RingCentral, Inc. (NYSE:RNG) CFO Sells $491,696.92 in Stock

RingCentral, Inc. (NYSE:RNG) CFO Vaibhav Agarwal sold 14,113 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $34.84, for a total transaction of $491,696.92. Following the sale, the chief financial officer now owns 116,640 shares of the company’s stock, valued at approximately $4,063,737.60. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

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

• On Wednesday, February 21st, Vaibhav Agarwal sold 6,224 shares of RingCentral stock. The stock was sold at an average price of $31.55, for a total transaction of $196,367.20.

RingCentral Stock Down 1.2 %

NYSE:RNG opened at $34.97 on Monday. RingCentral, Inc. has a fifty-two week low of $25.08 and a fifty-two week high of $43.28. The stock has a market cap of $3.23 billion, a PE ratio of -19.98, a price-to-earnings-growth ratio of 3.85 and a beta of 0.92. The firm’s fifty day simple moving average is $33.48 and its 200-day simple moving average is $31.30.

RingCentral (NYSE:RNG) last posted its quarterly earnings results on Tuesday, February 20th. The software maker reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.31). The firm had revenue of $571.27 million for the quarter, compared to analyst estimates of $569.65 million. Equities analysts anticipate that RingCentral, Inc. will post 0.45 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts recently commented on RNG shares. Rosenblatt Securities reiterated a “neutral” rating and issued a $35.00 price target on shares of RingCentral in a research report on Monday, December 4th. Piper Sandler reduced their price target on shares of RingCentral from $34.00 to $31.00 and set a “neutral” rating for the company in a research report on Wednesday, February 21st. Wells Fargo & Company reduced their price target on shares of RingCentral from $36.00 to $31.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 21st. Mizuho reduced their price target on shares of RingCentral from $40.00 to $36.00 and set a “buy” rating for the company in a research report on Wednesday, February 21st. Finally, Needham & Company LLC reduced their price target on shares of RingCentral from $46.00 to $42.00 and set a “buy” rating for the company in a research report on Wednesday, February 21st. Eight equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, RingCentral currently has an average rating of “Moderate Buy” and an average target price of $38.89.

Hedge Funds Weigh In On RingCentral

Institutional investors and hedge funds have recently made changes to their positions in the stock. Sylebra Capital LLC acquired a new stake in RingCentral in the 3rd quarter valued at about $242,462,000. Sylebra Capital Ltd grew its stake in RingCentral by 903.4% in the 2nd quarter. Sylebra Capital Ltd now owns 8,163,680 shares of the software maker’s stock valued at $267,197,000 after acquiring an additional 7,350,105 shares during the last quarter. Ameriprise Financial Inc. grew its stake in RingCentral by 515.7% in the 3rd quarter. Ameriprise Financial Inc. now owns 2,716,470 shares of the software maker’s stock valued at $80,489,000 after acquiring an additional 2,275,245 shares during the last quarter. Renaissance Technologies LLC grew its stake in RingCentral by 102.8% in the 2nd quarter. Renaissance Technologies LLC now owns 1,857,600 shares of the software maker’s stock valued at $60,799,000 after acquiring an additional 941,700 shares during the last quarter. Finally, Norges Bank acquired a new stake in RingCentral in the 4th quarter valued at about $30,471,000. 84.48% of the stock is owned by institutional investors and hedge funds.

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.