Ringcentral, Inc. (NYSE:RNG) CFO Mitesh Dhruv sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $48.22, for a total transaction of $144,660.00. Following the completion of the sale, the chief financial officer now directly owns 129,087 shares of the company’s stock, valued at $6,224,575.14. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Mitesh Dhruv also recently made the following trade(s):

  • On Wednesday, October 4th, Mitesh Dhruv sold 3,000 shares of Ringcentral stock. The shares were sold at an average price of $43.72, for a total transaction of $131,160.00.
  • On Thursday, September 14th, Mitesh Dhruv sold 3,000 shares of Ringcentral stock. The shares were sold at an average price of $41.37, for a total transaction of $124,110.00.

Ringcentral, Inc. (RNG) opened at $48.70 on Friday. Ringcentral, Inc. has a 1-year low of $19.95 and a 1-year high of $49.10.

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

Institutional investors have recently made changes to their positions in the stock. Ameritas Investment Partners Inc. raised its position in shares of Ringcentral by 8.3% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,480 shares of the software maker’s stock valued at $200,000 after purchasing an additional 418 shares during the last quarter. ProShare Advisors LLC purchased a new position in Ringcentral during the 2nd quarter worth approximately $202,000. Amalgamated Bank purchased a new position in Ringcentral during the 1st quarter worth approximately $203,000. Principal Financial Group Inc. purchased a new position in Ringcentral during the 1st quarter worth approximately $237,000. Finally, Virtu KCG Holdings LLC purchased a new position in Ringcentral during the 2nd quarter worth approximately $248,000. 76.88% of the stock is owned by hedge funds and other institutional investors.

A number of brokerages recently issued reports on RNG. Zacks Investment Research cut shares of Ringcentral from a “buy” rating to a “hold” rating in a research report on Wednesday, November 15th. Northland Securities reissued a “buy” rating and set a $46.00 price target on shares of Ringcentral in a research report on Friday, November 10th. Craig Hallum reaffirmed a “buy” rating and issued a $50.00 target price (up from $40.00) on shares of Ringcentral in a report on Thursday, November 9th. Oppenheimer Holdings, Inc. lifted their target price on shares of Ringcentral from $45.00 to $50.00 and gave the stock an “outperform” rating in a report on Thursday, November 9th. Finally, Bank of America Corporation lifted their price target on shares of Ringcentral from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, October 25th. Three investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $44.15.

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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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