RingCentral, Inc. (NYSE:RNG) CFO Sells $410,730.06 in Stock

RingCentral, Inc. (NYSE:RNGGet Free Report) CFO Vaibhav Agarwal sold 11,406 shares of the stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $36.01, for a total value of $410,730.06. Following the transaction, the chief financial officer now owns 158,784 shares in the company, valued at approximately $5,717,811.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

  • On Monday, April 1st, Vaibhav Agarwal sold 1,984 shares of RingCentral stock. The shares were sold at an average price of $34.55, for a total value of $68,547.20.
  • 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 value 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 value of $196,367.20.

RingCentral Stock Down 2.5 %

Shares of RNG stock opened at $34.53 on Friday. RingCentral, Inc. has a one year low of $25.08 and a one year high of $43.28. The stock has a fifty day moving average price of $33.25 and a 200 day moving average price of $32.65.

RingCentral (NYSE:RNGGet Free Report) last issued its quarterly earnings data on Tuesday, February 20th. The software maker reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.31). The business had revenue of $571.27 million during the quarter, compared to the consensus estimate of $569.65 million. On average, research analysts forecast that RingCentral, Inc. will post 0.54 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. KeyCorp lowered their price target on RingCentral from $50.00 to $48.00 and set an “overweight” rating on the stock in a report on Wednesday, February 21st. Rosenblatt Securities restated a “neutral” rating and issued a $35.00 price objective on shares of RingCentral in a research note on Wednesday, May 1st. Wedbush restated a “neutral” rating and issued a $40.00 price objective on shares of RingCentral in a research note on Thursday, May 9th. Needham & Company LLC restated a “buy” rating and issued a $42.00 price objective on shares of RingCentral in a research note on Monday. Finally, Robert W. Baird raised their price objective on shares of RingCentral from $32.00 to $35.00 and gave the stock a “neutral” rating in a research note on Thursday, May 9th. Ten analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, RingCentral presently has a consensus rating of “Moderate Buy” and an average target price of $39.28.

Get Our Latest Research Report on RingCentral

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Comerica Bank lifted its holdings in shares of RingCentral by 1,715.5% during the first quarter. Comerica Bank now owns 13,090 shares of the software maker’s stock valued at $455,000 after acquiring an additional 12,369 shares during the period. Jacobs Levy Equity Management Inc. lifted its holdings in shares of RingCentral by 163.1% during the first quarter. Jacobs Levy Equity Management Inc. now owns 310,991 shares of the software maker’s stock valued at $10,804,000 after acquiring an additional 192,766 shares during the period. BOKF NA lifted its holdings in shares of RingCentral by 144.3% during the first quarter. BOKF NA now owns 76,694 shares of the software maker’s stock valued at $2,588,000 after acquiring an additional 45,299 shares during the period. Capital World Investors lifted its holdings in shares of RingCentral by 7.3% during the first quarter. Capital World Investors now owns 12,139,394 shares of the software maker’s stock valued at $421,723,000 after acquiring an additional 825,156 shares during the period. Finally, Natixis bought a new position in shares of RingCentral during the first quarter valued at $837,000. 98.61% of the stock is owned by institutional investors.

About RingCentral

(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.

Further Reading

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

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