RingCentral, Inc. (NYSE:RNG - Get Free Report) CFO Vaibhav Agarwal sold 1,984 shares of the firm's stock in a transaction on Monday, April 1st. The stock was sold at an average price of $34.55, for a total value of $68,547.20. Following the completion of the transaction, the chief financial officer now owns 114,656 shares in the company, valued at $3,961,364.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through 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 Stock Up 0.3 %
NYSE:RNG opened at $33.25 on Thursday. The stock's 50-day simple moving average is $33.74 and its 200 day simple moving average is $31.62. RingCentral, Inc. has a 52-week low of $25.08 and a 52-week high of $43.28.
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RingCentral (NYSE:RNG - Get Free Report) last posted its quarterly earnings results on Tuesday, February 20th. The software maker reported ($0.33) EPS for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.31). The company had revenue of $571.27 million during the quarter, compared to analyst estimates of $569.65 million. On average, analysts expect that RingCentral, Inc. will post 0.45 earnings per share for the current fiscal year.
Hedge Funds Weigh In On RingCentral
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC bought a new stake in shares of RingCentral during the fourth quarter worth approximately $26,000. Advisors Asset Management Inc. boosted its holdings in shares of RingCentral by 51.5% during the first quarter. Advisors Asset Management Inc. now owns 886 shares of the software maker's stock worth $104,000 after acquiring an additional 301 shares during the period. Hexagon Capital Partners LLC boosted its holdings in shares of RingCentral by 116.8% during the fourth quarter. Hexagon Capital Partners LLC now owns 930 shares of the software maker's stock worth $32,000 after acquiring an additional 501 shares during the period. Tennessee Valley Asset Management Partners bought a new stake in shares of RingCentral during the fourth quarter worth approximately $33,000. Finally, Nisa Investment Advisors LLC boosted its holdings in shares of RingCentral by 100.0% during the fourth 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 during the period. Institutional investors own 98.61% of the company's stock.
Analyst Ratings Changes
Several research firms have weighed in on RNG. Needham & Company LLC reduced their target price on RingCentral from $46.00 to $42.00 and set a "buy" rating on the stock in a report on Wednesday, February 21st. Wedbush reiterated a "neutral" rating and set a $40.00 target price on shares of RingCentral in a report on Friday, February 16th. Wells Fargo & Company reduced their target price on RingCentral from $36.00 to $31.00 and set an "equal weight" rating on the stock in a report on Wednesday, February 21st. Piper Sandler dropped their price target on RingCentral from $34.00 to $31.00 and set a "neutral" rating on the stock in a research note on Wednesday, February 21st. Finally, Jefferies Financial Group downgraded RingCentral from a "buy" rating to a "hold" rating and dropped their price target for the company from $40.00 to $35.00 in a research note on Tuesday, December 12th. Eight analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $38.89.
Read Our Latest Research Report on RNG
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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