Insider Selling: Ringcentral (NYSE:RNG) COO Sells 14,798 Shares of Stock

Ringcentral, Inc. (NYSE:RNG) COO Kira Makagon sold 14,798 shares of the company’s stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of $28.11, for a total transaction of $415,971.78. Following the sale, the chief operating officer directly owned 349,358 shares in the company, valued at approximately $9,820,453.38. This trade represents a 4.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Ringcentral Trading Up 2.2%

Shares of NYSE RNG traded up $0.62 during midday trading on Monday, hitting $28.86. The company’s stock had a trading volume of 1,303,301 shares, compared to its average volume of 1,485,529. The firm has a market capitalization of $2.50 billion, a price-to-earnings ratio of -206.09, a P/E/G ratio of 1.33 and a beta of 1.33. The stock has a fifty day moving average price of $28.22 and a 200 day moving average price of $28.24. Ringcentral, Inc. has a one year low of $20.58 and a one year high of $42.19.

Ringcentral (NYSE:RNG) last released its quarterly earnings data on Monday, November 3rd. The software maker reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.05. The business had revenue of $638.66 million during the quarter, compared to analyst estimates of $635.39 million. Ringcentral had a negative net margin of 0.50% and a negative return on equity of 19.63%. Ringcentral’s revenue was up 4.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.95 EPS. Ringcentral has set its FY 2025 guidance at 4.290-4.330 EPS. Q4 2025 guidance at 1.120-1.150 EPS. On average, equities research analysts predict that Ringcentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Institutional Trading of Ringcentral

Large investors have recently modified their holdings of the business. Fort Washington Investment Advisors Inc. OH boosted its position in Ringcentral by 27.1% during the 2nd quarter. Fort Washington Investment Advisors Inc. OH now owns 995,888 shares of the software maker’s stock valued at $28,233,000 after acquiring an additional 212,146 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in Ringcentral in the second quarter worth $404,000. Vise Technologies Inc. bought a new stake in shares of Ringcentral during the 2nd quarter valued at $430,000. CSM Advisors LLC bought a new position in shares of Ringcentral in the 2nd quarter worth about $5,854,000. Finally, Acadian Asset Management LLC grew its holdings in Ringcentral by 3.6% in the second quarter. Acadian Asset Management LLC now owns 1,081,588 shares of the software maker’s stock worth $30,646,000 after purchasing an additional 37,611 shares during the period. 98.61% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

RNG has been the topic of a number of research analyst reports. Morgan Stanley increased their price target on shares of Ringcentral from $29.00 to $31.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 4th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Ringcentral in a research note on Tuesday, November 25th. Rosenblatt Securities reiterated a “buy” rating and set a $32.00 price objective on shares of Ringcentral in a research report on Tuesday, November 4th. UBS Group decreased their price objective on Ringcentral from $33.00 to $32.00 and set a “neutral” rating on the stock in a report on Wednesday, August 6th. Finally, Jefferies Financial Group dropped their target price on Ringcentral from $30.00 to $29.00 and set a “hold” rating for the company in a research report on Wednesday, August 6th. Four analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Ringcentral presently has an average rating of “Hold” and an average target price of $31.54.

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.