RingCentral, Inc. (NYSE:RNG) CFO Sells $62,329.00 in Stock

RingCentral, Inc. (NYSE:RNGGet Free Report) CFO Vaibhav Agarwal sold 1,985 shares of RingCentral stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total value of $62,329.00. Following the completion of the sale, the chief financial officer now owns 135,560 shares of the company’s stock, valued at $4,256,584. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

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

  • On Wednesday, August 21st, Vaibhav Agarwal sold 10,184 shares of RingCentral stock. The stock was sold at an average price of $32.88, for a total transaction of $334,849.92.

RingCentral Stock Down 0.2 %

Shares of RingCentral stock opened at $30.98 on Friday. The company has a 50 day moving average price of $31.98 and a 200 day moving average price of $32.07. The firm has a market capitalization of $2.86 billion, a P/E ratio of -20.79, a PEG ratio of 2.46 and a beta of 1.03. RingCentral, Inc. has a 52 week low of $25.08 and a 52 week high of $38.35.

RingCentral (NYSE:RNGGet Free Report) last posted its quarterly earnings results on Thursday, August 1st. The software maker reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The company had revenue of $592.91 million during the quarter, compared to analysts’ expectations of $586.39 million. During the same period in the prior year, the business posted ($0.03) EPS. The company’s quarterly revenue was up 9.9% on a year-over-year basis. As a group, research analysts anticipate that RingCentral, Inc. will post 0.63 earnings per share for the current fiscal year.

Analysts Set New Price Targets

RNG has been the subject of several research reports. Robert W. Baird upped their price target on shares of RingCentral from $35.00 to $36.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. StockNews.com lowered RingCentral from a “strong-buy” rating to a “buy” rating in a report on Friday, September 6th. Deutsche Bank Aktiengesellschaft lifted their price target on RingCentral from $42.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, August 6th. Northland Securities boosted their price target on RingCentral from $43.00 to $50.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Finally, Wells Fargo & Company raised their price objective on RingCentral from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Eight equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, RingCentral has an average rating of “Moderate Buy” and an average price target of $40.07.

Check Out Our Latest Research Report on RNG

Hedge Funds Weigh In On RingCentral

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Capital World Investors increased its holdings in shares of RingCentral by 7.3% in the first quarter. Capital World Investors now owns 12,139,394 shares of the software maker’s stock valued at $421,723,000 after purchasing an additional 825,156 shares during the period. Vanguard Group Inc. increased its holdings in RingCentral by 5.2% in the 1st quarter. Vanguard Group Inc. now owns 10,909,549 shares of the software maker’s stock worth $378,998,000 after buying an additional 538,325 shares during the period. Pacer Advisors Inc. raised its position in RingCentral by 25.2% during the 2nd quarter. Pacer Advisors Inc. now owns 1,816,464 shares of the software maker’s stock worth $51,224,000 after buying an additional 365,738 shares during the last quarter. First Trust Advisors LP raised its position in RingCentral by 15.9% during the 4th quarter. First Trust Advisors LP now owns 1,991,917 shares of the software maker’s stock worth $67,626,000 after buying an additional 273,109 shares during the last quarter. Finally, Cubist Systematic Strategies LLC lifted its stake in RingCentral by 130.1% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 414,347 shares of the software maker’s stock valued at $11,685,000 after acquiring an additional 234,238 shares during the period. Hedge funds and other institutional investors own 98.61% of the company’s stock.

RingCentral Company Profile

(Get Free Report)

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.

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