RingCentral Inc (RNG) CFO Mitesh Dhruv Sells 2,528 Shares
RingCentral Inc (NYSE:RNG) CFO Mitesh Dhruv sold 2,528 shares of the firm’s stock in a transaction dated Monday, September 10th. The stock was sold at an average price of $95.02, for a total value of $240,210.56. Following the transaction, the chief financial officer now owns 159,952 shares of the company’s stock, valued at $15,198,639.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.
Mitesh Dhruv also recently made the following trade(s):
- On Friday, September 7th, Mitesh Dhruv sold 1,264 shares of RingCentral stock. The stock was sold at an average price of $94.60, for a total value of $119,574.40.
- On Friday, August 31st, Mitesh Dhruv sold 3,436 shares of RingCentral stock. The stock was sold at an average price of $93.11, for a total value of $319,925.96.
NYSE RNG opened at $96.30 on Tuesday. RingCentral Inc has a one year low of $38.45 and a one year high of $96.65. The company has a market cap of $7.48 billion, a P/E ratio of -275.14 and a beta of 0.80. The company has a quick ratio of 4.32, a current ratio of 4.32 and a debt-to-equity ratio of 1.24.
Institutional investors have recently made changes to their positions in the business. US Bancorp DE grew its stake in RingCentral by 141.7% in the second quarter. US Bancorp DE now owns 1,745 shares of the software maker’s stock valued at $123,000 after acquiring an additional 1,023 shares during the period. NewSquare Capital LLC acquired a new stake in RingCentral in the second quarter valued at approximately $188,000. Comerica Bank acquired a new stake in RingCentral in the second quarter valued at approximately $202,000. Cerebellum GP LLC acquired a new stake in RingCentral in the second quarter valued at approximately $183,000. Finally, Sun Life Financial INC acquired a new stake in RingCentral in the second quarter valued at approximately $185,000. 77.61% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts have recently issued reports on RNG shares. Zacks Investment Research downgraded RingCentral from a “buy” rating to a “hold” rating in a research report on Wednesday, May 16th. Jefferies Financial Group reaffirmed a “buy” rating on shares of RingCentral in a research note on Friday, June 15th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $84.00 target price on shares of RingCentral in a research note on Friday, June 15th. Oppenheimer raised their target price on RingCentral from $79.00 to $92.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 19th. Finally, Stifel Nicolaus began coverage on RingCentral in a research note on Wednesday, July 11th. They set a “buy” rating and a $100.00 target price for the company. Three research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $88.36.
RingCentral Company Profile
RingCentral, Inc provides software-as-a-service solutions for business communications and collaboration primarily in the United States. The company's products include RingCentral Office, a multi-tenant, multi-location, and enterprise-grade communications and collaboration solution that enables employees to communicate through voice, text, team messaging and collaboration, and HD video and Web conferencing through smartphones, tablets, PCs, and desk phones for businesses, which require a communications solution; RingCentral Professional, an inbound call routing subscription with additional text and fax capabilities primarily for smaller businesses; and RingCentral Fax solution that offers Internet fax capabilities, which allow businesses to send and receive fax documents without the need for a fax machine.
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