RingCentral Inc (NYSE:RNG) CAO Vaibhav Agarwal Sells 1,125 Shares

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RingCentral Inc (NYSE:RNG) CAO Vaibhav Agarwal sold 1,125 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $170.44, for a total transaction of $191,745.00. Following the completion of the transaction, the chief accounting officer now owns 20,046 shares in the company, valued at $3,416,640.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

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

  • On Wednesday, October 23rd, Vaibhav Agarwal sold 545 shares of RingCentral stock. The shares were sold at an average price of $151.70, for a total transaction of $82,676.50.
  • On Wednesday, September 25th, Vaibhav Agarwal sold 315 shares of RingCentral stock. The shares were sold at an average price of $125.86, for a total transaction of $39,645.90.

NYSE RNG traded down $2.15 during trading hours on Wednesday, reaching $164.95. The company’s stock had a trading volume of 540,541 shares, compared to its average volume of 924,631. The firm has a fifty day simple moving average of $166.34 and a 200-day simple moving average of $139.08. The stock has a market cap of $13.84 billion, a P/E ratio of -4,123.75 and a beta of 0.90. RingCentral Inc has a 52 week low of $69.84 and a 52 week high of $177.99. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.85 and a quick ratio of 2.85.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Monday, November 4th. The software maker reported $0.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.03. The business had revenue of $233.35 million during the quarter, compared to analyst estimates of $221.37 million. RingCentral had a negative net margin of 4.06% and a negative return on equity of 1.61%. The firm’s quarterly revenue was up 34.2% on a year-over-year basis. During the same quarter last year, the business earned $0.19 EPS. On average, research analysts expect that RingCentral Inc will post -0.09 earnings per share for the current year.

Several hedge funds have recently made changes to their positions in the company. Metropolitan Life Insurance Co NY grew its position in shares of RingCentral by 4.6% during the 3rd quarter. Metropolitan Life Insurance Co NY now owns 5,259 shares of the software maker’s stock worth $661,000 after buying an additional 230 shares during the period. Millennium Management LLC lifted its holdings in shares of RingCentral by 169.0% in the 3rd quarter. Millennium Management LLC now owns 325,189 shares of the software maker’s stock worth $40,863,000 after purchasing an additional 796,389 shares in the last quarter. Night Owl Capital Management LLC lifted its holdings in shares of RingCentral by 5.0% in the 3rd quarter. Night Owl Capital Management LLC now owns 66,912 shares of the software maker’s stock worth $8,408,000 after purchasing an additional 3,196 shares in the last quarter. Squarepoint Ops LLC lifted its holdings in shares of RingCentral by 2,736.9% in the 3rd quarter. Squarepoint Ops LLC now owns 136,002 shares of the software maker’s stock worth $17,090,000 after purchasing an additional 131,208 shares in the last quarter. Finally, Granahan Investment Management Inc. MA bought a new position in RingCentral during the 3rd quarter valued at $204,000. 83.98% of the stock is owned by institutional investors.

RNG has been the topic of several research reports. SunTrust Banks upped their price target on shares of RingCentral from $163.00 to $192.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. JPMorgan Chase & Co. upgraded shares of RingCentral from a “neutral” rating to an “overweight” rating and upped their price target for the company from $143.00 to $225.00 in a research note on Monday, October 7th. Needham & Company LLC upped their price objective on shares of RingCentral from $150.00 to $190.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Oppenheimer upped their price objective on shares of RingCentral from $155.00 to $200.00 in a research report on Tuesday, November 5th. Finally, Craig Hallum upped their price objective on shares of RingCentral from $150.00 to $175.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Four equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $158.41.

About RingCentral

RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect primarily in North America. The company's products include RingCentral Office, provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax through smartphones, tablets, PCs, and desk phones; RingCentral Professional, a cloud based virtual telephone service for professionals, as well as provides inbound call answering and management services, and includes inbound local, long-distance, and toll-free minutes; and RingCentral Fax that provides online fax capabilities that allow businesses to send and receive fax documents without a fax machine.

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