Insider Selling: RingCentral, Inc. (NYSE:RNG) SVP Sells 23,284 Shares of Stock

RingCentral, Inc. (NYSE:RNG - Get Free Report) SVP John H. Marlow sold 23,284 shares of the firm's stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $34.96, for a total transaction of $814,008.64. Following the completion of the sale, the senior vice president now directly owns 357,818 shares of the company's stock, valued at approximately $12,509,317.28. The trade was a 6.11 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

RingCentral Stock Performance

NYSE RNG traded up $2.04 on Friday, reaching $36.91. 1,282,240 shares of the company's stock traded hands, compared to its average volume of 1,222,489. The firm has a market cap of $3.34 billion, a price-to-earnings ratio of -34.82, a P/E/G ratio of 2.26 and a beta of 0.99. The stock has a 50 day moving average price of $33.32 and a 200-day moving average price of $32.59. RingCentral, Inc. has a fifty-two week low of $26.98 and a fifty-two week high of $40.98.

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of RNG. Neo Ivy Capital Management purchased a new stake in shares of RingCentral during the third quarter worth about $708,000. MidWestOne Financial Group Inc. purchased a new stake in shares of RingCentral during the third quarter worth about $210,000. Groupama Asset Managment increased its stake in shares of RingCentral by 125.0% during the third quarter. Groupama Asset Managment now owns 3,600,000 shares of the software maker's stock worth $113,868,000 after purchasing an additional 2,000,000 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in RingCentral during the 3rd quarter valued at about $1,132,000. Finally, Stifel Financial Corp grew its stake in RingCentral by 3.5% during the 3rd quarter. Stifel Financial Corp now owns 51,924 shares of the software maker's stock valued at $1,642,000 after acquiring an additional 1,752 shares in the last quarter. Institutional investors and hedge funds own 98.61% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Deutsche Bank Aktiengesellschaft lifted their price target on shares of RingCentral from $42.00 to $45.00 and gave the company a "buy" rating in a research note on Tuesday, August 6th. Northland Securities lifted their price target on shares of RingCentral from $43.00 to $50.00 and gave the company an "outperform" rating in a research note on Friday, August 2nd. Wedbush lifted their price target on shares of RingCentral from $36.00 to $41.00 and gave the company a "neutral" rating in a research note on Friday, November 8th. Rosenblatt Securities reaffirmed a "buy" rating and set a $45.00 price target on shares of RingCentral in a research note on Friday, November 8th. Finally, Raymond James decreased their price target on shares of RingCentral from $52.00 to $50.00 and set a "strong-buy" rating for the company in a research note on Friday, November 8th. Eight research analysts have rated the stock with a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $40.73.

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.

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.