David Sipes Sells 15,270 Shares of Ringcentral, Inc. (RNG) Stock
Ringcentral, Inc. (NYSE:RNG) COO David Sipes sold 15,270 shares of the business’s stock in a transaction dated Tuesday, November 28th. The shares were sold at an average price of $49.06, for a total value of $749,146.20. Following the completion of the transaction, the chief operating officer now directly owns 280,781 shares of the company’s stock, valued at approximately $13,775,115.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
David Sipes also recently made the following trade(s):
- On Monday, October 16th, David Sipes sold 1,500 shares of Ringcentral stock. The shares were sold at an average price of $44.00, for a total value of $66,000.00.
- On Wednesday, October 11th, David Sipes sold 7,800 shares of Ringcentral stock. The shares were sold at an average price of $43.32, for a total value of $337,896.00.
- On Monday, October 2nd, David Sipes sold 3,000 shares of Ringcentral stock. The shares were sold at an average price of $44.01, for a total value of $132,030.00.
- On Wednesday, September 13th, David Sipes sold 7,800 shares of Ringcentral stock. The shares were sold at an average price of $42.11, for a total value of $328,458.00.
Ringcentral, Inc. (NYSE:RNG) opened at $47.15 on Friday. Ringcentral, Inc. has a 12 month low of $19.95 and a 12 month high of $49.95.
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 forecast that Ringcentral, Inc. will post -0.33 EPS for the current fiscal year.
Several large investors have recently added to or reduced their stakes in the business. Capital World Investors grew its position in Ringcentral by 23.9% during the 2nd quarter. Capital World Investors now owns 6,599,000 shares of the software maker’s stock worth $241,193,000 after acquiring an additional 1,275,000 shares during the last quarter. Whale Rock Capital Management LLC purchased a new position in shares of Ringcentral during the 2nd quarter valued at about $39,450,000. FMR LLC boosted its holdings in Ringcentral by 40.1% in the 2nd quarter. FMR LLC now owns 2,905,422 shares of the software maker’s stock worth $106,193,000 after buying an additional 832,314 shares during the last quarter. Southpoint Capital Advisors LP purchased a new stake in Ringcentral in the second quarter valued at approximately $18,275,000. Finally, BlackRock Inc. raised its position in Ringcentral by 11.6% in the second quarter. BlackRock Inc. now owns 4,272,844 shares of the software maker’s stock valued at $156,173,000 after purchasing an additional 445,306 shares during the period. 76.50% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts have recently weighed in on the company. Summit Redstone reiterated a “buy” rating and issued a $40.00 price objective (up from $36.00) on shares of Ringcentral in a research report on Thursday, August 3rd. Dougherty & Co boosted their target price on Ringcentral from $36.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, August 3rd. Craig Hallum reissued a “buy” rating and set a $40.00 price target (up from $35.00) on shares of Ringcentral in a report on Thursday, August 3rd. Northland Securities set a $43.00 target price on shares of Ringcentral and gave the company a “buy” rating in a report on Thursday, August 3rd. Finally, Jefferies Group reiterated a “buy” rating and issued a $38.00 price target on shares of Ringcentral in a research report on Thursday, August 3rd. Three investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $44.15.
Ringcentral Company Profile
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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