Insider Selling: RingCentral, Inc. (NYSE:RNG) Director Sells 2,914 Shares of Stock

RingCentral, Inc. (NYSE:RNG - Get Free Report) Director Ned D. Segal sold 2,914 shares of the business's stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $41.60, for a total value of $121,222.40. Following the transaction, the director now owns 10,633 shares of the company's stock, valued at $442,332.80. This trade represents a 21.51 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

RingCentral Trading Down 5.6 %

Shares of NYSE:RNG traded down $2.30 on Friday, reaching $39.05. The company had a trading volume of 1,693,179 shares, compared to its average volume of 1,235,599. The firm has a market capitalization of $3.53 billion, a PE ratio of -36.72, a PEG ratio of 2.65 and a beta of 0.99. RingCentral, Inc. has a 52-week low of $26.98 and a 52-week high of $42.19. The firm's 50 day simple moving average is $35.91 and its 200-day simple moving average is $33.00.

RingCentral (NYSE:RNG - Get Free Report) last posted its earnings results on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, beating analysts' consensus estimates of $0.14 by $0.10. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. The company had revenue of $608.77 million during the quarter, compared to analysts' expectations of $601.91 million. As a group, equities research analysts predict that RingCentral, Inc. will post 0.84 earnings per share for the current year.

Analyst Upgrades and Downgrades

RNG has been the subject of a number of recent analyst reports. Needham & Company LLC restated a "buy" rating and set a $42.00 price objective on shares of RingCentral in a report on Monday, November 11th. StockNews.com raised shares of RingCentral from a "buy" rating to a "strong-buy" rating in a research note on Monday, November 11th. Raymond James reduced their price target on shares of RingCentral from $52.00 to $50.00 and set a "strong-buy" rating on the stock in a research note on Friday, November 8th. Mizuho reiterated a "neutral" rating and set a $42.00 price objective on shares of RingCentral in a report on Friday. Finally, Piper Sandler upped their target price on shares of RingCentral from $31.00 to $38.00 and gave the stock a "neutral" rating in a research note on Friday, November 8th. Eight equities research analysts have rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $41.43.

Hedge Funds Weigh In On RingCentral

Several hedge funds have recently modified their holdings of RNG. Sovereign Financial Group Inc. grew its position in RingCentral by 6.9% during the 3rd quarter. Sovereign Financial Group Inc. now owns 9,693 shares of the software maker's stock worth $307,000 after purchasing an additional 625 shares during the last quarter. Xponance Inc. grew its holdings in shares of RingCentral by 6.8% during the second quarter. Xponance Inc. now owns 11,122 shares of the software maker's stock valued at $314,000 after buying an additional 704 shares during the last quarter. KBC Group NV increased its position in shares of RingCentral by 38.9% in the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker's stock valued at $84,000 after acquiring an additional 744 shares during the period. Private Advisor Group LLC raised its stake in RingCentral by 13.6% in the 3rd quarter. Private Advisor Group LLC now owns 8,119 shares of the software maker's stock worth $257,000 after acquiring an additional 971 shares during the last quarter. Finally, Quarry LP lifted its position in RingCentral by 106.7% during the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker's stock worth $60,000 after acquiring an additional 982 shares during the period. Institutional investors and hedge funds own 98.61% of the company's stock.

RingCentral Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.