RingCentral Inc (RNG) Insider Sells $476,500.00 in Stock

RingCentral Inc (NYSE:RNG) insider Praful Shah sold 10,000 shares of the company’s stock in a transaction on Wednesday, December 20th. The shares were sold at an average price of $47.65, for a total value of $476,500.00. Following the completion of the transaction, the insider now owns 306,050 shares of the company’s stock, valued at $14,583,282.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Praful Shah also recently made the following trade(s):

  • On Thursday, January 4th, Praful Shah sold 10,000 shares of RingCentral stock. The stock was sold at an average price of $47.65, for a total value of $476,500.00.
  • On Tuesday, November 21st, Praful Shah sold 10,000 shares of RingCentral stock. The stock was sold at an average price of $48.61, for a total value of $486,100.00.
  • On Thursday, October 5th, Praful Shah sold 10,000 shares of RingCentral stock. The shares were sold at an average price of $43.32, for a total value of $433,200.00.

RingCentral Inc (RNG) traded up $0.75 during trading hours on Friday, hitting $52.35. The stock had a trading volume of 546,320 shares, compared to its average volume of 327,116. RingCentral Inc has a fifty-two week low of $21.35 and a fifty-two week high of $52.60. The company has a market cap of $3,991.31, a PE ratio of -149.57 and a beta of 0.80.

RingCentral (NYSE:RNG) last released its quarterly earnings data on Wednesday, November 8th. The software maker reported $0.06 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.04 by $0.02. RingCentral had a negative return on equity of 17.97% and a negative net margin of 5.80%. The business had revenue of $129.76 million for the quarter, compared to analysts’ expectations of $126.06 million. During the same quarter in the previous year, the business posted $0.03 EPS. RingCentral’s revenue for the quarter was up 34.0% on a year-over-year basis. sell-side analysts expect that RingCentral Inc will post -0.33 EPS for the current year.

Institutional investors have recently made changes to their positions in the stock. Sei Investments Co. raised its position in RingCentral by 66.1% in the 2nd quarter. Sei Investments Co. now owns 31,255 shares of the software maker’s stock valued at $1,142,000 after buying an additional 12,442 shares during the last quarter. SG Americas Securities LLC acquired a new stake in RingCentral in the 2nd quarter valued at approximately $1,173,000. Federated Investors Inc. PA raised its position in RingCentral by 58.3% in the 2nd quarter. Federated Investors Inc. PA now owns 164,268 shares of the software maker’s stock valued at $6,004,000 after buying an additional 60,468 shares during the last quarter. State Street Corp raised its position in RingCentral by 7.3% in the 2nd quarter. State Street Corp now owns 1,253,662 shares of the software maker’s stock valued at $45,824,000 after buying an additional 85,404 shares during the last quarter. Finally, FMR LLC raised its position in RingCentral by 40.1% in the 2nd quarter. FMR LLC now owns 2,905,422 shares of the software maker’s stock valued at $106,193,000 after buying an additional 832,314 shares during the last quarter. 76.29% of the stock is currently owned by institutional investors and hedge funds.

RNG has been the subject of a number of research reports. Oppenheimer raised their target price on RingCentral from $45.00 to $50.00 and gave the company an “outperform” rating in a research note on Thursday, November 9th. Zacks Investment Research cut RingCentral from a “buy” rating to a “hold” rating in a report on Wednesday, October 18th. Craig Hallum reiterated a “buy” rating and issued a $50.00 price target (up previously from $40.00) on shares of RingCentral in a report on Thursday, November 9th. Northland Securities reiterated an “outperform” rating and issued a $46.00 price target (up previously from $43.00) on shares of RingCentral in a report on Tuesday, October 3rd. Finally, Bank of America raised their price target on RingCentral from $45.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, October 25th. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $45.14.

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About RingCentral

RingCentral, Inc is a provider of software-as-a-service (SaaS) solutions for businesses to support modern communications. The Company’s cloud-based business communications solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, personal computers (PCs) and desk phones, and allow for communication across multiple channels, including high definition (HD) voice, video, short messaging service (SMS), messaging and collaboration, conferencing, online meetings, and fax.

Insider Buying and Selling by Quarter for RingCentral (NYSE:RNG)

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