RingCentral, Inc. (NYSE:RNG) CFO Vaibhav Agarwal Sells 1,985 Shares of Stock

RingCentral, Inc. (NYSE:RNG) CFO Vaibhav Agarwal sold 1,985 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $28.20, for a total transaction of $55,977.00. Following the sale, the chief financial officer now owns 156,799 shares of the company’s stock, valued at $4,421,731.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Vaibhav Agarwal also recently made the following trade(s):

• On Tuesday, May 21st, Vaibhav Agarwal sold 11,406 shares of RingCentral stock. The shares were sold at an average price of $36.01, for a total transaction of $410,730.06.

RingCentral Stock Down 3.1 %

RingCentral stock opened at $28.53 on Wednesday. The company has a market cap of $2.63 billion, a price-to-earnings ratio of -19.15, a PEG ratio of 2.44 and a beta of 1.03. The firm’s fifty day moving average is $32.16 and its 200 day moving average is $32.91. RingCentral, Inc. has a 52-week low of $25.08 and a 52-week high of $43.28.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Tuesday, May 7th. The software maker reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.05. The business had revenue of $584.21 million for the quarter, compared to analysts’ expectations of $577.81 million. On average, equities research analysts anticipate that RingCentral, Inc. will post 0.54 earnings per share for the current fiscal year.

Institutional Investors Weigh In On RingCentral

Hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC purchased a new stake in RingCentral during the fourth quarter valued at $26,000. Hexagon Capital Partners LLC increased its position in RingCentral by 116.8% during the fourth quarter. Hexagon Capital Partners LLC now owns 930 shares of the software maker’s stock valued at $32,000 after acquiring an additional 501 shares during the last quarter. Tennessee Valley Asset Management Partners bought a new position in RingCentral during the fourth quarter valued at $33,000. Nisa Investment Advisors LLC increased its position in RingCentral by 100.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the software maker’s stock valued at $34,000 after acquiring an additional 500 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. increased its position in RingCentral by 438.1% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 1,200 shares of the software maker’s stock valued at $41,000 after acquiring an additional 977 shares during the last quarter. Hedge funds and other institutional investors own 98.61% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Piper Sandler boosted their target price on shares of RingCentral from $31.00 to $32.00 and gave the company a “neutral” rating in a research report on Wednesday, May 8th. Robert W. Baird boosted their target price on shares of RingCentral from $32.00 to $35.00 and gave the company a “neutral” rating in a research report on Thursday, May 9th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of RingCentral from $38.00 to $42.00 and gave the company a “buy” rating in a report on Thursday, May 9th. Wells Fargo & Company lowered their price target on shares of RingCentral from $33.00 to $28.00 and set an “equal weight” rating on the stock in a report on Friday, June 21st. Finally, Mizuho lifted their price target on shares of RingCentral from $36.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. Ten investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, RingCentral currently has a consensus rating of “Moderate Buy” and a consensus price target of $39.00.

RingCentral Company Profile

RingCentral, Inc, together with its subsidiaries, provides cloud communications, video meetings, collaboration, and contact center software-as-a-service solutions worldwide. The company's products include RingCentral Message Video Phone that provides a unified experience for communication and collaboration across multiple modes, including HD voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers AI-powered omnichannel and workforce engagement solutions with integrated RingCentral MVP; and RingCX, an AI-powered contact center that a native delivers omnichannel experience.