RingCentral Inc (NYSE:RNG) CFO Mitesh Dhruv sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 17th. The shares were sold at an average price of $50.96, for a total value of $152,880.00. Following the transaction, the chief financial officer now directly owns 132,087 shares in the company, valued at approximately $6,731,153.52. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
Mitesh Dhruv also recently made the following trade(s):
- On Tuesday, December 19th, Mitesh Dhruv sold 3,000 shares of RingCentral stock. The shares were sold at an average price of $47.85, for a total value of $143,550.00.
- On Wednesday, November 22nd, Mitesh Dhruv sold 3,000 shares of RingCentral stock. The shares were sold at an average price of $48.22, for a total value of $144,660.00.
RingCentral Inc (NYSE RNG) opened at $54.15 on Friday. RingCentral Inc has a 1-year low of $21.90 and a 1-year high of $54.25. The stock has a market capitalization of $4,115.07, a price-to-earnings ratio of -154.71 and a beta of 0.80.
RingCentral (NYSE:RNG) last posted its quarterly earnings data on Wednesday, November 8th. The software maker reported $0.06 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate 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 during the quarter, compared to analysts’ expectations of $126.06 million. During the same quarter in the previous year, the business earned $0.03 EPS. RingCentral’s revenue was up 34.0% compared to the same quarter last year. analysts forecast that RingCentral Inc will post -0.33 earnings per share for the current year.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Ameritas Investment Partners Inc. boosted its holdings in RingCentral by 8.3% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,480 shares of the software maker’s stock valued at $200,000 after acquiring an additional 418 shares during the period. Suntrust Banks Inc. lifted its holdings in shares of RingCentral by 5.5% in the 2nd quarter. Suntrust Banks Inc. now owns 9,970 shares of the software maker’s stock worth $364,000 after buying an additional 523 shares during the period. Amalgamated Bank lifted its holdings in shares of RingCentral by 11.5% in the 2nd quarter. Amalgamated Bank now owns 8,006 shares of the software maker’s stock worth $293,000 after buying an additional 825 shares during the period. Legal & General Group Plc lifted its holdings in shares of RingCentral by 5.1% in the 2nd quarter. Legal & General Group Plc now owns 22,612 shares of the software maker’s stock worth $825,000 after buying an additional 1,089 shares during the period. Finally, PDT Partners LLC lifted its holdings in shares of RingCentral by 0.5% in the 2nd quarter. PDT Partners LLC now owns 200,705 shares of the software maker’s stock worth $7,336,000 after buying an additional 1,091 shares during the period. Institutional investors own 76.29% of the company’s stock.
Several research firms have recently weighed in on RNG. Zacks Investment Research raised RingCentral from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a research report on Wednesday, October 4th. Jefferies Group reissued a “buy” rating and set a $48.00 target price on shares of RingCentral in a research report on Thursday, October 19th. JPMorgan Chase & Co. downgraded RingCentral from an “overweight” rating to a “neutral” rating and set a $52.00 target price on the stock. in a research report on Tuesday, December 12th. Bank of America boosted their target price on RingCentral from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, October 25th. Finally, Northland Securities restated a “buy” rating and set a $46.00 price objective on shares of RingCentral in a report on Friday, November 10th. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $45.14.
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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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