Ringcentral, Inc. (NYSE:RNG) CFO Mitesh Dhruv sold 3,000 shares of the business’s stock in a transaction dated Wednesday, October 4th. The stock was sold at an average price of $43.72, for a total transaction of $131,160.00. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

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

  • 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.
  • On Wednesday, August 23rd, Mitesh Dhruv sold 3,000 shares of Ringcentral stock. The shares were sold at an average price of $38.16, for a total transaction of $114,480.00.

Shares of Ringcentral, Inc. (NYSE RNG) opened at 43.90 on Friday. Ringcentral, Inc. has a 12 month low of $19.35 and a 12 month high of $44.70. The firm’s market capitalization is $3.36 billion. The stock’s 50 day moving average is $40.87 and its 200 day moving average is $35.35.

Ringcentral (NYSE:RNG) last announced its quarterly earnings data on Wednesday, August 2nd. The software maker reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.01. The firm had revenue of $119.40 million for the quarter, compared to the consensus estimate of $118.19 million. Ringcentral had a negative net margin of 6.77% and a negative return on equity of 19.59%. The business’s revenue for the quarter was up 30.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.02 earnings per share. Equities research analysts forecast that Ringcentral, Inc. will post $0.17 earnings per share for the current fiscal year.

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RNG has been the topic of several recent research reports. Stephens reiterated an “overweight” rating and set a $44.00 target price on shares of Ringcentral in a research report on Sunday, June 25th. BidaskClub lowered shares of Ringcentral from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Jefferies Group LLC reiterated a “buy” rating and set a $38.00 target price on shares of Ringcentral in a research report on Sunday, July 2nd. Craig Hallum reiterated a “buy” rating and set a $40.00 target price (up from $35.00) on shares of Ringcentral in a research report on Thursday, August 3rd. Finally, Morgan Stanley lowered shares of Ringcentral from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $37.00 to $33.00 in a research report on Thursday, July 20th. They noted that the move was a valuation call. Three analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Ringcentral presently has an average rating of “Buy” and an average price target of $40.15.

Institutional investors have recently made changes to their positions in the business. Ameritas Investment Partners Inc. acquired a new stake in Ringcentral during the first quarter worth about $143,000. Invictus RG acquired a new stake in Ringcentral during the first quarter worth about $162,000. ProShare Advisors LLC acquired a new stake in Ringcentral during the second quarter worth about $202,000. Amalgamated Bank acquired a new stake in Ringcentral during the first quarter worth about $203,000. Finally, Westpac Banking Corp acquired a new stake in Ringcentral during the first quarter worth about $214,000. Hedge funds and other institutional investors own 75.22% of the company’s stock.

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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