RingCentral Inc (NYSE:RNG) CAO John H. Marlow sold 6,000 shares of the firm’s stock in a transaction on Wednesday, April 19th. The stock was sold at an average price of $28.90, for a total value of $173,400.00. Following the transaction, the chief accounting officer now directly owns 139,007 shares of the company’s stock, valued at $4,017,302.30. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.
Shares of RingCentral Inc (NYSE:RNG) traded up 0.85% during mid-day trading on Thursday, hitting $29.70. The stock had a trading volume of 391,531 shares. The firm’s market capitalization is $2.21 billion. RingCentral Inc has a 1-year low of $17.83 and a 1-year high of $29.95. The stock’s 50-day moving average is $27.40 and its 200 day moving average is $23.71.
RingCentral (NYSE:RNG) last posted its quarterly earnings results on Monday, February 13th. The software maker reported $0.03 EPS for the quarter, beating the Zacks’ consensus estimate of $0.02 by $0.01. RingCentral had a negative net margin of 7.72% and a negative return on equity of 20.77%. The firm had revenue of $104.50 million for the quarter, compared to analysts’ expectations of $103.02 million. During the same quarter in the prior year, the company posted $0.01 earnings per share. The business’s revenue for the quarter was up 25.3% on a year-over-year basis. Equities research analysts predict that RingCentral Inc will post $0.15 EPS for the current fiscal year.
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Several large investors have recently bought and sold shares of the stock. Brighton Jones LLC purchased a new stake in RingCentral during the third quarter worth approximately $429,000. Shell Asset Management Co. boosted its stake in RingCentral by 54.6% in the third quarter. Shell Asset Management Co. now owns 270,615 shares of the software maker’s stock worth $6,403,000 after buying an additional 95,530 shares during the last quarter. First Trust Advisors LP boosted its stake in RingCentral by 157.4% in the third quarter. First Trust Advisors LP now owns 54,384 shares of the software maker’s stock worth $1,287,000 after buying an additional 33,258 shares during the last quarter. Aperio Group LLC boosted its stake in RingCentral by 1.6% in the third quarter. Aperio Group LLC now owns 12,164 shares of the software maker’s stock worth $288,000 after buying an additional 190 shares during the last quarter. Finally, TD Asset Management Inc. boosted its stake in RingCentral by 57.8% in the third quarter. TD Asset Management Inc. now owns 27,300 shares of the software maker’s stock worth $646,000 after buying an additional 10,000 shares during the last quarter. Hedge funds and other institutional investors own 66.67% of the company’s stock.
Several research analysts have recently weighed in on the company. William Blair reissued an “outperform” rating on shares of RingCentral in a research report on Monday, April 3rd. Morgan Stanley raised RingCentral from an “equal weight” rating to an “overweight” rating and set a $33.00 price objective for the company in a research report on Tuesday, April 11th. CIBC lifted their price objective on RingCentral from $29.00 to $32.00 and gave the stock an “outperform” rating in a research report on Friday, April 7th. Oppenheimer Holdings Inc. reissued an “outperform” rating and issued a $32.00 price objective (up from $29.00) on shares of RingCentral in a research report on Thursday, April 6th. Finally, Jefferies Group LLC lifted their price objective on RingCentral from $29.00 to $32.00 and gave the stock a “buy” rating in a research report on Monday, February 27th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and ten have issued a buy rating to the company. RingCentral presently has a consensus rating of “Buy” and an average price target of $29.13.
RingCentral, Inc is a provider of software-as-a-service (SaaS) solutions for businesses to support modern communications. The Company’s cloud-based business communications solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, personal computers (PCs) and desk phones, and allow for communication across multiple channels, including high definition (HD) voice, video, short messaging service (SMS), messaging and collaboration, conferencing, online meetings, and fax.
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