Ringcentral, Inc. (RNG) CFO Mitesh Dhruv Sells 3,000 Shares
Ringcentral, Inc. (NYSE:RNG) CFO Mitesh Dhruv sold 3,000 shares of Ringcentral stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $41.37, for a total value of $124,110.00. Following the completion of the transaction, the chief financial officer now owns 141,113 shares of the company’s stock, valued at approximately $5,837,844.81. The sale was disclosed in a document filed with the SEC, which is available at this link.
Mitesh Dhruv also recently made the following trade(s):
- On Wednesday, August 23rd, Mitesh Dhruv sold 3,000 shares of Ringcentral stock. The stock was sold at an average price of $38.16, for a total value of $114,480.00.
Ringcentral, Inc. (NYSE:RNG) traded down 0.54% on Thursday, reaching $41.53. The company had a trading volume of 368,419 shares. Ringcentral, Inc. has a one year low of $19.35 and a one year high of $43.05. The stock’s market cap is $3.18 billion. The company has a 50-day moving average of $38.84 and a 200 day moving average of $33.78.
Ringcentral (NYSE:RNG) last released its quarterly earnings results on Wednesday, August 2nd. The software maker reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.01. Ringcentral had a negative net margin of 6.77% and a negative return on equity of 19.59%. The business had revenue of $119.40 million for the quarter, compared to analysts’ expectations of $118.19 million. During the same period last year, the business earned $0.02 EPS. The company’s revenue was up 30.1% compared to the same quarter last year. On average, equities research analysts predict that Ringcentral, Inc. will post $0.17 EPS for the current year.
Several research analysts have recently commented on the company. BidaskClub upgraded Ringcentral from a “hold” rating to a “buy” rating in a research report on Wednesday, August 16th. Robert W. Baird lowered Ringcentral from an “outperform” rating to a “neutral” rating and lifted their target price for the stock from $38.80 to $41.00 in a research report on Thursday, August 10th. Dougherty & Co reiterated a “buy” rating and issued a $40.00 target price (up previously from $36.00) on shares of Ringcentral in a research report on Wednesday, August 9th. Zacks Investment Research lowered Ringcentral from a “hold” rating to a “sell” rating in a research report on Tuesday, August 8th. Finally, Summit Redstone reiterated a “buy” rating and issued a $40.00 target price (up previously from $36.00) on shares of Ringcentral in a research report on Thursday, August 3rd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eleven have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $39.17.
Several large investors have recently added to or reduced their stakes in RNG. Nationwide Fund Advisors boosted its holdings in shares of Ringcentral by 101.9% in the 1st quarter. Nationwide Fund Advisors now owns 84,797 shares of the software maker’s stock valued at $2,400,000 after buying an additional 42,788 shares in the last quarter. Strs Ohio bought a new stake in shares of Ringcentral in the 1st quarter valued at about $580,000. Russell Investments Group Ltd. raised its position in shares of Ringcentral by 71.3% in the 1st quarter. Russell Investments Group Ltd. now owns 90,087 shares of the software maker’s stock valued at $2,549,000 after purchasing an additional 37,487 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of 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 valued at $6,858,000 after purchasing an additional 5,627 shares during the last quarter. Finally, Suntrust Banks Inc. purchased a new position in shares of Ringcentral in the 1st quarter valued at approximately $267,000. Institutional investors and hedge funds own 75.22% of the company’s stock.
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.
Receive News & Ratings for Ringcentral Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ringcentral Inc. and related companies with MarketBeat.com's FREE daily email newsletter.