Stock Traders Purchase High Volume of RingCentral Call Options (RNG)

RingCentral Inc (NYSE:RNG) was the target of unusually large options trading on Tuesday. Investors purchased 1,255 call options on the stock. This represents an increase of approximately 1,130% compared to the typical daily volume of 102 call options.

In other RingCentral news, insider Praful Shah sold 10,000 shares of the stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $48.61, for a total value of $486,100.00. Following the transaction, the insider now owns 296,050 shares in the company, valued at $14,390,990.50. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Vladimir Shmunis sold 6,000 shares of the stock in a transaction that occurred on Monday, November 20th. The stock was sold at an average price of $48.23, for a total value of $289,380.00. Following the completion of the transaction, the chief executive officer now owns 355,041 shares in the company, valued at approximately $17,123,627.43. The disclosure for this sale can be found here. In the last quarter, insiders sold 230,934 shares of company stock worth $11,112,262. Corporate insiders own 14.53% of the company’s stock.

Institutional investors have recently modified their holdings of the stock. State Street Corp lifted its holdings in RingCentral by 7.3% during the second quarter. State Street Corp now owns 1,253,662 shares of the software maker’s stock worth $45,824,000 after acquiring an additional 85,404 shares during the period. Bank of Nova Scotia bought a new stake in RingCentral during the second quarter worth $1,871,000. Los Angeles Capital Management & Equity Research Inc. lifted its holdings in RingCentral by 91.8% during the third quarter. Los Angeles Capital Management & Equity Research Inc. now owns 20,291 shares of the software maker’s stock worth $847,000 after acquiring an additional 9,710 shares during the period. Schwab Charles Investment Management Inc. lifted its holdings in RingCentral by 8.4% during the third quarter. Schwab Charles Investment Management Inc. now owns 287,380 shares of the software maker’s stock worth $11,999,000 after acquiring an additional 22,347 shares during the period. Finally, Fox Run Management L.L.C. bought a new stake in RingCentral during the fourth quarter worth $576,000. Institutional investors and hedge funds own 75.37% of the company’s stock.

Several brokerages have issued reports on RNG. Northland Securities set a $61.00 price target on RingCentral and gave the stock a “buy” rating in a report on Tuesday. Zacks Investment Research upgraded RingCentral from a “hold” rating to a “buy” rating and set a $52.00 price target on the stock in a report on Tuesday, November 14th. Jefferies Group restated a “buy” rating and issued a $48.00 target price on shares of RingCentral in a report on Thursday, October 19th. TheStreet upgraded RingCentral from a “d+” rating to a “c-” rating in a report on Monday. Finally, Bank of America raised their target price on RingCentral from $57.00 to $67.00 and gave the company a “buy” rating in a report on Tuesday. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $53.79.

RingCentral (NYSE RNG) traded up $0.70 during mid-day trading on Wednesday, hitting $57.85. The stock had a trading volume of 1,110,695 shares, compared to its average volume of 491,728. RingCentral has a 52 week low of $23.90 and a 52 week high of $58.85. The company has a market capitalization of $4,126.68, a price-to-earnings ratio of -168.67 and a beta of 0.87.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Monday, February 12th. The software maker reported $0.07 EPS for the quarter, topping the Zacks’ consensus estimate of $0.06 by $0.01. The business had revenue of $140.50 million for the quarter, compared to analyst estimates of $136.34 million. RingCentral had a negative return on equity of 17.15% and a negative net margin of 5.21%. RingCentral’s quarterly revenue was up 34.4% compared to the same quarter last year. During the same period last year, the company posted $0.03 earnings per share. equities analysts predict that RingCentral will post -0.28 earnings per share for the current fiscal year.

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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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