RingCentral, Inc. (NYSE:RNG - Get Free Report) Director Ned D. Segal sold 2,914 shares of the firm's stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $41.60, for a total transaction of $121,222.40. Following the completion of the transaction, the director now directly owns 10,633 shares in the company, valued at approximately $442,332.80. This represents a 21.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.
RingCentral Price Performance
Shares of RNG opened at $39.05 on Friday. The business has a 50-day moving average of $36.07 and a 200-day moving average of $33.03. The company has a market capitalization of $3.53 billion, a price-to-earnings ratio of -36.84, a price-to-earnings-growth ratio of 2.65 and a beta of 0.99. RingCentral, Inc. has a 1 year low of $26.98 and a 1 year high of $42.19.
RingCentral (NYSE:RNG - Get Free Report) last announced its earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, topping analysts' consensus estimates of $0.14 by $0.10. The business 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, sell-side analysts anticipate that RingCentral, Inc. will post 0.84 EPS for the current year.
Analyst Upgrades and Downgrades
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Several analysts recently issued reports on RNG shares. Rosenblatt Securities reiterated a "buy" rating and set a $45.00 price target on shares of RingCentral in a research report on Friday, November 8th. StockNews.com raised RingCentral from a "buy" rating to a "strong-buy" rating in a report on Monday, November 11th. Mizuho reissued a "neutral" rating and set a $42.00 price target on shares of RingCentral in a report on Friday. Piper Sandler upped their price objective on RingCentral from $31.00 to $38.00 and gave the stock a "neutral" rating in a research report on Friday, November 8th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $42.00 target price on shares of RingCentral in a research report on Monday, November 11th. Eight investment analysts have rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, RingCentral currently has an average rating of "Moderate Buy" and an average price target of $41.43.
Check Out Our Latest Stock Analysis on RNG
Institutional Investors Weigh In On RingCentral
Several large investors have recently added to or reduced their stakes in the business. Victory Capital Management Inc. raised its stake in RingCentral by 35.0% during 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 period. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of RingCentral by 65.9% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 381,178 shares of the software maker's stock worth $12,057,000 after purchasing an additional 151,433 shares during the period. Olympiad Research LP acquired a new position in shares of RingCentral during the third quarter worth approximately $483,000. Scientech Research LLC bought a new position in shares of RingCentral in the 2nd quarter worth $957,000. Finally, Dimensional Fund Advisors LP acquired a new stake in RingCentral in the 2nd quarter valued at $3,630,000. Institutional investors and hedge funds own 98.61% of the company's stock.
RingCentral Company Profile
(
Get Free Report)
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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