RingCentral, Inc. (NYSE:RNG) CFO Vaibhav Agarwal Sells 1,984 Shares of Stock

RingCentral, Inc. (NYSE:RNGGet Free Report) CFO Vaibhav Agarwal sold 1,984 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $34.55, for a total value of $68,547.20. Following the completion of the sale, the chief financial officer now owns 114,656 shares of the company’s stock, valued at approximately $3,961,364.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

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

  • On Friday, March 15th, Vaibhav Agarwal sold 14,113 shares of RingCentral stock. The stock was sold at an average price of $34.84, for a total value of $491,696.92.
  • On Wednesday, February 21st, Vaibhav Agarwal sold 6,224 shares of RingCentral stock. The stock was sold at an average price of $31.55, for a total value of $196,367.20.

RingCentral Trading Up 0.3 %

NYSE RNG opened at $33.25 on Thursday. The business’s 50-day moving average price is $33.74 and its 200 day moving average price is $31.62. RingCentral, Inc. has a twelve month low of $25.08 and a twelve month high of $43.28.

RingCentral (NYSE:RNGGet Free Report) last released its earnings results on Tuesday, February 20th. The software maker reported ($0.33) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.31). The company had revenue of $571.27 million during the quarter, compared to analysts’ expectations of $569.65 million. As a group, research analysts anticipate that RingCentral, Inc. will post 0.45 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Mizuho cut their price target on RingCentral from $40.00 to $36.00 and set a “buy” rating for the company in a research note on Wednesday, February 21st. Needham & Company LLC cut their price target on RingCentral from $46.00 to $42.00 and set a “buy” rating for the company in a research note on Wednesday, February 21st. KeyCorp cut their price target on RingCentral from $50.00 to $48.00 and set an “overweight” rating for the company in a research note on Wednesday, February 21st. Wedbush reaffirmed a “neutral” rating and set a $40.00 price objective on shares of RingCentral in a report on Friday, February 16th. Finally, Piper Sandler dropped their price objective on RingCentral from $34.00 to $31.00 and set a “neutral” rating on the stock in a report on Wednesday, February 21st. Eight analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, RingCentral currently has a consensus rating of “Moderate Buy” and a consensus price target of $38.89.

Check Out Our Latest Analysis on RingCentral

Hedge Funds Weigh In On RingCentral

Hedge funds and other institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC acquired a new position in RingCentral during the 4th quarter worth approximately $26,000. Hexagon Capital Partners LLC lifted its position in RingCentral by 116.8% during the 4th quarter. Hexagon Capital Partners LLC now owns 930 shares of the software maker’s stock worth $32,000 after acquiring an additional 501 shares in the last quarter. Tennessee Valley Asset Management Partners acquired a new position in RingCentral during the 4th quarter worth approximately $33,000. Nisa Investment Advisors LLC lifted its position in RingCentral by 100.0% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the software maker’s stock worth $34,000 after acquiring an additional 500 shares in the last quarter. Finally, Quarry LP lifted its position in RingCentral by 1,354.8% during the 2nd quarter. Quarry LP now owns 1,222 shares of the software maker’s stock worth $40,000 after acquiring an additional 1,138 shares in the last quarter. 98.61% of the stock is owned by institutional investors and hedge funds.

About RingCentral

(Get Free Report)

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.

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