RingCentral, Inc. (NYSE:RNG) CFO Vaibhav Agarwal Sells 10,184 Shares

RingCentral, Inc. (NYSE:RNG) CFO Vaibhav Agarwal sold 10,184 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $34.97, for a total transaction of $356,134.48. Following the completion of the transaction, the chief financial officer now 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 is available at the SEC website.

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

• On Monday, November 18th, Vaibhav Agarwal sold 2,178 shares of RingCentral stock. The stock was 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 shares were sold at an average price of $31.40, for a total transaction of $62,329.00.

RingCentral Trading Up 5.9 %

RingCentral stock opened at $36.91 on Monday. The firm has a market capitalization of $3.34 billion, a price-to-earnings ratio of -34.82, a price-to-earnings-growth ratio of 2.21 and a beta of 0.99. The firm’s fifty day moving average price is $33.47 and its two-hundred day moving average price is $32.64. RingCentral, Inc. has a 1-year low of $26.98 and a 1-year high of $40.98.

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

Institutional Inflows and Outflows

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

Wall Street Analyst Weigh In

RNG has been the topic of a number of recent analyst reports. Northland Securities boosted their price objective on RingCentral from $43.00 to $50.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. 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. Rosenblatt Securities restated a “buy” rating and set a $45.00 price target on shares of RingCentral in a report on Friday, November 8th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of RingCentral from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, August 6th. Finally, Raymond James cut their target price on shares of RingCentral from $52.00 to $50.00 and set a “strong-buy” rating on the stock in a research note on Friday, November 8th. Eight investment analysts have rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus 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.