Insider Selling: RingCentral, Inc. (NYSE:RNG) Director Sells 1,457 Shares of Stock

RingCentral, Inc. (NYSE:RNG - Get Free Report) Director Robert I. Theis sold 1,457 shares of the business's stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $37.79, for a total value of $55,060.03. Following the completion of the sale, the director now owns 28,690 shares of the company's stock, valued at approximately $1,084,195.10. This trade represents a 4.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

RingCentral Price Performance

Shares of RNG stock traded up $2.53 on Friday, reaching $41.03. 1,563,669 shares of the company were exchanged, compared to its average volume of 1,231,598. The company has a 50-day moving average of $34.89 and a 200-day moving average of $32.80. The company has a market cap of $3.71 billion, a price-to-earnings ratio of -36.32, a PEG ratio of 2.35 and a beta of 0.99. RingCentral, Inc. has a one year low of $26.98 and a one year high of $41.04.

RingCentral (NYSE:RNG - Get Free Report) last issued its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, topping the consensus estimate of $0.14 by $0.10. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. The firm had revenue of $608.77 million during the quarter, compared to the consensus estimate of $601.91 million. As a group, sell-side analysts predict that RingCentral, Inc. will post 0.84 EPS for the current year.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Piper Sandler increased their target price on RingCentral from $31.00 to $38.00 and gave the stock a "neutral" rating in a report on Friday, November 8th. StockNews.com raised shares of RingCentral from a "buy" rating to a "strong-buy" rating in a report on Monday, November 11th. Needham & Company LLC restated a "buy" rating and set a $42.00 price objective on shares of RingCentral in a research report on Monday, November 11th. Wedbush upped their target price on RingCentral from $36.00 to $41.00 and gave the stock a "neutral" rating in a research note on Friday, November 8th. Finally, Rosenblatt Securities reiterated a "buy" rating and issued a $45.00 price target on shares of RingCentral in a research note on Friday, November 8th. Eight investment analysts have rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, RingCentral presently has an average rating of "Moderate Buy" and an average price target of $40.73.

Institutional Investors Weigh In On RingCentral

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Victory Capital Management Inc. boosted its holdings in shares of RingCentral by 35.0% in the 2nd quarter. Victory Capital Management Inc. now owns 116,300 shares of the software maker's stock worth $3,280,000 after buying an additional 30,138 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of RingCentral by 65.9% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 381,178 shares of the software maker's stock worth $12,057,000 after acquiring an additional 151,433 shares during the period. Olympiad Research LP bought a new stake in RingCentral in the 3rd quarter valued at about $483,000. Scientech Research LLC purchased a new stake in RingCentral during the second quarter valued at about $957,000. Finally, Dimensional Fund Advisors LP purchased a new position in shares of RingCentral in the second quarter worth about $3,630,000. Hedge funds and other institutional investors own 98.61% of the company's stock.

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.

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