Kira Makagon Sells 14,798 Shares of Ringcentral (NYSE:RNG) Stock

Ringcentral, Inc. (NYSE:RNG) COO Kira Makagon sold 14,798 shares of the firm’s stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of $28.11, for a total value of $415,971.78. Following the completion of the transaction, the chief operating officer owned 349,358 shares of the company’s stock, valued at approximately $9,820,453.38. This represents a 4.06% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Ringcentral Stock Up 2.1%

Ringcentral stock opened at $29.43 on Wednesday. The firm has a market capitalization of $2.55 billion, a PE ratio of -210.19, a P/E/G ratio of 1.33 and a beta of 1.29. Ringcentral, Inc. has a 52 week low of $20.58 and a 52 week high of $42.19. The firm’s 50-day simple moving average is $28.13 and its 200 day simple moving average is $28.25.

Ringcentral (NYSE:RNG) last announced its earnings results on Monday, November 3rd. The software maker reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company had revenue of $638.66 million during the quarter, compared to analysts’ expectations of $635.39 million. During the same quarter in the previous year, the business posted $0.95 earnings per share. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. Ringcentral has set its FY 2025 guidance at 4.290-4.330 EPS and its Q4 2025 guidance at 1.120-1.150 EPS. On average, research analysts expect that Ringcentral, Inc. will post 1.29 EPS for the current fiscal year.

Institutional Investors Weigh In On Ringcentral

Hedge funds have recently modified their holdings of the stock. Global Retirement Partners LLC increased its position in Ringcentral by 98.5% during the third quarter. Global Retirement Partners LLC now owns 901 shares of the software maker’s stock worth $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 3rd quarter valued at $30,000. Jones Financial Companies Lllp increased its holdings in shares of Ringcentral by 61.6% during 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 during the last quarter. Parallel Advisors LLC raised its position in shares of 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 period. Finally, Ameritas Advisory Services LLC acquired a new position in Ringcentral in the second quarter valued at $49,000. 98.61% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Oppenheimer upgraded Ringcentral from a “market perform” rating to an “outperform” rating and set a $35.00 target price on the stock in a report on Wednesday, August 6th. Morgan Stanley increased their price objective on Ringcentral from $29.00 to $31.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 4th. Jefferies Financial Group dropped their price objective on Ringcentral from $30.00 to $29.00 and set a “hold” rating for the company in a research report on Wednesday, August 6th. Weiss Ratings reissued a “sell (d+)” rating on shares of Ringcentral in a research note on Monday. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $36.00 price target on shares of Ringcentral in a research note on Tuesday, November 4th. Four analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $31.54.

Ringcentral Company Profile

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.