RingCentral Inc (RNG) Insider Sells $476,500.00 in Stock
RingCentral Inc (NYSE:RNG) insider Praful Shah sold 10,000 shares of RingCentral stock in a transaction dated Thursday, January 4th. The stock was sold at an average price of $47.65, for a total value of $476,500.00. Following the sale, the insider now directly owns 306,050 shares in the company, valued at $14,583,282.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Praful Shah also recently made the following trade(s):
- On Wednesday, December 20th, Praful Shah sold 10,000 shares of RingCentral stock. The stock was sold at an average price of $47.65, for a total value of $476,500.00.
- On Tuesday, November 21st, Praful Shah sold 10,000 shares of RingCentral stock. The stock was sold at an average price of $48.61, for a total value of $486,100.00.
Shares of RingCentral Inc (NYSE:RNG) opened at $48.65 on Tuesday. The firm has a market capitalization of $3,760.00, a P/E ratio of -135.14 and a beta of 0.80. RingCentral Inc has a 1-year low of $21.00 and a 1-year high of $49.95.
RingCentral (NYSE:RNG) last released its quarterly earnings data on Wednesday, November 8th. The software maker reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.02. The company had revenue of $129.76 million for the quarter, compared to the consensus estimate of $126.06 million. RingCentral had a negative return on equity of 17.97% and a negative net margin of 5.80%. The company’s quarterly revenue was up 34.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.03 earnings per share. equities research analysts predict that RingCentral Inc will post -0.33 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RNG. Ameritas Investment Partners Inc. boosted its holdings in RingCentral by 8.3% during the second 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 in the last quarter. ProShare Advisors LLC acquired a new stake in RingCentral during the second quarter valued at approximately $202,000. Virtu KCG Holdings LLC acquired a new stake in RingCentral during the second quarter valued at approximately $248,000. BT Investment Management Ltd bought a new position in shares of RingCentral in the second quarter valued at approximately $272,000. Finally, Amalgamated Bank raised its stake in shares of RingCentral by 11.5% in the second quarter. Amalgamated Bank now owns 8,006 shares of the software maker’s stock valued at $293,000 after acquiring an additional 825 shares during the last quarter. 76.29% of the stock is currently owned by institutional investors.
A number of research firms recently weighed in on RNG. JPMorgan Chase & Co. downgraded RingCentral from an “overweight” rating to a “neutral” rating and set a $52.00 target price on the stock. in a research report on Tuesday, December 12th. Zacks Investment Research downgraded RingCentral from a “buy” rating to a “hold” rating in a research report on Wednesday, November 15th. Craig Hallum reissued a “buy” rating and set a $50.00 target price (up from $40.00) on shares of RingCentral in a research report on Thursday, November 9th. Northland Securities reissued a “buy” rating and set a $46.00 target price on shares of RingCentral in a research report on Friday, November 10th. Finally, Oppenheimer lifted their target price on RingCentral from $50.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 6th. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $45.14.
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RingCentral Company Profile
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.
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