RingCentral, Inc. (NYSE:RNG) CFO Vaibhav Agarwal Sells 2,178 Shares of Stock

RingCentral, Inc. (NYSE:RNG) CFO Vaibhav Agarwal sold 2,178 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $35.27, for a total transaction of $76,818.06. Following the completion of the transaction, the chief financial officer now owns 135,560 shares in the company, valued at approximately $4,781,201.20. This trade represents a 1.58 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link.

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

• On Tuesday, October 1st, Vaibhav Agarwal sold 1,985 shares of RingCentral stock. The stock was sold at an average price of $31.40, for a total value of $62,329.00.
• 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 value of $334,849.92.

RingCentral Stock Down 2.1 %

Shares of RNG stock opened at $35.02 on Tuesday. The business has a fifty day simple moving average of $32.89 and a 200 day simple moving average of $32.52. The company has a market cap of $3.22 billion, a P/E ratio of -33.04, a P/E/G ratio of 2.27 and a beta of 0.99. RingCentral, Inc. has a twelve month low of $26.98 and a twelve month high of $40.98.

RingCentral (NYSE:RNG) last posted its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.10. The company had revenue of $608.77 million for the quarter, compared to the consensus estimate of $601.91 million. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. As a group, equities research analysts anticipate that RingCentral, Inc. will post 0.84 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of RNG. Versant Capital Management Inc grew its position in RingCentral by 138.3% during the 2nd quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock worth $32,000 after acquiring an additional 664 shares during the last quarter. Point72 DIFC Ltd bought a new stake in shares of RingCentral during the second quarter worth about $39,000. Venturi Wealth Management LLC increased its stake in shares of RingCentral by 150.4% in the third quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after buying an additional 1,119 shares during the period. Quarry LP raised its holdings in RingCentral by 106.7% in the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after buying an additional 982 shares during the last quarter. Finally, KBC Group NV boosted its position in RingCentral by 38.9% during the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after buying an additional 744 shares during the period. 98.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

RNG has been the topic of a number of research reports. Rosenblatt Securities reaffirmed a “buy” rating and issued a $45.00 price objective on shares of RingCentral in a report on Friday, November 8th. Northland Securities raised their price target on shares of RingCentral from $43.00 to $50.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of RingCentral from $42.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, August 6th. Robert W. Baird raised their target price on shares of RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a report on Monday, November 11th. Finally, Wedbush boosted their price target on RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Eight analysts have rated the stock with a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, RingCentral presently has a consensus rating of “Moderate Buy” and an average price target of $40.73.

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.