Ringcentral, Inc. (NYSE:RNG) insider Praful Shah sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, October 5th. The stock was sold at an average price of $43.32, for a total value of $433,200.00. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
Praful Shah also recently made the following trade(s):
- On Tuesday, September 19th, Praful Shah sold 10,000 shares of Ringcentral stock. The shares were sold at an average price of $41.08, for a total value of $410,800.00.
- On Tuesday, August 22nd, Praful Shah sold 10,000 shares of Ringcentral stock. The shares were sold at an average price of $37.98, for a total value of $379,800.00.
Shares of Ringcentral, Inc. (NYSE RNG) opened at 44.80 on Friday. Ringcentral, Inc. has a 12 month low of $19.35 and a 12 month high of $44.90. The firm’s market cap is $3.43 billion. The company has a 50-day moving average of $41.06 and a 200-day moving average of $35.47.
Ringcentral (NYSE:RNG) last posted its earnings results on Wednesday, August 2nd. The software maker reported $0.04 EPS for the quarter, topping the consensus estimate of $0.03 by $0.01. The firm had revenue of $119.40 million during the quarter, compared to analysts’ expectations of $118.19 million. Ringcentral had a negative net margin of 6.77% and a negative return on equity of 19.59%. Ringcentral’s quarterly revenue was up 30.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.02 EPS. Equities analysts forecast that Ringcentral, Inc. will post $0.17 EPS for the current fiscal year.
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Hedge funds have recently added to or reduced their stakes in the stock. Ameritas Investment Partners Inc. acquired a new stake in Ringcentral during the first quarter valued at approximately $143,000. ProShare Advisors LLC acquired a new stake in Ringcentral during the second quarter valued at approximately $202,000. Invictus RG acquired a new stake in Ringcentral during the first quarter valued at approximately $162,000. Virtu KCG Holdings LLC acquired a new stake in Ringcentral during the second quarter valued at approximately $248,000. Finally, Turner Investments LLC acquired a new stake in Ringcentral during the second quarter valued at approximately $256,000. 75.22% of the stock is owned by institutional investors and hedge funds.
A number of research analysts recently commented on the company. Northland Securities reiterated a “buy” rating and issued a $37.00 price objective on shares of Ringcentral in a report on Friday, June 23rd. Stephens reiterated an “overweight” rating and issued a $44.00 price objective on shares of Ringcentral in a report on Sunday, June 25th. SunTrust Banks, Inc. assumed coverage on Ringcentral in a report on Monday, June 26th. They issued a “buy” rating and a $47.00 price objective on the stock. Jefferies Group LLC restated a “buy” rating and set a $38.00 price target on shares of Ringcentral in a research note on Sunday, July 2nd. Finally, Oppenheimer Holdings, Inc. upped their price target on Ringcentral from $33.00 to $45.00 in a research note on Thursday, July 13th. Three research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $40.15.
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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