Vaibhav Agarwal Sells 1,985 Shares of RingCentral, Inc. (NYSE:RNG) Stock

RingCentral, Inc. (NYSE:RNG) CFO Vaibhav Agarwal sold 1,985 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $28.20, for a total value of $55,977.00. Following the sale, the chief financial officer now owns 156,799 shares of the company’s stock, valued at approximately $4,421,731.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• On Tuesday, May 21st, Vaibhav Agarwal sold 11,406 shares of RingCentral stock. The stock was sold at an average price of $36.01, for a total value of $410,730.06.

RingCentral Price Performance

RNG stock opened at $28.56 on Thursday. The company has a market capitalization of $2.63 billion, a P/E ratio of -19.16, a price-to-earnings-growth ratio of 2.47 and a beta of 1.03. The firm’s fifty day simple moving average is $32.12 and its 200-day simple moving average is $32.88. RingCentral, Inc. has a 12 month low of $25.08 and a 12 month high of $43.28.

RingCentral (NYSE:RNG) last announced its quarterly earnings results on Tuesday, May 7th. The software maker reported $0.06 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.05. The company had revenue of $584.21 million for the quarter, compared to analysts’ expectations of $577.81 million. As a group, sell-side analysts forecast that RingCentral, Inc. will post 0.54 earnings per share for the current year.

Institutional Trading of RingCentral

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC purchased a new position in shares of RingCentral in the 4th quarter valued at about $26,000. Hexagon Capital Partners LLC increased its holdings in RingCentral by 116.8% in the 4th quarter. Hexagon Capital Partners LLC now owns 930 shares of the software maker’s stock worth $32,000 after acquiring an additional 501 shares in the last quarter. Tennessee Valley Asset Management Partners purchased a new stake in RingCentral in the 4th quarter worth $33,000. Nisa Investment Advisors LLC lifted its holdings in RingCentral by 100.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the software maker’s stock valued at $34,000 after purchasing an additional 500 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. grew its position in shares of RingCentral by 438.1% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 1,200 shares of the software maker’s stock valued at $41,000 after purchasing an additional 977 shares during the period. Institutional investors and hedge funds own 98.61% of the company’s stock.

Wall Street Analysts Forecast Growth

RNG has been the subject of a number of recent research reports. Wedbush reiterated a “neutral” rating and issued a $40.00 target price on shares of RingCentral in a report on Thursday, May 9th. Deutsche Bank Aktiengesellschaft increased their target price on shares of RingCentral from $38.00 to $42.00 and gave the company a “buy” rating in a research report on Thursday, May 9th. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $35.00 price target on shares of RingCentral in a report on Wednesday, May 1st. StockNews.com raised RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Thursday, May 9th. Finally, Wells Fargo & Company lowered their price objective on RingCentral from $33.00 to $28.00 and set an “equal weight” rating for the company in a research report on Friday, June 21st. Ten investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, RingCentral currently has a consensus rating of “Moderate Buy” and a consensus target price of $39.00.

RingCentral Company Profile

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.