Ringcentral, Inc. (NYSE:RNG) CAO John H. Marlow sold 11,000 shares of the stock in a transaction on Wednesday, July 19th. The shares were sold at an average price of $35.80, for a total value of $393,800.00. Following the completion of the transaction, the chief accounting officer now owns 138,830 shares of the company’s stock, valued at approximately $4,970,114. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.
John H. Marlow also recently made the following trade(s):
- On Tuesday, May 23rd, John H. Marlow sold 3,000 shares of Ringcentral stock. The shares were sold at an average price of $34.10, for a total value of $102,300.00.
Ringcentral, Inc. (NYSE RNG) traded up 0.56% during midday trading on Wednesday, hitting $36.00. The stock had a trading volume of 1,663,937 shares. Ringcentral, Inc. has a 52 week low of $19.35 and a 52 week high of $39.00. The firm’s market cap is $2.71 billion. The stock has a 50-day moving average of $36.28 and a 200-day moving average of $29.53.
Ringcentral (NYSE:RNG) last posted its earnings results on Tuesday, April 25th. The software maker reported ($0.09) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.09). Ringcentral had a negative return on equity of 20.12% and a negative net margin of 7.41%. The firm had revenue of $111.80 million during the quarter, compared to analysts’ expectations of $110.35 million. During the same period in the previous year, the firm earned $0.01 earnings per share. The company’s revenue was up 29.2% on a year-over-year basis. Analysts forecast that Ringcentral, Inc. will post $0.16 EPS for the current fiscal year.
RNG has been the subject of a number of recent analyst reports. William Blair reiterated an “outperform” rating on shares of Ringcentral in a research report on Monday, April 3rd. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and issued a $32.00 price target (up previously from $29.00) on shares of Ringcentral in a research report on Thursday, April 6th. CIBC increased their price target on Ringcentral from $29.00 to $32.00 and gave the company an “outperform” rating in a research report on Friday, April 7th. Morgan Stanley upgraded Ringcentral from an “equal weight” rating to an “overweight” rating and set a $33.00 price target for the company in a research report on Tuesday, April 11th. Finally, Dougherty & Co began coverage on Ringcentral in a research report on Wednesday, April 26th. They set a “buy” rating and a $36.00 price objective for the company. One analyst has rated the stock with a sell rating, one has issued a hold rating and eleven have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $36.80.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Ameritas Investment Partners Inc. purchased a new position in Ringcentral during the first quarter valued at $143,000. Fortaleza Asset Management Inc. purchased a new position in Ringcentral during the first quarter valued at $157,000. Invictus RG purchased a new position in Ringcentral during the first quarter valued at $162,000. Amalgamated Bank purchased a new position in Ringcentral during the first quarter valued at $203,000. Finally, Westpac Banking Corp purchased a new position in Ringcentral during the first quarter valued at $214,000. 72.03% of the stock is owned by institutional investors.
Ringcentral Company Profile
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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