RingCentral, Inc. (NYSE:RNG) CFO Vaibhav Agarwal Sells 1,985 Shares

RingCentral, Inc. (NYSE:RNG) CFO Vaibhav Agarwal sold 1,985 shares of the business’s 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 transaction, the chief financial officer now directly owns 135,560 shares of the company’s stock, valued at approximately $4,256,584. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

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

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

RingCentral Stock Performance

Shares of RNG stock opened at $30.98 on Friday. RingCentral, Inc. has a fifty-two week low of $25.08 and a fifty-two week high of $38.35. The stock’s fifty day moving average is $31.98 and its two-hundred day moving average is $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 (NYSE:RNG) last posted its quarterly earnings results on Thursday, August 1st. The software maker reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The business had revenue of $592.91 million for the quarter, compared to analyst estimates of $586.39 million. The business’s revenue was up 9.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.03) earnings per share. On average, equities analysts forecast that RingCentral, Inc. will post 0.63 earnings per share for the current year.

Institutional Investors Weigh In On RingCentral

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on RNG shares. Wells Fargo & Company raised their price objective on shares of RingCentral from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Northland Securities lifted their price objective on shares of RingCentral from $43.00 to $50.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Needham & Company LLC reissued a “buy” rating and set a $42.00 target price on shares of RingCentral in a research note on Monday, August 5th. Robert W. Baird lifted their price target on RingCentral from $35.00 to $36.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Finally, StockNews.com cut RingCentral from a “strong-buy” rating to a “buy” rating in a report on Friday, September 6th. Eight investment 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 stock. Based on data from MarketBeat, RingCentral has a consensus rating of “Moderate Buy” and an average price target of $40.07.

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.