Insider Selling: RingCentral, Inc. (NYSE:RNG) CFO Sells 10,184 Shares of Stock

RingCentral, Inc. (NYSE:RNG) CFO Vaibhav Agarwal sold 10,184 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $32.88, for a total value of $334,849.92. Following the completion of the sale, the chief financial officer now owns 137,545 shares in the company, valued at approximately $4,522,479.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Vaibhav Agarwal also recently made the following trade(s):

• On Monday, July 1st, Vaibhav Agarwal sold 1,985 shares of RingCentral stock. The shares were sold at an average price of $28.20, for a total transaction of $55,977.00.

RingCentral Stock Performance

Shares of RNG traded down $0.53 during trading hours on Wednesday, hitting $32.96. The stock had a trading volume of 1,890,428 shares, compared to its average volume of 1,178,771. The firm has a 50-day moving average price of $31.05 and a 200 day moving average price of $32.53. RingCentral, Inc. has a fifty-two week low of $25.08 and a fifty-two week high of $38.35. The firm has a market capitalization of $3.04 billion, a price-to-earnings ratio of -21.72, a PEG ratio of 2.58 and a beta of 1.03.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Thursday, August 1st. The software maker reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.03. The company had revenue of $592.91 million for the quarter, compared to analysts’ expectations of $586.39 million. During the same period in the previous year, the business earned ($0.03) earnings per share. The business’s revenue for the quarter was up 9.9% on a year-over-year basis. As a group, analysts predict that RingCentral, Inc. will post 0.63 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC grew its position in shares of RingCentral by 100.0% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the software maker’s stock valued at $34,000 after purchasing an additional 500 shares in the last quarter. Tennessee Valley Asset Management Partners acquired a new position in shares of RingCentral during the 4th quarter valued at about $33,000. Mackenzie Financial Corp boosted its position in shares of RingCentral by 32.7% during the 4th quarter. Mackenzie Financial Corp now owns 75,114 shares of the software maker’s stock valued at $2,550,000 after acquiring an additional 18,491 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in RingCentral by 17.4% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,177 shares of the software maker’s stock worth $583,000 after purchasing an additional 2,549 shares during the last quarter. Finally, New York State Common Retirement Fund raised its stake in RingCentral by 1.2% during the fourth quarter. New York State Common Retirement Fund now owns 313,616 shares of the software maker’s stock worth $10,647,000 after purchasing an additional 3,852 shares during the period. Hedge funds and other institutional investors own 98.61% of the company’s stock.

Wall Street Analyst Weigh In

RNG has been the subject of a number of analyst reports. Mizuho upped their price objective on RingCentral from $36.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, May 8th. Wedbush restated a “neutral” rating and set a $40.00 target price on shares of RingCentral in a research note on Thursday, May 9th. StockNews.com raised RingCentral from a “buy” rating to a “strong-buy” rating in a report on Monday, August 5th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of RingCentral from $42.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, August 6th. Finally, Wells Fargo & Company boosted their target price on shares of RingCentral from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Eight analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $40.07.

About RingCentral

RingCentral, Inc, together with its subsidiaries, provides cloud communications, video meetings, collaboration, and contact center software-as-a-service solutions worldwide. The company's products include RingCentral Message Video Phone that provides a unified experience for communication and collaboration across multiple modes, including HD voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers AI-powered omnichannel and workforce engagement solutions with integrated RingCentral MVP; and RingCX, an AI-powered contact center that a native delivers omnichannel experience.