Ringcentral, Inc. (RNG) CFO Sells $144,660.00 in Stock
Ringcentral, Inc. (NYSE:RNG) CFO Mitesh Dhruv sold 3,000 shares of the business’s stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $48.22, for a total value of $144,660.00. Following the sale, the chief financial officer now owns 129,087 shares in the company, valued at $6,224,575.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.
Mitesh Dhruv also recently made the following trade(s):
- On Wednesday, October 4th, Mitesh Dhruv sold 3,000 shares of Ringcentral stock. The stock was sold at an average price of $43.72, for a total value of $131,160.00.
- On Thursday, September 14th, Mitesh Dhruv sold 3,000 shares of Ringcentral stock. The stock was sold at an average price of $41.37, for a total value of $124,110.00.
Ringcentral, Inc. (NYSE:RNG) traded down $0.40 during trading on Wednesday, hitting $48.30. The company’s stock had a trading volume of 337,661 shares, compared to its average volume of 668,362. Ringcentral, Inc. has a 52-week low of $19.95 and a 52-week high of $49.10.
Ringcentral (NYSE:RNG) last issued its earnings results on Wednesday, November 8th. The software maker reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.02. Ringcentral had a negative return on equity of 17.97% and a negative net margin of 5.80%. The company had revenue of $129.76 million for the quarter, compared to analyst estimates of $126.06 million. During the same period in the prior year, the firm earned $0.03 earnings per share. Ringcentral’s revenue for the quarter was up 34.0% on a year-over-year basis. sell-side analysts anticipate that Ringcentral, Inc. will post -0.33 earnings per share for the current fiscal year.
Several large investors have recently modified their holdings of RNG. UBS Asset Management Americas Inc. raised its position in shares of Ringcentral by 77.9% during the first quarter. UBS Asset Management Americas Inc. now owns 17,971 shares of the software maker’s stock worth $509,000 after purchasing an additional 7,871 shares during the period. Principal Financial Group Inc. acquired a new position in shares of Ringcentral during the first quarter worth approximately $237,000. Legal & General Group Plc raised its position in shares of Ringcentral by 49.8% during the first quarter. Legal & General Group Plc now owns 21,523 shares of the software maker’s stock worth $605,000 after purchasing an additional 7,153 shares during the period. BlackRock Inc. raised its position in shares of Ringcentral by 64,315.0% during the first quarter. BlackRock Inc. now owns 3,827,538 shares of the software maker’s stock worth $108,320,000 after purchasing an additional 3,821,596 shares during the period. Finally, Amalgamated Bank acquired a new position in shares of Ringcentral during the first quarter worth approximately $203,000. 76.88% of the stock is currently owned by institutional investors.
Several research firms have recently weighed in on RNG. Zacks Investment Research cut Ringcentral from a “buy” rating to a “hold” rating in a report on Wednesday, November 15th. Northland Securities restated a “buy” rating and set a $46.00 price target on shares of Ringcentral in a report on Friday, November 10th. Craig Hallum restated a “buy” rating and set a $50.00 price target (up from $40.00) on shares of Ringcentral in a report on Thursday, November 9th. Oppenheimer Holdings, Inc. upped their target price on Ringcentral from $45.00 to $50.00 and gave the company an “outperform” rating in a report on Thursday, November 9th. Finally, Bank of America Corporation upped their target price on Ringcentral from $45.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, October 25th. Three equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Ringcentral presently has a consensus rating of “Buy” and a consensus price target of $44.15.
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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