RingCentral, Inc. (NYSE:RNG) CFO Vaibhav Agarwal Sells 2,178 Shares

RingCentral, Inc. (NYSE:RNG) CFO Vaibhav Agarwal sold 2,178 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $35.27, for a total transaction of $76,818.06. Following the completion of the transaction, the chief financial officer now 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

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 value of $334,849.92.

RingCentral Trading Up 1.5 %

NYSE:RNG opened at $35.56 on Wednesday. The firm’s fifty day simple moving average is $33.05 and its 200 day simple moving average is $32.55. The firm has a market capitalization of $3.22 billion, a PE ratio of -33.55, a PEG ratio of 2.27 and a beta of 0.99. RingCentral, Inc. has a 1 year low of $26.98 and a 1 year high of $40.98.

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

Institutional Trading of RingCentral

A number of hedge funds have recently bought and sold shares of RNG. Groupama Asset Managment increased its holdings in shares of RingCentral by 125.0% during the 3rd 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 period. Capital World Investors grew its position in RingCentral by 7.3% during the first 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. Pacer Advisors Inc. increased its stake in RingCentral by 45.3% during the third quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock valued at $83,483,000 after acquiring an additional 822,892 shares during the period. Vanguard Group Inc. raised 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 acquiring an additional 538,325 shares in the last quarter. Finally, Foundry Partners LLC bought a new stake in shares of RingCentral in the 3rd quarter worth approximately $8,886,000. 98.61% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Piper Sandler upped their price target on RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Raymond James lowered their price target on shares of RingCentral from $52.00 to $50.00 and set a “strong-buy” rating on the stock in a report on Friday, November 8th. Wells Fargo & Company increased their price objective on RingCentral from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Robert W. Baird lifted their price objective on RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a research report on Monday, November 11th. Finally, Wedbush upped their target price on RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Eight equities research analysts have rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $40.73.

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.