Vaibhav Agarwal Sells 11,406 Shares of RingCentral, Inc. (NYSE:RNG) Stock

RingCentral, Inc. (NYSE:RNG) CFO Vaibhav Agarwal sold 11,406 shares of the business’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $36.01, for a total value of $410,730.06. Following the completion of the transaction, the chief financial officer now directly owns 158,784 shares in the company, valued at $5,717,811.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Vaibhav Agarwal also recently made the following trade(s):

• On Monday, April 1st, Vaibhav Agarwal sold 1,984 shares of RingCentral stock. The shares were sold at an average price of $34.55, for a total transaction of $68,547.20.
• On Friday, March 15th, Vaibhav Agarwal sold 14,113 shares of RingCentral stock. The stock was sold at an average price of $34.84, for a total transaction of $491,696.92.
• On Wednesday, February 21st, Vaibhav Agarwal sold 6,224 shares of RingCentral stock. The shares were sold at an average price of $31.55, for a total transaction of $196,367.20.

RingCentral Stock Performance

Shares of NYSE RNG opened at $35.38 on Thursday. The stock’s 50 day moving average price is $33.26 and its 200-day moving average price is $32.63. RingCentral, Inc. has a twelve month low of $25.08 and a twelve month high of $43.28.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Tuesday, February 20th. The software maker reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.31). The business had revenue of $571.27 million during the quarter, compared to analysts’ expectations of $569.65 million. As a group, research analysts anticipate that RingCentral, Inc. will post 0.54 EPS for the current fiscal year.

Hedge Funds Weigh In On RingCentral

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Comerica Bank increased its holdings in RingCentral by 1,715.5% during the first quarter. Comerica Bank now owns 13,090 shares of the software maker’s stock worth $455,000 after buying an additional 12,369 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its position in shares of RingCentral by 163.1% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 310,991 shares of the software maker’s stock valued at $10,804,000 after acquiring an additional 192,766 shares during the period. BOKF NA increased its stake in shares of RingCentral by 144.3% during the 1st quarter. BOKF NA now owns 76,694 shares of the software maker’s stock worth $2,588,000 after purchasing an additional 45,299 shares during the last quarter. Capital World Investors raised its holdings in shares of RingCentral by 7.3% in the 1st quarter. Capital World Investors now owns 12,139,394 shares of the software maker’s stock worth $421,723,000 after purchasing an additional 825,156 shares during the period. Finally, Natixis bought a new stake in shares of RingCentral in the 1st quarter worth approximately $837,000. 98.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Piper Sandler raised their target price on RingCentral from $31.00 to $32.00 and gave the company a “neutral” rating in a research note on Wednesday, May 8th. Needham & Company LLC restated a “buy” rating and set a $42.00 price objective on shares of RingCentral in a report on Monday. Wells Fargo & Company increased their target price on RingCentral from $31.00 to $33.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 8th. Robert W. Baird upped their price objective on shares of RingCentral from $32.00 to $35.00 and gave the stock a “neutral” rating in a report on Thursday, May 9th. Finally, The Goldman Sachs Group reduced their price objective on shares of RingCentral from $38.00 to $34.00 and set a “neutral” rating for the company in a report on Wednesday, February 21st. Ten research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $39.28.

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.