Mckenna Michelle Sells 2,500 Shares of RingCentral Inc (RNG) Stock

RingCentral Inc (NYSE:RNG) Director Mckenna Michelle sold 2,500 shares of RingCentral stock in a transaction dated Thursday, November 8th. The shares were sold at an average price of $84.53, for a total value of $211,325.00. Following the sale, the director now owns 11,162 shares of the company’s stock, valued at $943,523.86. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

RNG opened at $83.68 on Friday. RingCentral Inc has a twelve month low of $43.85 and a twelve month high of $98.15. The company has a current ratio of 4.32, a quick ratio of 4.32 and a debt-to-equity ratio of 1.24.

RingCentral (NYSE:RNG) last posted its earnings results on Monday, November 5th. The software maker reported $0.19 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.16 by $0.03. RingCentral had a negative return on equity of 3.84% and a negative net margin of 4.25%. The firm had revenue of $173.83 million during the quarter, compared to analyst estimates of $166.70 million. During the same period in the previous year, the company earned $0.06 EPS. The company’s revenue for the quarter was up 33.4% on a year-over-year basis. On average, research analysts predict that RingCentral Inc will post -0.09 EPS for the current year.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. DekaBank Deutsche Girozentrale lifted its holdings in RingCentral by 75.1% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 1,401 shares of the software maker’s stock worth $130,000 after purchasing an additional 601 shares during the last quarter. Swiss National Bank lifted its holdings in RingCentral by 0.7% in the 3rd quarter. Swiss National Bank now owns 116,500 shares of the software maker’s stock worth $10,840,000 after purchasing an additional 800 shares during the last quarter. US Bancorp DE lifted its holdings in RingCentral by 141.7% in the 2nd quarter. US Bancorp DE now owns 1,745 shares of the software maker’s stock worth $123,000 after purchasing an additional 1,023 shares during the last quarter. Harvest Fund Management Co. Ltd lifted its holdings in RingCentral by 287.0% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 1,513 shares of the software maker’s stock worth $141,000 after purchasing an additional 1,122 shares during the last quarter. Finally, Xact Kapitalforvaltning AB lifted its holdings in RingCentral by 20.7% in the 2nd quarter. Xact Kapitalforvaltning AB now owns 9,909 shares of the software maker’s stock worth $697,000 after purchasing an additional 1,700 shares during the last quarter. Hedge funds and other institutional investors own 78.47% of the company’s stock.

Several equities research analysts have recently issued reports on the company. Rosenblatt Securities assumed coverage on RingCentral in a report on Friday, September 7th. They set a “buy” rating and a $105.00 price target for the company. Jefferies Financial Group lifted their price target on RingCentral to $105.00 and gave the company a “buy” rating in a report on Wednesday, September 5th. Craig Hallum lifted their price target on RingCentral from $84.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, August 7th. Robert W. Baird lifted their price target on RingCentral from $80.00 to $90.00 and gave the company a “neutral” rating in a report on Tuesday, August 7th. Finally, SunTrust Banks lifted their price target on RingCentral to $100.00 and gave the company a “buy” rating in a report on Tuesday, August 7th. Three research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $89.80.

TRADEMARK VIOLATION WARNING: “Mckenna Michelle Sells 2,500 Shares of RingCentral Inc (RNG) Stock” was first published by WKRB News and is the property of of WKRB News. If you are accessing this article on another domain, it was illegally copied and republished in violation of United States & international copyright and trademark legislation. The correct version of this article can be read at https://www.wkrb13.com/2018/11/10/mckenna-michelle-sells-2500-shares-of-ringcentral-inc-rng-stock.html.

About RingCentral

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.

Recommended Story: Asset Allocation

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

Receive News & Ratings for RingCentral Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RingCentral and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply