RingCentral Inc (RNG) CFO Sells $139,784.80 in Stock

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RingCentral Inc (NYSE:RNG) CFO Mitesh Dhruv sold 1,633 shares of the company’s stock in a transaction dated Monday, January 7th. The shares were sold at an average price of $85.60, for a total transaction of $139,784.80. Following the transaction, the chief financial officer now owns 144,676 shares in the company, valued at $12,384,265.60. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.

Mitesh Dhruv also recently made the following trade(s):

  • On Friday, December 28th, Mitesh Dhruv sold 187 shares of RingCentral stock. The stock was sold at an average price of $79.90, for a total transaction of $14,941.30.
  • On Friday, December 21st, Mitesh Dhruv sold 1,581 shares of RingCentral stock. The stock was sold at an average price of $74.92, for a total transaction of $118,448.52.
  • On Monday, December 3rd, Mitesh Dhruv sold 1,634 shares of RingCentral stock. The stock was sold at an average price of $83.89, for a total transaction of $137,076.26.
  • On Thursday, November 29th, Mitesh Dhruv sold 2,471 shares of RingCentral stock. The stock was sold at an average price of $79.23, for a total transaction of $195,777.33.

NYSE RNG opened at $86.91 on Friday. The firm has a market capitalization of $7.02 billion, a price-to-earnings ratio of -248.31 and a beta of 0.97. RingCentral Inc has a 12-month low of $47.65 and a 12-month high of $98.15. The company has a debt-to-equity ratio of 1.22, a current ratio of 4.07 and a quick ratio of 4.07.

RingCentral (NYSE:RNG) last released its quarterly earnings data on Monday, November 5th. The software maker reported $0.19 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.16 by $0.03. The firm had revenue of $173.83 million for the quarter, compared to analyst estimates of $166.70 million. RingCentral had a negative net margin of 4.25% and a negative return on equity of 3.64%. The business’s quarterly revenue was up 33.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.06 earnings per share. As a group, equities analysts anticipate that RingCentral Inc will post -0.09 earnings per share for the current year.

A number of brokerages have commented on RNG. Robert W. Baird upgraded shares of RingCentral from a “neutral” rating to an “outperform” rating and set a $100.00 target price on the stock in a research note on Monday, November 19th. TheStreet downgraded shares of RingCentral from a “c” rating to a “d+” rating in a research note on Tuesday, November 6th. Bank of America dropped their target price on shares of RingCentral from $100.00 to $93.00 and set a “buy” rating on the stock in a research note on Tuesday, November 6th. Morgan Stanley upped their price target on shares of RingCentral from $84.00 to $93.00 and gave the stock an “equal weight” rating in a research report on Monday, January 7th. Finally, Deutsche Bank assumed coverage on shares of RingCentral in a research report on Monday, October 8th. They issued a “buy” rating and a $105.00 price target for the company. Three equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $92.27.

Several large investors have recently added to or reduced their stakes in the company. OppenheimerFunds Inc. lifted its holdings in RingCentral by 22.4% during the second quarter. OppenheimerFunds Inc. now owns 792,971 shares of the software maker’s stock valued at $55,786,000 after purchasing an additional 145,343 shares in the last quarter. Teachers Advisors LLC lifted its stake in shares of RingCentral by 8.3% in the third quarter. Teachers Advisors LLC now owns 329,177 shares of the software maker’s stock worth $30,630,000 after buying an additional 25,247 shares in the last quarter. Nomura Holdings Inc. lifted its stake in shares of RingCentral by 604.0% in the second quarter. Nomura Holdings Inc. now owns 376,132 shares of the software maker’s stock worth $26,461,000 after buying an additional 322,707 shares in the last quarter. Millennium Management LLC lifted its stake in shares of RingCentral by 129.5% in the second quarter. Millennium Management LLC now owns 1,105,389 shares of the software maker’s stock worth $77,764,000 after buying an additional 623,790 shares in the last quarter. Finally, Legal & General Group Plc lifted its stake in shares of RingCentral by 20.8% in the second quarter. Legal & General Group Plc now owns 30,902 shares of the software maker’s stock worth $2,174,000 after buying an additional 5,320 shares in the last quarter. Hedge funds and other institutional investors own 78.01% of the company’s stock.

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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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