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

RingCentral, Inc. (NYSE:RNG) CFO Vaibhav Agarwal sold 1,985 shares of the stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total value of $62,329.00. Following the transaction, the chief financial officer now owns 135,560 shares of the company’s stock, valued at $4,256,584. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

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

• On Wednesday, August 21st, Vaibhav Agarwal sold 10,184 shares of RingCentral stock. The stock was sold at an average price of $32.88, for a total transaction of $334,849.92.

RingCentral Stock Performance

NYSE RNG traded up $0.63 during trading hours on Wednesday, hitting $31.32. The company had a trading volume of 2,240,195 shares, compared to its average volume of 1,208,059. The company has a market cap of $2.88 billion, a PE ratio of -21.01, a price-to-earnings-growth ratio of 2.46 and a beta of 1.03. The business has a 50 day moving average of $32.06 and a 200-day moving average of $32.08. RingCentral, Inc. has a 1-year low of $25.08 and a 1-year high of $38.35.

RingCentral (NYSE:RNG) last issued its earnings results on Thursday, August 1st. The software maker reported $0.91 EPS for the quarter, topping the consensus estimate of $0.88 by $0.03. The company had revenue of $592.91 million for the quarter, compared to analysts’ expectations of $586.39 million. During the same quarter in the previous year, the firm posted ($0.03) earnings per share. RingCentral’s revenue for the quarter was up 9.9% on a year-over-year basis. Sell-side analysts expect that RingCentral, Inc. will post 0.63 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of RNG. Advisory Services Network LLC raised its position in shares of RingCentral by 19.8% during the 4th quarter. Advisory Services Network LLC now owns 8,365 shares of the software maker’s stock worth $284,000 after purchasing an additional 1,382 shares during the period. Treasurer of the State of North Carolina boosted its stake in shares of RingCentral by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 37,832 shares of the software maker’s stock valued at $1,284,000 after buying an additional 360 shares during the period. First Trust Advisors LP grew its stake in shares of RingCentral by 15.9% in the 4th quarter. First Trust Advisors LP now owns 1,991,917 shares of the software maker’s stock valued at $67,626,000 after buying an additional 273,109 shares in the last quarter. Vinva Investment Management Ltd increased its position in RingCentral by 24.5% during the fourth quarter. Vinva Investment Management Ltd now owns 10,616 shares of the software maker’s stock worth $360,000 after buying an additional 2,090 shares during the last quarter. Finally, Seven Eight Capital LP bought a new stake in shares of RingCentral during the 4th quarter worth $607,000. Institutional investors and hedge funds own 98.61% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Needham & Company LLC restated a “buy” rating and set a $42.00 target price on shares of RingCentral in a research note on Monday, August 5th. StockNews.com downgraded shares of RingCentral from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 6th. Rosenblatt Securities upgraded shares of RingCentral from a “neutral” rating to a “buy” rating and increased their target price for the stock from $35.00 to $45.00 in a research report on Friday, August 2nd. Wells Fargo & Company lifted their target price on RingCentral from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Finally, Robert W. Baird raised their target price on RingCentral from $35.00 to $36.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. Eight equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $40.07.

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.