Insider Selling: RingCentral, Inc. (NYSE:RNG) CFO Sells 2,178 Shares of Stock

RingCentral, Inc. (NYSE:RNG) CFO Vaibhav Agarwal sold 2,178 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $35.27, for a total value of $76,818.06. Following the completion of the sale, the chief financial officer now directly owns 135,560 shares of the company’s stock, valued at approximately $4,781,201.20. The trade was a 1.58 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

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

• 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 transaction of $62,329.00.
• On Wednesday, August 21st, Vaibhav Agarwal sold 10,184 shares of RingCentral stock. The shares were sold at an average price of $32.88, for a total transaction of $334,849.92.

RingCentral Stock Down 2.1 %

Shares of RingCentral stock opened at $35.02 on Tuesday. The company has a market cap of $3.22 billion, a PE ratio of -33.04, a price-to-earnings-growth ratio of 2.27 and a beta of 0.99. RingCentral, Inc. has a 52 week low of $26.98 and a 52 week high of $40.98. The business has a 50 day moving average price of $32.89 and a 200-day moving average price of $32.52.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.10. The business had revenue of $608.77 million during the quarter, compared to analyst estimates of $601.91 million. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. As a group, research analysts anticipate that RingCentral, Inc. will post 0.84 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft boosted their target price on shares of RingCentral from $42.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, August 6th. StockNews.com upgraded RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Monday, November 11th. Robert W. Baird lifted their target price on RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a report on Monday, November 11th. Wedbush increased their price target on RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $45.00 price objective on shares of RingCentral in a research note on Friday, November 8th. Eight equities research analysts have rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, RingCentral currently has an average rating of “Moderate Buy” and a consensus price target of $40.73.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Capital World Investors lifted its position in shares of RingCentral by 7.3% during the 1st quarter. Capital World Investors now owns 12,139,394 shares of the software maker’s stock worth $421,723,000 after buying an additional 825,156 shares in the last quarter. Vanguard Group Inc. lifted its holdings in RingCentral by 5.2% during the first quarter. Vanguard Group Inc. now owns 10,909,549 shares of the software maker’s stock worth $378,998,000 after acquiring an additional 538,325 shares during the period. Groupama Asset Managment boosted its position in RingCentral by 125.0% in the third quarter. Groupama Asset Managment now owns 3,600,000 shares of the software maker’s stock worth $113,868,000 after purchasing an additional 2,000,000 shares during the last quarter. Pacer Advisors Inc. increased its position in shares of RingCentral by 45.3% during the 3rd quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock valued at $83,483,000 after purchasing an additional 822,892 shares during the last quarter. Finally, Renaissance Technologies LLC raised its stake in shares of RingCentral by 3.5% during the 2nd quarter. Renaissance Technologies LLC now owns 1,606,700 shares of the software maker’s stock worth $45,309,000 after purchasing an additional 54,500 shares during the period. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

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.