Tarun Arora Sells 942 Shares of Ringcentral (NYSE:RNG) Stock

Ringcentral, Inc. (NYSE:RNG) CAO Tarun Arora sold 942 shares of Ringcentral stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of $28.06, for a total value of $26,432.52. Following the sale, the chief accounting officer directly owned 97,300 shares in the company, valued at approximately $2,730,238. This trade represents a 0.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• On Monday, December 1st, Tarun Arora sold 3,888 shares of Ringcentral stock. The shares were sold at an average price of $28.70, for a total value of $111,585.60.
• On Thursday, November 13th, Tarun Arora sold 882 shares of Ringcentral stock. The stock was sold at an average price of $27.38, for a total value of $24,149.16.

Ringcentral Price Performance

Shares of RNG traded up $0.62 on Monday, reaching $28.86. 1,303,301 shares of the stock traded hands, compared to its average volume of 1,485,529. The stock’s 50-day moving average price is $28.22 and its 200-day moving average price is $28.24. The firm has a market cap 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. Ringcentral, Inc. has a 12 month low of $20.58 and a 12 month high of $42.19.

Ringcentral (NYSE:RNG) last posted its quarterly earnings results on Monday, November 3rd. The software maker reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.05. The firm had revenue of $638.66 million for the quarter, compared to the consensus estimate of $635.39 million. Ringcentral had a negative net margin of 0.50% and a negative return on equity of 19.63%. The business’s revenue was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.95 earnings per share. 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 forecast that Ringcentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Jefferies Financial Group dropped their price target on shares of Ringcentral from $30.00 to $29.00 and set a “hold” rating for the company in a research report on Wednesday, August 6th. Rosenblatt Securities reiterated a “buy” rating and issued a $32.00 price objective on shares of Ringcentral in a research note on Tuesday, November 4th. Weiss Ratings reissued a “sell (d+)” rating on shares of Ringcentral in a report on Tuesday, November 25th. Needham & Company LLC reaffirmed a “buy” rating and issued a $36.00 price target on shares of Ringcentral in a research note on Tuesday, November 4th. Finally, Wells Fargo & Company assumed coverage on Ringcentral in a research note on Tuesday, September 30th. They set an “equal weight” rating and a $32.00 price objective for the company. Four analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Ringcentral currently has an average rating of “Hold” and a consensus price target of $31.54.

Hedge Funds Weigh In On Ringcentral

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Ringcentral by 1.1% during the 3rd quarter. Vanguard Group Inc. now owns 11,823,636 shares of the software maker’s stock worth $335,082,000 after purchasing an additional 129,444 shares during the last quarter. Capital World Investors boosted its position in shares of Ringcentral by 20.9% in the 3rd quarter. Capital World Investors now owns 11,735,991 shares of the software maker’s stock worth $332,598,000 after purchasing an additional 2,031,861 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in Ringcentral by 7.9% in 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 during the period. Alyeska Investment Group L.P. bought a new position in Ringcentral during the third quarter worth about $53,365,000. Finally, Contour Asset Management LLC bought a new stake in shares of Ringcentral in the 1st quarter valued at about $45,650,000. Institutional investors and hedge funds 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.