenue of $638.66 million for the quarter, compared to analyst estimates of $635.39 million. Ringcentral had a negative net margin of 0.50% and a negative return on equity of 19.63%. The business’s revenue was up 4.9% on a year-over-year basis. During the same quarter in the previous year, the firm 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. Research analysts expect that Ringcentral, Inc. will post 1.29 EPS for the current year.

Hedge Funds Weigh In On Ringcentral

Hedge funds have recently made changes to their positions in the stock. Global Retirement Partners LLC increased its holdings in Ringcentral by 98.5% during the 3rd quarter. Global Retirement Partners LLC now owns 901 shares of the software maker’s stock worth $26,000 after acquiring an additional 447 shares during the period. Harvest Fund Management Co. Ltd purchased a new position in Ringcentral during the third quarter worth about $30,000. Jones Financial Companies Lllp raised its holdings in shares of Ringcentral by 61.6% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,217 shares of the software maker’s stock valued at $37,000 after acquiring an additional 464 shares in the last quarter. Parallel Advisors LLC boosted its position in shares of Ringcentral by 256.9% during the 2nd quarter. Parallel Advisors LLC now owns 1,481 shares of the software maker’s stock valued at $42,000 after acquiring an additional 1,066 shares during the last quarter. Finally, New Age Alpha Advisors LLC purchased a new position in shares of Ringcentral during the first quarter worth about $49,000. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have weighed in on RNG. Wells Fargo & Company started coverage on Ringcentral in a research report on Tuesday, September 30th. They set an “equal weight” rating and a $32.00 price target on the stock. UBS Group cut their target price on shares of Ringcentral from $33.00 to $32.00 and set a “neutral” rating for the company in a research note on Wednesday, August 6th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Ringcentral in a research note on Wednesday, November 19th. Jefferies Financial Group cut their price objective on shares of Ringcentral from $30.00 to $29.00 and set a “hold” rating for the company in a research report on Wednesday, August 6th. Finally, Needham & Company LLC reissued a “buy” rating and set a $36.00 price target on shares of Ringcentral in a report on Tuesday, November 4th. Four analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Ringcentral currently has an average rating of “Hold” and a consensus price target 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.