Ringcentral, Inc. (NYSE:RNG) CFO Mitesh Dhruv sold 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 14th. The shares were sold at an average price of $41.37, for a total transaction of $124,110.00. Following the completion of the sale, the chief financial officer now directly owns 141,113 shares in the company, valued at $5,837,844.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.
Mitesh Dhruv also recently made the following trade(s):
- On Wednesday, August 23rd, Mitesh Dhruv sold 3,000 shares of Ringcentral stock. The shares were sold at an average price of $38.16, for a total transaction of $114,480.00.
Shares of Ringcentral, Inc. (NYSE RNG) remained flat at $41.55 on Friday. The company had a trading volume of 538,474 shares. Ringcentral, Inc. has a 12 month low of $19.35 and a 12 month high of $43.05. The stock has a 50-day moving average of $39.00 and a 200 day moving average of $33.88. The firm’s market capitalization is $3.18 billion.
Ringcentral (NYSE:RNG) last released its quarterly earnings results on Wednesday, August 2nd. The software maker reported $0.04 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.03 by $0.01. Ringcentral had a negative return on equity of 19.59% and a negative net margin of 6.77%. The company had revenue of $119.40 million for the quarter, compared to analyst estimates of $118.19 million. During the same quarter in the prior year, the firm posted $0.02 EPS. Ringcentral’s quarterly revenue was up 30.1% compared to the same quarter last year. Equities research analysts forecast that Ringcentral, Inc. will post $0.17 earnings per share for the current fiscal year.
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A number of large investors have recently added to or reduced their stakes in the stock. Aperio Group LLC raised its holdings in Ringcentral by 1.5% during the 2nd quarter. Aperio Group LLC now owns 11,457 shares of the software maker’s stock valued at $419,000 after buying an additional 169 shares during the period. Falcon Point Capital LLC raised its holdings in Ringcentral by 3.2% during the 2nd quarter. Falcon Point Capital LLC now owns 9,356 shares of the software maker’s stock valued at $342,000 after buying an additional 288 shares during the period. Ameritas Investment Partners Inc. raised 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 buying an additional 418 shares during the period. Suntrust Banks Inc. raised its holdings in Ringcentral by 5.5% during the 2nd quarter. Suntrust Banks Inc. now owns 9,970 shares of the software maker’s stock valued at $364,000 after buying an additional 523 shares during the period. Finally, Amalgamated Bank raised its holdings in Ringcentral by 11.5% during the 2nd quarter. Amalgamated Bank now owns 8,006 shares of the software maker’s stock valued at $293,000 after buying an additional 825 shares during the period. Institutional investors own 75.22% of the company’s stock.
A number of brokerages recently weighed in on RNG. Dougherty & Co reaffirmed a “buy” rating and issued a $40.00 target price (up from $36.00) on shares of Ringcentral in a research note on Wednesday, August 9th. Robert W. Baird cut shares of Ringcentral from an “outperform” rating to a “neutral” rating and increased their price target for the company from $38.80 to $41.00 in a research report on Thursday, August 10th. BidaskClub upgraded shares of Ringcentral from a “hold” rating to a “buy” rating in a research report on Wednesday, August 16th. Jefferies Group LLC reiterated a “buy” rating and set a $38.00 price target on shares of Ringcentral in a research report on Thursday, August 3rd. Finally, Craig Hallum reiterated a “buy” rating and set a $40.00 price target (up from $35.00) on shares of Ringcentral in a research report on Thursday, August 3rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eleven have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $39.17.
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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