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

RingCentral, Inc. (NYSE:RNG) Director Ned D. Segal sold 2,914 shares of the company’s stock in a transaction on 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 sale, the director now directly owns 10,633 shares in the company, valued at $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 accessible through the SEC website.

RingCentral Trading Down 5.6 %

NYSE:RNG traded down $2.30 during trading hours on Friday, hitting $39.05. 1,693,179 shares of the stock were exchanged, compared to its average volume of 1,235,599. The company has a market cap of $3.53 billion, a P/E ratio of -36.72, a P/E/G ratio of 2.65 and a beta of 0.99. The firm’s fifty day moving average price is $35.91 and its 200 day moving average price is $33.00. RingCentral, Inc. has a 52-week low of $26.98 and a 52-week high of $42.19.

RingCentral (NYSE:RNG) last posted its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.10. The firm had revenue of $608.77 million for 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%. Equities analysts expect that RingCentral, Inc. will post 0.84 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on RNG. Piper Sandler lifted their price objective on RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Wedbush lifted their price target on RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Needham & Company LLC restated a “buy” rating and issued a $42.00 price objective on shares of RingCentral in a research report on Monday, November 11th. Robert W. Baird lifted their target price on shares of RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a report on Monday, November 11th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $45.00 target price on shares of RingCentral in a research note on Friday, November 8th. Eight research analysts have rated the stock with a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $41.43.

Institutional Investors Weigh In On RingCentral

Hedge funds have recently modified their holdings of the company. 272 Capital LP purchased a new stake in shares of RingCentral in the 3rd quarter valued at approximately $436,000. Sanctuary Advisors LLC acquired a new stake in RingCentral during the third quarter worth $178,000. Neo Ivy Capital Management purchased a new stake in RingCentral in the third quarter valued at $708,000. MidWestOne Financial Group Inc. acquired a new position in shares of RingCentral in the 3rd quarter valued at $210,000. Finally, Y Intercept Hong Kong Ltd purchased a new position in shares of RingCentral during the 3rd quarter worth $1,132,000. Hedge funds and other institutional investors own 98.61% of the company’s stock.

About RingCentral

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.