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BELMONT, Calif.—Vladimir Shmunis, CEO and Chairman of RingCentral Inc. (NYSE:RNG), recently executed a series of stock transactions, including significant sales of the company’s Class A Common Stock. According to a recent SEC filing, Shmunis sold shares totaling approximately $5.43 million. The company, with a market capitalization of $2.6 billion and annual revenue of $2.4 billion, has maintained a strong gross profit margin of 71%.
The sales, completed on February 21 and February 24, involved a total of 127,672 shares. The shares were sold at prices ranging from $28.225 to $29.415, with the stock currently trading near its 52-week low of $26.98. These transactions were conducted under a pre-established Rule 10b5-1 trading plan, which allows company insiders to set up a predetermined schedule for selling stocks to avoid concerns of insider trading. InvestingPro analysis indicates the stock has experienced significant pressure, falling 14% in the past week.
In addition to these sales, Shmunis also acquired shares through restricted stock units (RSUs) and performance-based restricted stock units (PSUs) on February 20. These acquisitions, however, were valued at zero dollars as they were part of the company’s equity bonus plan and performance awards.
Following these transactions, Shmunis holds 444,740 shares of RingCentral. The company’s stock, listed on the New York Stock Exchange under the ticker RNG, is a key player in the services-computer processing and data preparation industry.
In other recent news, RingCentral reported fourth-quarter earnings that exceeded analyst expectations, with adjusted earnings per share reaching $0.98 and revenue increasing 8% year-over-year to $615 million. Despite this performance, the company’s guidance for the first quarter of 2025 fell short of projections, with expected revenue between $607 million and $612 million, below the anticipated $627.4 million. Analysts from Needham, Mizuho (NYSE:MFG), Evercore ISI, and Goldman Sachs have adjusted their price targets for RingCentral, with Needham lowering it to $36 while maintaining a Buy rating, and Mizuho cutting it to $32 with a Neutral rating. Evercore ISI also reduced its target to $35, maintaining an In Line rating, citing challenges in RingCentral’s growth outlook. Goldman Sachs decreased its target to $36, maintaining a Neutral stance, and highlighted RingCentral’s consistent market share in the Unified Communications sector. The company is making strides in AI and new product development, with RingCX achieving $50 million in annual recurring revenue in 2024 and expected to surpass $100 million in 2025. Despite these advancements, analysts remain cautious, awaiting further signs of stable growth and new business opportunities.
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