RingCentral, Inc. (NYSE:RNG) Director Ned D. Segal Sells 2,914 Shares

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

RingCentral Price Performance

RNG opened at $39.05 on Friday. The company has a market capitalization of $3.53 billion, a price-to-earnings ratio of -36.84, a P/E/G ratio of 2.65 and a beta of 0.99. The business’s 50-day moving average price is $36.07 and its two-hundred day moving average price is $33.03. RingCentral, Inc. has a 1 year low of $26.98 and a 1 year high of $42.19.

RingCentral (NYSE:RNG) last announced 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. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. The business had revenue of $608.77 million for the quarter, compared to analyst estimates of $601.91 million. Sell-side analysts anticipate that RingCentral, Inc. will post 0.84 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently commented on the company. Robert W. Baird increased their target price on RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a report on Monday, November 11th. Raymond James reduced their price objective on RingCentral from $52.00 to $50.00 and set a “strong-buy” rating on the stock in a report on Friday, November 8th. Needham & Company LLC reiterated a “buy” rating and issued a $42.00 price objective on shares of RingCentral in a research report on Monday, November 11th. StockNews.com upgraded shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Monday, November 11th. Finally, 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. Eight 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 stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $41.43.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Sovereign Financial Group Inc. increased its holdings in RingCentral by 6.9% during the third quarter. Sovereign Financial Group Inc. now owns 9,693 shares of the software maker’s stock worth $307,000 after buying an additional 625 shares during the last quarter. Xponance Inc. lifted its position in shares of RingCentral by 6.8% in 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 boosted its stake in shares of RingCentral by 38.9% during the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after acquiring an additional 744 shares during the period. Private Advisor Group LLC grew 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 valued at $257,000 after buying an additional 971 shares during the last quarter. Finally, Quarry LP raised its holdings in RingCentral by 106.7% in the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after acquiring an additional 982 shares during the period. 98.61% of the stock is currently owned by institutional investors.

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.