The SVP, CAO & General Counsel of RingCentral is Exercising Options

By Carrie Williams

Yesterday it was reported that the SVP, CAO & General Counsel of RingCentral (RNGResearch Report), John Marlow, exercised options to buy 4,847 RNG shares at $20.88 a share, for a total transaction value of $101.2K.

Following John Marlow’s last RNG Buy transaction on November 23, 2016, the stock climbed by 229.0%. This is Marlow’s first Buy trade following 6 Sell transactions.

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Based on RingCentral’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $278 million and quarterly net profit of $509K. In comparison, last year the company earned revenue of $215 million and had a GAAP net loss of $9.24 million. The company has a one-year high of $317.84 and a one-year low of $120.03. The Company has a Price to Book ratio of 60.64.

Starting in July 2020, RNG received 23 Buy ratings in a row. 18 different firms, including Merrill Lynch and BTIG, currently also have a Buy rating on the stock. Based on 20 analyst ratings, the analyst consensus is Strong Buy with an average price target of $337.06, reflecting a -25.2% downside.

In the last 30 days, insiders have sold $619.4K worth of RNG shares and purchased $101.2K worth of RNG shares. The insider sentiment on RingCentral has been negative according to 144 insider trades in the past three months. This sentiment is lower than the average sentiment of company insiders in this sector.

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RingCentral, Inc. engages in the provision of global enterprise cloud communications and collaboration solutions. The firms solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, PCs and desk phones; and allow for communication across multiple modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings and fax. It sells its products under the RingCentral Professional, RingCentral Glip, and RingCentral Fax brands. The company was founded by Vlad Vendrow and Vladimir Shmunis in 1999 and is headquartered in Belmont, CA.