RingCentral (RNG) CEO Sells $1,590,997.70 in Stock

RingCentral (NYSE:RNG) CEO Vladimir Shmunis sold 24,055 shares of RingCentral stock in a transaction on Thursday, April 12th. The shares were sold at an average price of $66.14, for a total value of $1,590,997.70. Following the completion of the sale, the chief executive officer now owns 376,840 shares in the company, valued at approximately $24,924,197.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Vladimir Shmunis also recently made the following trade(s):

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  • On Tuesday, April 10th, Vladimir Shmunis sold 8,018 shares of RingCentral stock. The shares were sold at an average price of $65.35, for a total value of $523,976.30.
  • On Monday, March 12th, Vladimir Shmunis sold 8,018 shares of RingCentral stock. The shares were sold at an average price of $66.99, for a total value of $537,125.82.
  • On Friday, March 9th, Vladimir Shmunis sold 8,019 shares of RingCentral stock. The shares were sold at an average price of $66.12, for a total value of $530,216.28.
  • On Tuesday, February 20th, Vladimir Shmunis sold 36,472 shares of RingCentral stock. The shares were sold at an average price of $64.64, for a total value of $2,357,550.08.
  • On Thursday, February 22nd, Vladimir Shmunis sold 52,509 shares of RingCentral stock. The shares were sold at an average price of $64.06, for a total value of $3,363,726.54.

Shares of NYSE RNG traded up $1.65 during trading on Thursday, reaching $67.35. The stock had a trading volume of 677,431 shares, compared to its average volume of 651,879. RingCentral has a fifty-two week low of $28.45 and a fifty-two week high of $69.60. The stock has a market capitalization of $5,164.75, a PE ratio of -192.43 and a beta of 0.67.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Monday, February 12th. The software maker reported $0.07 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.06 by $0.01. RingCentral had a negative return on equity of 16.54% and a negative net margin of 5.21%. The business had revenue of $140.50 million during the quarter, compared to analysts’ expectations of $136.34 million. During the same period in the previous year, the firm posted $0.03 earnings per share. The company’s revenue was up 34.4% on a year-over-year basis. analysts expect that RingCentral will post -0.24 EPS for the current year.

RingCentral declared that its board has approved a stock buyback program on Tuesday, February 27th that authorizes the company to buyback $35.00 million in shares. This buyback authorization authorizes the software maker to repurchase shares of its stock through a private placement purchase. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Crow Point Partners LLC acquired a new position in RingCentral during the 4th quarter worth $116,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in RingCentral by 108.7% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,331 shares of the software maker’s stock worth $161,000 after purchasing an additional 1,735 shares in the last quarter. Public Employees Retirement Association of Colorado acquired a new position in RingCentral during the 4th quarter worth $174,000. Parametrica Management Ltd acquired a new position in RingCentral during the 4th quarter worth $202,000. Finally, CIBC World Markets Inc. acquired a new position in RingCentral during the 4th quarter worth $215,000. 75.77% of the stock is owned by hedge funds and other institutional investors.

A number of research firms have commented on RNG. Northland Securities set a $61.00 target price on RingCentral and gave the company a “buy” rating in a research report on Tuesday, February 13th. TheStreet upgraded RingCentral from a “d+” rating to a “c-” rating in a research report on Monday, February 12th. Bank of America lifted their target price on RingCentral from $57.00 to $67.00 and gave the company a “buy” rating in a research report on Tuesday, February 13th. SunTrust Banks lifted their target price on RingCentral to $60.00 and gave the company a “buy” rating in a research report on Tuesday, February 13th. Finally, Craig Hallum lifted their target price on RingCentral from $50.00 to $65.00 and gave the company a “buy” rating in a research report on Tuesday, February 13th. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. RingCentral currently has a consensus rating of “Buy” and an average target price of $53.79.

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RingCentral Company Profile

RingCentral, Inc provides software-as-a-service solutions for business communications and collaboration primarily in the United States. The company's products include RingCentral Office, a multi-tenant, multi-location, and enterprise-grade communications and collaboration solution that enables employees to communicate through voice, text, team messaging and collaboration, and HD video and Web conferencing through smartphones, tablets, PCs, and desk phones for businesses, which require a communications solution; RingCentral Professional, an inbound call routing subscription with additional text and fax capabilities primarily for smaller businesses; and RingCentral Fax solution that offers Internet fax capabilities, which allow businesses to send and receive fax documents without the need for a fax machine.

Insider Buying and Selling by Quarter for RingCentral (NYSE:RNG)

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