Vaibhav Agarwal Sells 11,406 Shares of RingCentral, Inc. (NYSE:RNG) Stock

RingCentral, Inc. (NYSE:RNG - Get Free Report) CFO Vaibhav Agarwal sold 11,406 shares of RingCentral stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $36.01, for a total value of $410,730.06. Following the transaction, the chief financial officer now directly owns 158,784 shares of the company's stock, valued at $5,717,811.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Monday, April 1st, Vaibhav Agarwal sold 1,984 shares of RingCentral stock. The shares were sold at an average price of $34.55, for a total value of $68,547.20.
• 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 Down 2.4 %

Shares of NYSE:RNG traded down $0.89 during trading on Tuesday, hitting $36.34. 1,807,818 shares of the company's stock traded hands, compared to its average volume of 1,145,693. RingCentral, Inc. has a 52 week low of $25.08 and a 52 week high of $43.28. The company has a market cap of $3.35 billion, a price-to-earnings ratio of -23.95, a price-to-earnings-growth ratio of 3.19 and a beta of 0.94. The company has a 50-day moving average price of $33.28 and a 200-day moving average price of $32.56.

RingCentral (NYSE:RNG - Get Free Report) last released its quarterly earnings data on Tuesday, February 20th. The software maker reported ($0.33) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.31). The firm had revenue of $571.27 million during the quarter, compared to analyst estimates of $569.65 million. On average, analysts predict that RingCentral, Inc. will post 0.54 earnings per share for the current fiscal year.

Hedge Funds Weigh In On RingCentral

Several institutional investors have recently modified their holdings of RNG. GAMMA Investing LLC bought a new stake in RingCentral in the 4th quarter valued at approximately $26,000. Hexagon Capital Partners LLC raised its stake in shares of RingCentral by 116.8% during the 4th quarter. Hexagon Capital Partners LLC now owns 930 shares of the software maker's stock worth $32,000 after purchasing an additional 501 shares in the last quarter. Tennessee Valley Asset Management Partners bought a new stake in shares of RingCentral during the 4th quarter worth approximately $33,000. Nisa Investment Advisors LLC raised its stake in shares of RingCentral by 100.0% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the software maker's stock worth $34,000 after purchasing an additional 500 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. raised its stake in shares of RingCentral by 438.1% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 1,200 shares of the software maker's stock worth $41,000 after purchasing an additional 977 shares in the last quarter. Institutional investors own 98.61% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Needham & Company LLC restated a "buy" rating and issued a $42.00 target price on shares of RingCentral in a research note on Monday. The Goldman Sachs Group lowered their target price on RingCentral from $38.00 to $34.00 and set a "neutral" rating for the company in a research note on Wednesday, February 21st. Robert W. Baird raised their target price on RingCentral from $32.00 to $35.00 and gave the company a "neutral" rating in a research note on Thursday, May 9th. Rosenblatt Securities restated a "neutral" rating and issued a $35.00 target price on shares of RingCentral in a research note on Wednesday, May 1st. Finally, Wells Fargo & Company raised their target price on RingCentral from $31.00 to $33.00 and gave the company an "equal weight" rating in a research note on Wednesday, May 8th. Ten equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $39.28.

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.

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