David Sipes Sells 7,800 Shares of Ringcentral, Inc. (RNG) Stock
Ringcentral, Inc. (NYSE:RNG) COO David Sipes sold 7,800 shares of the company’s stock in a transaction dated Wednesday, September 13th. The shares were sold at an average price of $42.11, for a total value of $328,458.00. Following the sale, the chief operating officer now owns 293,380 shares in the company, valued at $12,354,231.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
David Sipes also recently made the following trade(s):
- On Wednesday, August 23rd, David Sipes sold 13,800 shares of Ringcentral stock. The stock was sold at an average price of $38.64, for a total value of $533,232.00.
Shares of Ringcentral, Inc. (RNG) traded down 0.54% during mid-day trading on Thursday, reaching $41.53. The company’s stock had a trading volume of 368,419 shares. The company’s 50-day moving average price is $38.84 and its 200-day moving average price is $33.78. The stock’s market capitalization is $3.18 billion. Ringcentral, Inc. has a 12-month low of $19.35 and a 12-month high of $43.05.
Ringcentral (NYSE:RNG) last issued its earnings results on Wednesday, August 2nd. The software maker reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.01. The company had revenue of $119.40 million for the quarter, compared to the consensus estimate of $118.19 million. Ringcentral had a negative return on equity of 19.59% and a negative net margin of 6.77%. The firm’s quarterly revenue was up 30.1% on a year-over-year basis. During the same quarter last year, the company earned $0.02 EPS. On average, equities research analysts forecast that Ringcentral, Inc. will post $0.17 earnings per share for the current fiscal year.
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A number of large investors have recently added to or reduced their stakes in RNG. Nationwide Fund Advisors increased its stake in Ringcentral by 101.9% in the 1st quarter. Nationwide Fund Advisors now owns 84,797 shares of the software maker’s stock worth $2,400,000 after acquiring an additional 42,788 shares during the last quarter. Strs Ohio bought a new stake in Ringcentral in the 1st quarter worth approximately $580,000. Russell Investments Group Ltd. increased its stake in Ringcentral by 71.3% in the 1st quarter. Russell Investments Group Ltd. now owns 90,087 shares of the software maker’s stock worth $2,549,000 after acquiring an additional 37,487 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Ringcentral by 2.4% in the 1st quarter. Bank of New York Mellon Corp now owns 242,343 shares of the software maker’s stock worth $6,858,000 after acquiring an additional 5,627 shares during the last quarter. Finally, Suntrust Banks Inc. bought a new stake in Ringcentral in the 1st quarter worth approximately $267,000. 75.22% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages have recently commented on RNG. BidaskClub raised Ringcentral from a “hold” rating to a “buy” rating in a report on Wednesday, August 16th. Robert W. Baird lowered Ringcentral from an “outperform” rating to a “neutral” rating and boosted their price objective for the stock from $38.80 to $41.00 in a report on Thursday, August 10th. Dougherty & Co reissued a “buy” rating and set a $40.00 price objective (up previously from $36.00) on shares of Ringcentral in a report on Wednesday, August 9th. Zacks Investment Research lowered Ringcentral from a “hold” rating to a “sell” rating in a report on Tuesday, August 8th. Finally, Summit Redstone reissued a “buy” rating and set a $40.00 price objective (up previously from $36.00) on shares of Ringcentral in a report on Thursday, August 3rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eleven have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $39.17.
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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