RingCentral Inc (NYSE:RNG) CEO Vladimir Shmunis sold 8,018 shares of the firm’s stock in a transaction on Monday, March 12th. The stock was sold at an average price of $66.99, for a total transaction of $537,125.82. Following the completion of the transaction, the chief executive officer now directly owns 271,701 shares of the company’s stock, valued at approximately $18,201,249.99. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.
Vladimir Shmunis also recently made the following trade(s):
- On Friday, March 9th, Vladimir Shmunis sold 8,019 shares of RingCentral stock. The stock was sold at an average price of $66.12, for a total transaction of $530,216.28.
- On Tuesday, February 20th, Vladimir Shmunis sold 36,472 shares of RingCentral stock. The stock was sold at an average price of $64.64, for a total transaction of $2,357,550.08.
- On Thursday, February 22nd, Vladimir Shmunis sold 52,509 shares of RingCentral stock. The stock was sold at an average price of $64.06, for a total transaction of $3,363,726.54.
Shares of RingCentral Inc (RNG) traded down $1.05 during trading on Tuesday, hitting $66.10. 677,769 shares of the company traded hands, compared to its average volume of 664,730. RingCentral Inc has a 12-month low of $25.92 and a 12-month high of $67.70. The stock has a market capitalization of $5,235.56, a PE ratio of -194.41 and a beta of 0.68.
RingCentral (NYSE:RNG) last issued its earnings results on Monday, February 12th. The software maker reported $0.07 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.06 by $0.01. RingCentral had a negative net margin of 5.21% and a negative return on equity of 16.54%. The firm had revenue of $140.50 million during the quarter, compared to analysts’ expectations of $136.34 million. During the same quarter last year, the company posted $0.03 earnings per share. The firm’s revenue was up 34.4% compared to the same quarter last year. analysts expect that RingCentral Inc will post -0.25 EPS for the current year.
RingCentral declared that its Board of Directors has initiated a stock buyback program on Tuesday, February 27th that allows the company to buyback $35.00 million in shares. This buyback authorization allows the software maker to reacquire shares of its stock through a private placement purchase. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
Several institutional investors have recently modified their holdings of the stock. Crow Point Partners LLC purchased a new position in RingCentral in the fourth quarter valued at $116,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in RingCentral by 108.7% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,331 shares of the software maker’s stock valued at $161,000 after buying an additional 1,735 shares in the last quarter. Public Employees Retirement Association of Colorado purchased a new position in RingCentral in the fourth quarter valued at $174,000. Parametrica Management Ltd purchased a new position in RingCentral in the fourth quarter valued at $202,000. Finally, CIBC World Markets Inc. purchased a new position in RingCentral in the fourth quarter valued at $215,000. 75.76% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts have issued reports on RNG shares. Zacks Investment Research raised shares of RingCentral from a “hold” rating to a “buy” rating and set a $52.00 price target for the company in a report on Tuesday, November 14th. Stephens reaffirmed a “buy” rating and issued a $60.00 price target on shares of RingCentral in a report on Tuesday, February 13th. Oppenheimer raised their price target on shares of RingCentral from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Wednesday, December 6th. JPMorgan Chase & Co. raised their price target on shares of RingCentral from $52.00 to $60.00 and gave the stock a “neutral” rating in a report on Tuesday, February 13th. Finally, Bank of America raised their price target on shares of RingCentral from $57.00 to $67.00 and gave the stock a “buy” rating in a report on Tuesday, February 13th. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $53.79.
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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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