RingCentral, Inc. (NYSE:RNG) CFO Sells $62,329.00 in Stock

RingCentral, Inc. (NYSE:RNG - Get Free Report) CFO Vaibhav Agarwal sold 1,985 shares of RingCentral 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 transaction, the chief financial officer now owns 135,560 shares of the company's stock, valued at approximately $4,256,584. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

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

• 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 transaction of $334,849.92.

RingCentral Trading Up 2.1 %

RingCentral stock traded up $0.63 during mid-day trading on Wednesday, hitting $31.32. The company's stock had a trading volume of 2,240,195 shares, compared to its average volume of 1,208,059. RingCentral, Inc. has a 1 year low of $25.08 and a 1 year high of $38.35. The firm has a market capitalization of $2.88 billion, a PE ratio of -21.01, a price-to-earnings-growth ratio of 2.46 and a beta of 1.03. The stock's fifty day moving average is $32.06 and its two-hundred day moving average is $32.08.

RingCentral (NYSE:RNG - Get Free Report) last issued its quarterly earnings data on Thursday, August 1st. The software maker reported $0.91 earnings per share for the quarter, beating analysts' consensus estimates of $0.88 by $0.03. The firm had revenue of $592.91 million during the quarter, compared to analyst estimates of $586.39 million. The company's quarterly revenue was up 9.9% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.03) earnings per share. On average, equities analysts expect that RingCentral, Inc. will post 0.63 EPS for the current fiscal year.

Hedge Funds Weigh In On RingCentral

Large investors have recently bought and sold shares of the business. Treasurer of the State of North Carolina increased its holdings in shares of RingCentral by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 37,832 shares of the software maker's stock valued at $1,284,000 after acquiring an additional 360 shares during the period. Hexagon Capital Partners LLC lifted its holdings in shares of RingCentral by 44.1% in the 1st quarter. Hexagon Capital Partners LLC now owns 1,340 shares of the software maker's stock valued at $47,000 after buying an additional 410 shares during the period. Sovereign Financial Group Inc. grew its stake in shares of RingCentral by 6.0% during the 1st quarter. Sovereign Financial Group Inc. now owns 8,927 shares of the software maker's stock worth $310,000 after purchasing an additional 507 shares during the period. Sei Investments Co. lifted its stake in shares of RingCentral by 2.3% in the first quarter. Sei Investments Co. now owns 23,485 shares of the software maker's stock valued at $816,000 after purchasing an additional 539 shares during the period. Finally, PNC Financial Services Group Inc. grew its position in RingCentral by 13.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 4,522 shares of the software maker's stock worth $154,000 after buying an additional 540 shares during the period. Hedge funds and other institutional investors own 98.61% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on RNG. Piper Sandler cut their price target on shares of RingCentral from $32.00 to $31.00 and set a "neutral" rating for the company in a research report on Wednesday, July 10th. Needham & Company LLC reissued a "buy" rating and set a $42.00 price objective on shares of RingCentral in a report on Monday, August 5th. 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 research report on Tuesday, August 6th. Rosenblatt Securities raised RingCentral from a "neutral" rating to a "buy" rating and lifted their target price for the company from $35.00 to $45.00 in a research note on Friday, August 2nd. Finally, Wells Fargo & Company increased their price target on shares of RingCentral from $28.00 to $35.00 and gave the company an "equal weight" rating in a report on Friday, August 2nd. Eight investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $40.07.

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.

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