Insider Selling: RingCentral Director Sells 40,000 Shares of Stock (RNG)
RingCentral (NYSE:RNG) Director David Weiden sold 40,000 shares of the stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $14.02, for a total transaction of $560,800.00. Following the completion of the transaction, the director now directly owns 121,951 shares of the company’s stock, valued at approximately $1,709,753. The sale was disclosed in a legal filing with the SEC, which is available at this link.
Separately, analysts at Goldman Sachs cut their price target on shares of RingCentral from $26.00 to $20.00 in a research note on Thursday, May 22nd. Seven research analysts have rated the stock with a buy rating, The company presently has a consensus rating of “Buy” and a consensus price target of $20.88.
Shares of RingCentral (NYSE:RNG) traded up 6.31% during mid-day trading on Tuesday, hitting $14.66. The stock had a trading volume of 2,743,436 shares. RingCentral has a 52-week low of $11.33 and a 52-week high of $23.65. The stock has a 50-day moving average of $14.4 and a 200-day moving average of $16.64. The company’s market cap is $986.5 million.
RingCentral (NYSE:RNG) last announced its earnings results on Tuesday, July 29th. The company reported ($0.14) earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.15) by $0.01. The company had revenue of $52.80 million for the quarter, compared to the consensus estimate of $51.10 million. RingCentral’s revenue was up 40.1% compared to the same quarter last year. On average, analysts predict that RingCentral will post $-0.52 earnings per share for the current fiscal year.
RingCentral, Inc is a provider of software-as-a-service (NYSE:RNG) solutions for business communications.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.