Ringcentral (NYSE:RNG) COO Sells $189,783.90 in Stock

Ringcentral, Inc. (NYSE:RNG) COO Kira Makagon sold 6,495 shares of the business’s stock in a transaction on Friday, December 26th. The stock was sold at an average price of $29.22, for a total transaction of $189,783.90. Following the completion of the sale, the chief operating officer directly owned 336,162 shares of the company’s stock, valued at $9,822,653.64. This represents a 1.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Kira Makagon also recently made the following trade(s):

• On Wednesday, November 26th, Kira Makagon sold 14,798 shares of Ringcentral stock. The stock was sold at an average price of $28.11, for a total value of $415,971.78.

Ringcentral Stock Down 0.1%

Shares of NYSE RNG traded down $0.02 during midday trading on Monday, reaching $29.55. The company had a trading volume of 796,979 shares, compared to its average volume of 1,456,740. The stock has a market cap of $2.56 billion, a PE ratio of 211.05, a price-to-earnings-growth ratio of 1.52 and a beta of 1.29. Ringcentral, Inc. has a one year low of $20.58 and a one year high of $37.23. The firm’s fifty day moving average price is $28.72 and its 200-day moving average price is $28.65.

Ringcentral (NYSE:RNG) last announced its quarterly earnings results on Monday, November 3rd. The software maker reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.05. The business had revenue of $638.66 million for the quarter, compared to analysts’ expectations of $635.39 million. Ringcentral had a negative return on equity of 22.38% and a net margin of 0.53%.During the same period in the previous year, the firm earned $0.95 EPS. The business’s quarterly revenue was up 4.9% on a year-over-year basis. Ringcentral has set its FY 2025 guidance at 4.290-4.330 EPS and its Q4 2025 guidance at 1.120-1.150 EPS. As a group, equities research analysts expect that Ringcentral, Inc. will post 1.29 EPS for the current year.

Analyst Ratings Changes

RNG has been the subject of several recent analyst reports. Wells Fargo & Company began coverage on shares of Ringcentral in a research note on Tuesday, September 30th. They set an “equal weight” rating and a $32.00 price objective for the company. Needham & Company LLC reiterated a “buy” rating and issued a $36.00 price objective on shares of Ringcentral in a research report on Tuesday, November 4th. Morgan Stanley upped their target price on Ringcentral from $29.00 to $31.00 and gave the company an “equal weight” rating in a report on Tuesday, November 4th. Rosenblatt Securities reiterated a “buy” rating and issued a $32.00 price target on shares of Ringcentral in a report on Tuesday, November 4th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Ringcentral in a research report on Monday, December 22nd. Four investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $31.54.

Hedge Funds Weigh In On Ringcentral

A number of hedge funds have recently added to or reduced their stakes in RNG. Global Retirement Partners LLC boosted its stake in Ringcentral by 98.5% during the 3rd quarter. Global Retirement Partners LLC now owns 901 shares of the software maker’s stock valued at $26,000 after purchasing an additional 447 shares during the last quarter. Harvest Fund Management Co. Ltd purchased a new stake in shares of Ringcentral during the third quarter valued at $30,000. Jones Financial Companies Lllp increased its holdings in Ringcentral by 61.6% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,217 shares of the software maker’s stock worth $37,000 after buying an additional 464 shares in the last quarter. Parallel Advisors LLC raised its position in Ringcentral by 256.9% in the 2nd quarter. Parallel Advisors LLC now owns 1,481 shares of the software maker’s stock worth $42,000 after buying an additional 1,066 shares during the last quarter. Finally, Ameritas Advisory Services LLC bought a new position in Ringcentral during the 2nd quarter valued at about $49,000. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

About Ringcentral

RingCentral, Inc is a leading provider of cloud-based business communications and collaboration solutions. The company’s flagship platform delivers unified communications as a service (UCaaS), integrating voice over IP (VoIP) phone systems, video conferencing, team messaging and SMS into a single, cloud-native application. In addition to its UCaaS offering, RingCentral provides contact center as a service (CCaaS) capabilities, enabling organizations to manage customer interactions across voice, email, chat and social channels from a centralized dashboard.

Founded in 1999 and headquartered in Belmont, California, RingCentral went public on the New York Stock Exchange under the ticker RNG in 2013.