Vaibhav Agarwal Sells 1,984 Shares of RingCentral, Inc. (NYSE:RNG) Stock

RingCentral, Inc. (NYSE:RNG - Get Free Report) CFO Vaibhav Agarwal sold 1,984 shares of the business's stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $34.55, for a total value of $68,547.20. Following the transaction, the chief financial officer now owns 114,656 shares of the company's stock, valued at $3,961,364.80. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

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

• On Friday, March 15th, Vaibhav Agarwal sold 14,113 shares of RingCentral stock. The shares were sold at an average price of $34.84, for a total value of $491,696.92.
• On Wednesday, February 21st, Vaibhav Agarwal sold 6,224 shares of RingCentral stock. The shares were sold at an average price of $31.55, for a total value of $196,367.20.

RingCentral Trading Up 0.3 %

Shares of RingCentral stock traded up $0.11 on Wednesday, reaching $33.25. 1,009,890 shares of the company were exchanged, compared to its average volume of 1,254,647. RingCentral, Inc. has a one year low of $25.08 and a one year high of $43.28. The company has a market capitalization of $3.07 billion, a price-to-earnings ratio of -19.00, a PEG ratio of 3.58 and a beta of 0.92. The company has a 50-day moving average of $33.74 and a 200 day moving average of $31.62.

RingCentral (NYSE:RNG - Get Free Report) last posted its earnings results on Tuesday, February 20th. The software maker reported ($0.33) earnings per share for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.31). The company had revenue of $571.27 million during the quarter, compared to analyst estimates of $569.65 million. Analysts predict that RingCentral, Inc. will post 0.45 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in RNG. Sylebra Capital LLC acquired a new position in shares of RingCentral during the 3rd quarter worth approximately $242,462,000. Sylebra Capital Ltd grew its holdings in RingCentral by 903.4% in the 2nd quarter. Sylebra Capital Ltd now owns 8,163,680 shares of the software maker's stock valued at $267,197,000 after buying an additional 7,350,105 shares in the last quarter. Ameriprise Financial Inc. grew its holdings in RingCentral by 515.7% in the 3rd quarter. Ameriprise Financial Inc. now owns 2,716,470 shares of the software maker's stock valued at $80,489,000 after buying an additional 2,275,245 shares in the last quarter. Norges Bank acquired a new position in RingCentral in the 4th quarter valued at $30,471,000. Finally, Renaissance Technologies LLC acquired a new position in RingCentral in the 1st quarter valued at $83,500,000. 98.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on RNG shares. Jefferies Financial Group lowered RingCentral from a "buy" rating to a "hold" rating and decreased their price objective for the company from $40.00 to $35.00 in a research report on Tuesday, December 12th. Piper Sandler decreased their price objective on RingCentral from $34.00 to $31.00 and set a "neutral" rating for the company in a research report on Wednesday, February 21st. Mizuho decreased their price objective on RingCentral from $40.00 to $36.00 and set a "buy" rating for the company in a research report on Wednesday, February 21st. The Goldman Sachs Group cut their target price on RingCentral from $38.00 to $34.00 and set a "neutral" rating on the stock in a research note on Wednesday, February 21st. Finally, Needham & Company LLC cut their target price on RingCentral from $46.00 to $42.00 and set a "buy" rating on the stock in a research note on Wednesday, February 21st. Eight analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, RingCentral presently has a consensus rating of "Moderate Buy" and an average target price of $38.89.

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.