RingCentral, Inc. (NYSE:RNG) CFO Sells $356,134.48 in Stock

RingCentral, Inc. (NYSE:RNG) CFO Vaibhav Agarwal sold 10,184 shares of RingCentral stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $34.97, for a total value of $356,134.48. Following the sale, the chief financial officer now directly owns 116,306 shares in the company, valued at $4,067,220.82. This trade represents a 8.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

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

• On Monday, November 18th, Vaibhav Agarwal sold 2,178 shares of RingCentral stock. The shares were sold at an average price of $35.27, for a total transaction of $76,818.06.
• 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 transaction of $62,329.00.

RingCentral Price Performance

Shares of NYSE RNG opened at $36.91 on Friday. The company has a market cap of $3.34 billion, a P/E ratio of -34.82, a PEG ratio of 2.21 and a beta of 0.99. The firm has a 50-day simple moving average of $33.47 and a two-hundred day simple moving average of $32.65. RingCentral, Inc. has a 1 year low of $26.98 and a 1 year high of $40.98.

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in RNG. Neo Ivy Capital Management purchased a new stake in RingCentral in the 3rd quarter valued at about $708,000. MidWestOne Financial Group Inc. purchased a new stake in shares of RingCentral in the third quarter valued at approximately $210,000. Groupama Asset Managment grew its stake in RingCentral by 125.0% in the third quarter. Groupama Asset Managment now owns 3,600,000 shares of the software maker’s stock worth $113,868,000 after purchasing an additional 2,000,000 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new position in RingCentral during the 3rd quarter worth $1,132,000. Finally, Stifel Financial Corp raised its position in RingCentral by 3.5% during the 3rd quarter. Stifel Financial Corp now owns 51,924 shares of the software maker’s stock valued at $1,642,000 after purchasing an additional 1,752 shares in the last quarter. 98.61% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have commented on RNG shares. Rosenblatt Securities reiterated a “buy” rating and issued a $45.00 price target on shares of RingCentral in a research note on Friday, November 8th. Wells Fargo & Company raised their price target on RingCentral from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Wedbush upped their price objective on RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Deutsche Bank Aktiengesellschaft raised their target price on shares of RingCentral from $42.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, August 6th. Finally, Northland Securities upped their price target on shares of RingCentral from $43.00 to $50.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Eight investment 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, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $40.73.

About RingCentral

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.