Ringcentral, Inc. (RNG) CFO Mitesh Dhruv Sells 3,000 Shares of Stock
Ringcentral, Inc. (NYSE:RNG) CFO Mitesh Dhruv sold 3,000 shares of the company’s stock in a transaction on Wednesday, October 4th. The shares were sold at an average price of $43.72, for a total value of $131,160.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.
Mitesh Dhruv also recently made the following trade(s):
- On Thursday, September 14th, Mitesh Dhruv sold 3,000 shares of Ringcentral stock. The shares were sold at an average price of $41.37, for a total value of $124,110.00.
- On Wednesday, August 23rd, Mitesh Dhruv sold 3,000 shares of Ringcentral stock. The shares were sold at an average price of $38.16, for a total value of $114,480.00.
Shares of Ringcentral, Inc. (NYSE RNG) traded down 0.57% during trading on Thursday, hitting $43.65. The stock had a trading volume of 310,428 shares. The stock has a 50 day moving average price of $40.75 and a 200-day moving average price of $35.28. Ringcentral, Inc. has a one year low of $19.35 and a one year high of $44.70. The stock’s market capitalization is $3.35 billion.
Ringcentral (NYSE:RNG) last issued its quarterly earnings data on Wednesday, August 2nd. The software maker reported $0.04 earnings per share for the quarter, topping 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%. Ringcentral’s quarterly revenue was up 30.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.02 EPS. On average, equities research analysts predict that Ringcentral, Inc. will post $0.17 earnings per share for the current year.
A number of analysts have weighed in on RNG shares. BidaskClub cut Ringcentral from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 19th. Summit Redstone reiterated a “buy” rating and issued a $40.00 price target (up from $36.00) on shares of Ringcentral in a research report on Thursday, August 3rd. Northland Securities set a $43.00 price target on Ringcentral and gave the company a “buy” rating in a research report on Thursday, August 3rd. Robert W. Baird cut Ringcentral from an “outperform” rating to a “neutral” rating and upped their price target for the company from $38.80 to $41.00 in a research report on Thursday, August 10th. Finally, Dougherty & Co upped their price target on Ringcentral from $36.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, August 3rd. Three investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Ringcentral has a consensus rating of “Buy” and a consensus price target of $40.15.
A number of hedge funds have recently modified their holdings of the stock. Lord Abbett & CO. LLC bought a new stake in Ringcentral during the 2nd quarter worth $15,376,000. Dynamic Technology Lab Private Ltd bought a new stake in Ringcentral during the 2nd quarter worth $562,000. Ameritas Investment Partners Inc. grew its position in Ringcentral by 8.3% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,480 shares of the software maker’s stock worth $200,000 after acquiring an additional 418 shares during the last quarter. Castleark Management LLC grew its position in Ringcentral by 24.4% during the 2nd quarter. Castleark Management LLC now owns 578,513 shares of the software maker’s stock worth $21,145,000 after acquiring an additional 113,543 shares during the last quarter. Finally, Bank of Nova Scotia bought a new stake in Ringcentral during the 2nd quarter worth $1,871,000. Institutional investors and hedge funds own 75.22% of the company’s stock.
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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