Insider Selling: RingCentral, Inc. (NYSE:RNG) CFO Sells 10,184 Shares of Stock

RingCentral, Inc. (NYSE:RNG - Get Free Report) CFO Vaibhav Agarwal sold 10,184 shares of RingCentral stock in a transaction 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 completion of the transaction, the chief financial officer now owns 116,306 shares of the company's stock, valued at approximately $4,067,220.82. The trade was a 8.05 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through 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 stock was sold at an average price of $31.40, for a total transaction of $62,329.00.

RingCentral Stock Performance

NYSE RNG traded up $2.04 during trading hours on Friday, reaching $36.91. 1,282,240 shares of the company's stock were exchanged, compared to its average volume of 1,222,055. The company has a market capitalization of $3.34 billion, a price-to-earnings ratio of -32.90, a price-to-earnings-growth ratio of 2.26 and a beta of 0.99. The company's 50-day moving average is $33.32 and its two-hundred day moving average is $32.59. RingCentral, Inc. has a one year low of $26.98 and a one year high of $40.98.

RingCentral (NYSE:RNG - Get Free Report) last issued its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.10. The company had revenue of $608.77 million during 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%. Research analysts predict that RingCentral, Inc. will post 0.84 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Groupama Asset Managment lifted its stake in RingCentral by 125.0% in the 3rd quarter. Groupama Asset Managment now owns 3,600,000 shares of the software maker's stock valued at $113,868,000 after acquiring an additional 2,000,000 shares in the last quarter. Pacer Advisors Inc. boosted its holdings in RingCentral by 45.3% during the third quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker's stock worth $83,483,000 after purchasing an additional 822,892 shares during the last quarter. Vanguard Group Inc. grew its position in RingCentral by 5.2% in the first quarter. Vanguard Group Inc. now owns 10,909,549 shares of the software maker's stock valued at $378,998,000 after purchasing an additional 538,325 shares in the last quarter. Foundry Partners LLC acquired a new stake in RingCentral in the 3rd quarter valued at $8,886,000. Finally, Cubist Systematic Strategies LLC lifted its position in RingCentral by 130.1% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 414,347 shares of the software maker's stock worth $11,685,000 after buying an additional 234,238 shares in the last quarter. 98.61% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Wells Fargo & Company boosted their price objective on shares of RingCentral from $28.00 to $35.00 and gave the stock an "equal weight" rating in a research report on Friday, August 2nd. Robert W. Baird boosted their price objective on RingCentral from $36.00 to $38.00 and gave the stock a "neutral" rating in a report on Monday, November 11th. Needham & Company LLC reaffirmed a "buy" rating and issued a $42.00 target price on shares of RingCentral in a research note on Monday, November 11th. Northland Securities increased 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. Finally, Piper Sandler lifted their target price on shares of RingCentral from $31.00 to $38.00 and gave the stock a "neutral" rating in a report on Friday, November 8th. Eight investment analysts have rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average 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.

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