Ringcentral, Inc. (RNG) COO Sells $328,458.00 in Stock
Ringcentral, Inc. (NYSE:RNG) COO David Sipes sold 7,800 shares of Ringcentral stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $42.11, for a total value of $328,458.00. Following the completion of the sale, the chief operating officer now owns 293,380 shares of the company’s stock, valued at $12,354,231.80. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.
David Sipes also recently made the following trade(s):
- On Wednesday, August 23rd, David Sipes sold 13,800 shares of Ringcentral stock. The stock was sold at an average price of $38.64, for a total value of $533,232.00.
Ringcentral, Inc. (RNG) opened at 41.55 on Friday. Ringcentral, Inc. has a 12 month low of $19.35 and a 12 month high of $43.05. The firm has a 50-day moving average price of $39.00 and a 200 day moving average price of $33.88. The stock’s market capitalization is $3.18 billion.
Ringcentral (NYSE:RNG) last announced its quarterly earnings data on Wednesday, August 2nd. The software maker reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.01. The business had revenue of $119.40 million for the quarter, compared to analyst estimates of $118.19 million. Ringcentral had a negative return on equity of 19.59% and a negative net margin of 6.77%. The company’s revenue was up 30.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.02 earnings per share. Equities analysts anticipate that Ringcentral, Inc. will post $0.17 earnings per share for the current year.
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Several equities research analysts recently commented on the company. BidaskClub upgraded Ringcentral from a “hold” rating to a “buy” rating in a report on Wednesday, August 16th. Robert W. Baird downgraded Ringcentral from an “outperform” rating to a “neutral” rating and lifted their price objective for the stock from $38.80 to $41.00 in a report on Thursday, August 10th. Stephens reiterated an “overweight” rating and issued a $44.00 price objective on shares of Ringcentral in a report on Sunday, June 25th. Northland Securities reiterated a “buy” rating and issued a $37.00 price objective on shares of Ringcentral in a report on Friday, June 23rd. Finally, SunTrust Banks, Inc. assumed coverage on Ringcentral in a report on Monday, June 26th. They issued a “buy” rating and a $47.00 price objective for the company. One research analyst has rated the stock with a sell rating, three have given a hold rating and eleven have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $39.17.
Hedge funds have recently made changes to their positions in the company. Sei Investments Co. increased its holdings in shares of Ringcentral by 66.1% in the second quarter. Sei Investments Co. now owns 31,255 shares of the software maker’s stock valued at $1,142,000 after purchasing an additional 12,442 shares during the period. Suntrust Banks Inc. acquired a new position in shares of Ringcentral in the first quarter valued at about $267,000. Vanguard Group Inc. increased its holdings in shares of Ringcentral by 9.4% in the first quarter. Vanguard Group Inc. now owns 5,184,049 shares of the software maker’s stock valued at $146,709,000 after purchasing an additional 446,995 shares during the period. Federated Investors Inc. PA increased its holdings in shares of Ringcentral by 58.3% in the second quarter. Federated Investors Inc. PA now owns 164,268 shares of the software maker’s stock valued at $6,004,000 after purchasing an additional 60,468 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in shares of Ringcentral by 2.4% in the first quarter. Bank of New York Mellon Corp now owns 242,343 shares of the software maker’s stock valued at $6,858,000 after purchasing an additional 5,627 shares during the period. 75.22% of the stock is currently owned by institutional investors and hedge funds.
RingCentral, Inc is a provider of software-as-a-service (SaaS) solutions for businesses to support modern communications. The Company’s cloud-based business communications solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, personal computers (PCs) and desk phones, and allow for communication across multiple channels, including high definition (HD) voice, video, short messaging service (SMS), messaging and collaboration, conferencing, online meetings, and fax.
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