RingCentral, Inc. (NYSE:RNG) CFO Vaibhav Agarwal Sells 10,443 Shares

RingCentral, Inc. (NYSE:RNGGet Rating) CFO Vaibhav Agarwal sold 10,443 shares of the business’s stock in a transaction dated Wednesday, May 11th. The stock was sold at an average price of $67.59, for a total transaction of $705,842.37. Following the transaction, the chief financial officer now owns 85,357 shares in the company, valued at $5,769,279.63. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

RingCentral stock opened at $69.30 on Friday. The company’s 50 day simple moving average is $102.80 and its 200-day simple moving average is $159.30. RingCentral, Inc. has a 1 year low of $59.04 and a 1 year high of $315.00. The company has a debt-to-equity ratio of 33.52, a current ratio of 1.25 and a quick ratio of 1.24.

RingCentral (NYSE:RNGGet Rating) last released its quarterly earnings results on Monday, May 9th. The software maker reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.05. The business had revenue of $467.66 million for the quarter, compared to the consensus estimate of $458.36 million. RingCentral had a negative net margin of 30.82% and a negative return on equity of 183.51%. The business’s revenue was up 32.7% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.41) EPS. Analysts predict that RingCentral, Inc. will post -1.99 earnings per share for the current fiscal year.

A number of equities analysts recently weighed in on RNG shares. Needham & Company LLC lowered their price target on shares of RingCentral from $225.00 to $110.00 in a research report on Tuesday. Northland Securities lowered their price target on shares of RingCentral from $275.00 to $175.00 in a research report on Tuesday. Deutsche Bank Aktiengesellschaft lowered their price target on shares of RingCentral from $210.00 to $110.00 in a research report on Tuesday. StockNews.com upgraded shares of RingCentral from a “sell” rating to a “hold” rating in a research report on Wednesday. Finally, BTIG Research lowered their price target on shares of RingCentral from $250.00 to $120.00 in a research report on Tuesday. Four analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $192.68.

Hedge funds have recently made changes to their positions in the stock. Stonnington Group LLC grew its holdings in shares of RingCentral by 600.0% in the fourth quarter. Stonnington Group LLC now owns 7,000 shares of the software maker’s stock valued at $1,327,000 after purchasing an additional 6,000 shares in the last quarter. Yarbrough Capital LLC acquired a new position in shares of RingCentral in the fourth quarter valued at approximately $206,000. Laurion Capital Management LP acquired a new position in shares of RingCentral in the third quarter valued at approximately $637,000. Spire Wealth Management grew its holdings in shares of RingCentral by 843.8% in the fourth quarter. Spire Wealth Management now owns 151 shares of the software maker’s stock valued at $28,000 after purchasing an additional 135 shares in the last quarter. Finally, Jump Financial LLC grew its holdings in shares of RingCentral by 37.0% in the third quarter. Jump Financial LLC now owns 5,600 shares of the software maker’s stock valued at $1,218,000 after purchasing an additional 1,511 shares in the last quarter. Hedge funds and other institutional investors own 85.96% of the company’s stock.

About RingCentral (Get Rating)

RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect in North America. The company offers business cloud communications and contact center solutions based on its Message Video Phone? platform. Its products include RingCentral Office that provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers omni-channel; and RingCentral Engage Digital, a digital customer engagement platform that allows enterprises to interact with their customers.

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