RingCentral Inc (RNG) Insider Sells $476,500.00 in Stock
RingCentral Inc (NYSE:RNG) insider Praful Shah sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 20th. The stock was sold at an average price of $47.65, for a total value of $476,500.00. Following the sale, the insider now directly owns 306,050 shares of the company’s stock, valued at approximately $14,583,282.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
Praful Shah also recently made the following trade(s):
- On Tuesday, November 21st, Praful Shah sold 10,000 shares of RingCentral stock. The stock was sold at an average price of $48.61, for a total value of $486,100.00.
- On Thursday, October 5th, Praful Shah sold 10,000 shares of RingCentral stock. The stock was sold at an average price of $43.32, for a total value of $433,200.00.
RingCentral Inc (NYSE RNG) traded up $0.50 during mid-day trading on Wednesday, hitting $48.20. The stock had a trading volume of 298,638 shares, compared to its average volume of 657,148. RingCentral Inc has a 52 week low of $20.55 and a 52 week high of $49.95.
Several research firms recently commented on RNG. J P Morgan Chase & Co cut RingCentral from an “overweight” rating to a “neutral” rating and set a $52.00 target price for the company. in a research note on Tuesday, December 12th. Oppenheimer increased their price target on RingCentral from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Wednesday, December 6th. Zacks Investment Research lowered RingCentral from a “buy” rating to a “hold” rating in a report on Wednesday, November 15th. Northland Securities reiterated a “buy” rating and issued a $46.00 price target on shares of RingCentral in a report on Friday, November 10th. Finally, Craig Hallum reiterated a “buy” rating and issued a $50.00 price target (up previously from $40.00) on shares of RingCentral in a report on Thursday, November 9th. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. RingCentral has a consensus rating of “Buy” and an average price target of $45.14.
Several hedge funds have recently bought and sold shares of the company. Aperio Group LLC lifted its holdings in shares of RingCentral by 1.5% in the second quarter. Aperio Group LLC now owns 11,457 shares of the software maker’s stock valued at $419,000 after purchasing an additional 169 shares in the last quarter. Ameritas Investment Partners Inc. lifted its holdings in shares of RingCentral by 8.3% in the second quarter. Ameritas Investment Partners Inc. now owns 5,480 shares of the software maker’s stock valued at $200,000 after purchasing an additional 418 shares in the last quarter. Suntrust Banks Inc. lifted its holdings in shares of RingCentral by 5.5% in the second quarter. Suntrust Banks Inc. now owns 9,970 shares of the software maker’s stock valued at $364,000 after purchasing an additional 523 shares in the last quarter. Amalgamated Bank lifted its holdings in RingCentral by 11.5% during the second quarter. Amalgamated Bank now owns 8,006 shares of the software maker’s stock worth $293,000 after acquiring an additional 825 shares during the period. Finally, Legal & General Group Plc lifted its holdings in RingCentral by 5.1% during the second quarter. Legal & General Group Plc now owns 22,612 shares of the software maker’s stock worth $825,000 after acquiring an additional 1,089 shares during the period. Institutional investors own 76.29% of the company’s stock.
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RingCentral Company Profile
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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