Ringcentral (NYSE:RNG) CAO Tarun Arora Sells 3,888 Shares

Ringcentral, Inc. (NYSE:RNG) CAO Tarun Arora sold 3,888 shares of the stock in a transaction on Monday, December 1st. The shares were sold at an average price of $28.70, for a total value of $111,585.60. Following the completion of the transaction, the chief accounting officer directly owned 93,412 shares of the company’s stock, valued at approximately $2,680,924.40. This represents a 4.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Tarun Arora also recently made the following trade(s):

• On Thursday, November 13th, Tarun Arora sold 882 shares of Ringcentral stock. The shares were sold at an average price of $27.38, for a total value of $24,149.16.

Ringcentral Price Performance

Shares of RNG stock traded up $0.62 during trading on Monday, hitting $28.86. 1,303,301 shares of the stock traded hands, compared to its average volume of 1,485,529. The firm has a market capitalization of $2.50 billion, a P/E ratio of -206.09, a price-to-earnings-growth ratio of 1.33 and a beta of 1.33. Ringcentral, Inc. has a 52-week low of $20.58 and a 52-week high of $42.19. The firm’s fifty day moving average price is $28.22 and its 200-day moving average price is $28.24.

Ringcentral (NYSE:RNG) last posted its earnings results on Monday, November 3rd. The software maker reported $1.13 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.05. Ringcentral had a negative net margin of 0.50% and a negative return on equity of 19.63%. The firm had revenue of $638.66 million during the quarter, compared to the consensus estimate of $635.39 million. During the same quarter last year, the firm earned $0.95 EPS. The firm’s revenue for the quarter was up 4.9% on a year-over-year basis. Ringcentral has set its FY 2025 guidance at 4.290-4.330 EPS. Q4 2025 guidance at 1.120-1.150 EPS. As a group, equities research analysts expect that Ringcentral, Inc. will post 1.29 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Vanguard Group Inc. raised its position in Ringcentral by 1.1% in the third quarter. Vanguard Group Inc. now owns 11,823,636 shares of the software maker’s stock worth $335,082,000 after acquiring an additional 129,444 shares in the last quarter. Capital World Investors raised its holdings in Ringcentral by 20.9% during the 3rd quarter. Capital World Investors now owns 11,735,991 shares of the software maker’s stock worth $332,598,000 after buying an additional 2,031,861 shares during the period. Ameriprise Financial Inc. lifted its stake in Ringcentral by 7.9% during the first quarter. Ameriprise Financial Inc. now owns 7,026,565 shares of the software maker’s stock valued at $173,987,000 after buying an additional 512,834 shares in the last quarter. Alyeska Investment Group L.P. acquired a new position in shares of Ringcentral in the third quarter worth about $53,365,000. Finally, Contour Asset Management LLC purchased a new position in shares of Ringcentral in the first quarter worth approximately $45,650,000. 98.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have commented on RNG. Rosenblatt Securities restated a “buy” rating and set a $32.00 price objective on shares of Ringcentral in a research report on Tuesday, November 4th. UBS Group reduced their price target on shares of Ringcentral from $33.00 to $32.00 and set a “neutral” rating on the stock in a report on Wednesday, August 6th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Ringcentral in a research note on Tuesday, November 25th. Oppenheimer raised shares of Ringcentral from a “market perform” rating to an “outperform” rating and set a $35.00 target price for the company in a research note on Wednesday, August 6th. Finally, Jefferies Financial Group cut their price objective on shares of Ringcentral from $30.00 to $29.00 and set a “hold” rating on the stock in a report on Wednesday, August 6th. Four investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus 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.