RingCentral Inc. (NYSE:RNG) shares were down 2.8% on Wednesday following insider selling activity. The stock traded as low as $23.36 and last traded at $23.47, with a volume of 175,746 shares changing hands. The stock had previously closed at $24.15.
Specifically, SVP Praful Shah sold 10,000 shares of the business’s stock in a transaction on Monday, October 3rd. The shares were sold at an average price of $23.61, for a total transaction of $236,100.00. Following the transaction, the senior vice president now owns 318,247 shares in the company, valued at approximately $7,513,811.67. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Vladimir Shmunis sold 150,000 shares of the business’s stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $22.93, for a total transaction of $3,439,500.00. Following the transaction, the chief executive officer now owns 238,994 shares in the company, valued at approximately $5,480,132.42. The disclosure for this sale can be found here. Corporate insiders own 17.34% of the company’s stock.
A number of research analysts recently issued reports on RNG shares. Robert W. Baird started coverage on shares of RingCentral in a research report on Thursday, August 25th. They set a “neutral” rating and a $24.00 target price on the stock. Oppenheimer Holdings Inc. reiterated an “outperform” rating and set a $29.00 target price (up previously from $27.00) on shares of RingCentral in a research report on Friday, August 5th. Craig Hallum started coverage on shares of RingCentral in a research report on Thursday, July 7th. They set a “buy” rating and a $25.00 target price on the stock. Jefferies Group boosted their target price on shares of RingCentral from $27.00 to $29.00 and gave the company a “buy” rating in a research report on Thursday, August 4th. Finally, Summit Research began coverage on shares of RingCentral in a report on Tuesday, June 28th. They set a “buy” rating on the stock. Three investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $25.40.
The stock’s market capitalization is $1.67 billion. The stock has a 50 day moving average of $22.89 and a 200-day moving average of $20.51.
RingCentral (NYSE:RNG) last posted its quarterly earnings results on Wednesday, August 3rd. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.01. The firm earned $91.80 million during the quarter, compared to analyst estimates of $70.70 million. RingCentral had a negative return on equity of 21.08% and a negative net margin of 8.17%. RingCentral’s quarterly revenue was up 29.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.05) EPS. Equities research analysts expect that RingCentral Inc. will post $0.07 earnings per share for the current year.
Several institutional investors have recently bought and sold shares of RNG. BNP Paribas Arbitrage SA raised its position in RingCentral by 82.0% in the third quarter. BNP Paribas Arbitrage SA now owns 5,616 shares of the company’s stock valued at $133,000 after buying an additional 2,530 shares in the last quarter. Macquarie Group Ltd. bought a new position in RingCentral during the second quarter valued at about $2,915,000. Schwab Charles Investment Management Inc. raised its position in RingCentral by 6.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 221,182 shares of the company’s stock valued at $4,362,000 after buying an additional 12,714 shares in the last quarter. Metropolitan Life Insurance Co. NY raised its position in RingCentral by 11.0% in the second quarter. Metropolitan Life Insurance Co. NY now owns 41,827 shares of the company’s stock valued at $825,000 after buying an additional 4,147 shares in the last quarter. Finally, Jane Street Group LLC bought a new position in RingCentral during the second quarter valued at about $311,000. 67.06% of the stock is owned by hedge funds and other institutional investors.
RingCentral Company Profile
RingCentral, Inc is a provider of software-as-a-service (SaaS) solutions for business 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 voice, text, team messaging collaboration, high definition (HD) video for Web conferencing and fax.
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