RingCentral, Inc. (NYSE:RNG) CFO Sells $356,134.48 in Stock

RingCentral, Inc. (NYSE:RNG) CFO Vaibhav Agarwal sold 10,184 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $34.97, for a total value of $356,134.48. Following the transaction, the chief financial officer now owns 116,306 shares of the company’s stock, valued at approximately $4,067,220.82. This trade represents a 8.05 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

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 value 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 value of $62,329.00.

RingCentral Stock Up 5.9 %

NYSE:RNG opened at $36.91 on Monday. RingCentral, Inc. has a 12-month low of $26.98 and a 12-month high of $40.98. The firm has a market capitalization of $3.34 billion, a price-to-earnings ratio of -34.82, a P/E/G ratio of 2.21 and a beta of 0.99. The stock’s 50 day moving average price is $33.47 and its two-hundred day moving average price is $32.64.

RingCentral (NYSE:RNG) last posted its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates 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 return on equity of 2.55% and a negative net margin of 4.17%. Equities research analysts expect that RingCentral, Inc. will post 0.84 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on RNG shares. Northland Securities raised their price target on shares of RingCentral from $43.00 to $50.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Piper Sandler raised their target price on shares of RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Rosenblatt Securities reiterated a “buy” rating and issued a $45.00 price target on shares of RingCentral in a research note on Friday, November 8th. StockNews.com upgraded shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research note on Monday, November 11th. Finally, Wells Fargo & Company lifted their target price on RingCentral from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Eight 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 MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $40.73.

Institutional Investors Weigh In On RingCentral

Large investors have recently added to or reduced their stakes in the stock. Sei Investments Co. increased its position 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 worth $816,000 after purchasing an additional 539 shares during the period. Vanguard Group Inc. increased its holdings in RingCentral by 5.2% in the 1st quarter. Vanguard Group Inc. now owns 10,909,549 shares of the software maker’s stock valued at $378,998,000 after buying an additional 538,325 shares during the period. CANADA LIFE ASSURANCE Co raised its position in shares of RingCentral by 4.3% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 214,209 shares of the software maker’s stock valued at $7,438,000 after buying an additional 8,881 shares in the last quarter. Natixis acquired a new position in shares of RingCentral in the 1st quarter valued at approximately $837,000. Finally, BOKF NA lifted its holdings in shares of RingCentral by 144.3% during the 1st quarter. BOKF NA now owns 76,694 shares of the software maker’s stock worth $2,588,000 after acquiring an additional 45,299 shares during the period. Institutional investors and hedge funds own 98.61% of the company’s stock.

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.