RingCentral Inc (NYSE:RNG) COO David Sipes sold 9,300 shares of the company’s stock in a transaction dated Wednesday, January 10th. The stock was sold at an average price of $48.86, for a total transaction of $454,398.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
David Sipes also recently made the following trade(s):
- On Wednesday, December 13th, David Sipes sold 9,300 shares of RingCentral stock. The stock was sold at an average price of $48.08, for a total transaction of $447,144.00.
- On Tuesday, November 28th, David Sipes sold 15,270 shares of RingCentral stock. The stock was sold at an average price of $49.06, for a total transaction of $749,146.20.
- On Monday, October 16th, David Sipes sold 1,500 shares of RingCentral stock. The stock was sold at an average price of $44.00, for a total transaction of $66,000.00.
Shares of RingCentral Inc (NYSE RNG) opened at $52.35 on Friday. RingCentral Inc has a fifty-two week low of $21.35 and a fifty-two week high of $52.60.
RingCentral (NYSE:RNG) last posted its quarterly earnings results on Wednesday, November 8th. The software maker reported $0.06 EPS for the quarter, beating the Zacks’ consensus estimate of $0.04 by $0.02. RingCentral had a negative net margin of 5.80% and a negative return on equity of 17.97%. The firm had revenue of $129.76 million for the quarter, compared to analysts’ expectations of $126.06 million. During the same quarter in the prior year, the company posted $0.03 earnings per share. The business’s revenue for the quarter was up 34.0% on a year-over-year basis. equities analysts forecast that RingCentral Inc will post -0.33 earnings per share for the current year.
Several large investors have recently bought and sold shares of the company. Capital World Investors grew its holdings in shares of RingCentral by 23.9% during the second quarter. Capital World Investors now owns 6,599,000 shares of the software maker’s stock valued at $241,193,000 after buying an additional 1,275,000 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of RingCentral by 2.9% during the second quarter. Vanguard Group Inc. now owns 5,335,616 shares of the software maker’s stock valued at $195,017,000 after buying an additional 151,567 shares during the last quarter. BlackRock Inc. grew its holdings in shares of RingCentral by 11.6% during the second quarter. BlackRock Inc. now owns 4,272,844 shares of the software maker’s stock valued at $156,173,000 after buying an additional 445,306 shares during the last quarter. FMR LLC grew its holdings in shares of RingCentral by 40.1% during the second 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. Finally, Hunt Lane Capital LP grew its holdings in shares of RingCentral by 14.3% during the second quarter. Hunt Lane Capital LP now owns 1,600,000 shares of the software maker’s stock valued at $58,480,000 after buying an additional 200,000 shares during the last quarter. Hedge funds and other institutional investors own 76.29% of the company’s stock.
A number of equities research analysts have weighed in on RNG shares. Bank of America upped their price objective on shares of RingCentral from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, October 25th. Zacks Investment Research upgraded shares of RingCentral from a “hold” rating to a “buy” rating and set a $52.00 price objective on the stock in a report on Tuesday, November 14th. Northland Securities restated a “buy” rating and issued a $46.00 price objective on shares of RingCentral in a report on Friday, November 10th. Craig Hallum restated a “buy” rating and issued a $50.00 price objective (up previously from $40.00) on shares of RingCentral in a report on Thursday, November 9th. Finally, Oppenheimer upped their price objective on shares of RingCentral from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Wednesday, December 6th. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $45.14.
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RingCentral Company Profile
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.
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