Vaibhav Agarwal Sells 1,984 Shares of RingCentral, Inc. (NYSE:RNG) Stock

RingCentral, Inc. (NYSE:RNG) CFO Vaibhav Agarwal sold 1,984 shares of RingCentral stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $34.55, for a total transaction of $68,547.20. Following the sale, the chief financial officer now owns 114,656 shares in the company, valued at $3,961,364.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Vaibhav Agarwal also recently made the following trade(s):

• On Friday, March 15th, Vaibhav Agarwal sold 14,113 shares of RingCentral stock. The shares were sold at an average price of $34.84, for a total transaction of $491,696.92.
• On Wednesday, February 21st, Vaibhav Agarwal sold 6,224 shares of RingCentral stock. The shares were sold at an average price of $31.55, for a total transaction of $196,367.20.

RingCentral Stock Performance

RNG opened at $32.42 on Friday. The business has a 50 day moving average price of $33.65 and a 200 day moving average price of $31.65. RingCentral, Inc. has a twelve month low of $25.08 and a twelve month high of $43.28.

RingCentral (NYSE:RNG) last posted its earnings results on Tuesday, February 20th. The software maker reported ($0.33) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.31). The company had revenue of $571.27 million during the quarter, compared to analysts’ expectations of $569.65 million. On average, research analysts expect that RingCentral, Inc. will post 0.45 earnings per share for the current fiscal year.

Institutional Investors Weigh In On RingCentral

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC acquired a new position in shares of RingCentral during the fourth quarter worth approximately $26,000. Hexagon Capital Partners LLC lifted its holdings in shares of RingCentral by 116.8% during the fourth quarter. Hexagon Capital Partners LLC now owns 930 shares of the software maker’s stock worth $32,000 after buying an additional 501 shares during the last quarter. Tennessee Valley Asset Management Partners acquired a new position in shares of RingCentral during the fourth quarter worth approximately $33,000. Nisa Investment Advisors LLC lifted its holdings in shares of RingCentral by 100.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the software maker’s stock worth $34,000 after buying an additional 500 shares during the last quarter. Finally, Quarry LP lifted its holdings in shares of RingCentral by 1,354.8% during the second quarter. Quarry LP now owns 1,222 shares of the software maker’s stock worth $40,000 after buying an additional 1,138 shares during the last quarter. 98.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

RNG has been the topic of a number of recent analyst reports. Needham & Company LLC cut their price objective on shares of RingCentral from $46.00 to $42.00 and set a “buy” rating on the stock in a research note on Wednesday, February 21st. The Goldman Sachs Group dropped their price target on shares of RingCentral from $38.00 to $34.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 21st. Jefferies Financial Group cut shares of RingCentral from a “buy” rating to a “hold” rating and dropped their price target for the stock from $40.00 to $35.00 in a research report on Tuesday, December 12th. Mizuho dropped their price target on shares of RingCentral from $40.00 to $36.00 and set a “buy” rating on the stock in a research report on Wednesday, February 21st. Finally, Piper Sandler dropped their price target on shares of RingCentral from $34.00 to $31.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 21st. Eight research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $38.89.

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.