Praful Shah Sells 10,000 Shares of RingCentral Inc (NYSE:RNG) Stock

RingCentral Inc (NYSE:RNG) insider Praful Shah sold 10,000 shares of the business’s stock in a transaction on Thursday, January 4th. The stock was sold at an average price of $47.65, for a total value of $476,500.00. Following the transaction, the insider now directly owns 306,050 shares of the company’s stock, valued at approximately $14,583,282.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Praful Shah also recently made the following trade(s):

  • On Wednesday, December 20th, Praful Shah sold 10,000 shares of RingCentral stock. The stock was sold at an average price of $47.65, for a total value of $476,500.00.
  • On Tuesday, November 21st, Praful Shah sold 10,000 shares of RingCentral stock. The stock was sold at an average price of $48.61, for a total value of $486,100.00.

Shares of RingCentral Inc (NYSE RNG) opened at $50.65 on Wednesday. RingCentral Inc has a 52-week low of $21.50 and a 52-week high of $54.20. The company has a market capitalization of $3,920.00, a PE ratio of -140.69 and a beta of 0.80.

RingCentral (NYSE:RNG) last announced its earnings results on Wednesday, November 8th. The software maker reported $0.06 EPS for the quarter, beating the consensus estimate of $0.04 by $0.02. RingCentral had a negative return on equity of 17.97% and a negative net margin of 5.80%. The company had revenue of $129.76 million for the quarter, compared to analyst estimates of $126.06 million. During the same quarter in the prior year, the company earned $0.03 EPS. The firm’s revenue for the quarter was up 34.0% compared to the same quarter last year. equities analysts forecast that RingCentral Inc will post -0.33 earnings per share for the current year.

Several institutional investors have recently made changes to their positions in the stock. Ameritas Investment Partners Inc. boosted its position in shares of RingCentral by 8.3% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,480 shares of the software maker’s stock valued at $200,000 after purchasing an additional 418 shares in the last quarter. Suntrust Banks Inc. boosted its position in shares of RingCentral by 5.5% during the 2nd quarter. Suntrust Banks Inc. now owns 9,970 shares of the software maker’s stock valued at $364,000 after purchasing an additional 523 shares in the last quarter. Amalgamated Bank boosted its position in shares of RingCentral by 11.5% during the 2nd quarter. Amalgamated Bank now owns 8,006 shares of the software maker’s stock valued at $293,000 after purchasing an additional 825 shares in the last quarter. Legal & General Group Plc boosted its position in shares of RingCentral by 5.1% during the 2nd quarter. Legal & General Group Plc now owns 22,612 shares of the software maker’s stock valued at $825,000 after purchasing an additional 1,089 shares in the last quarter. Finally, PDT Partners LLC boosted its position in shares of RingCentral by 0.5% during the 2nd quarter. PDT Partners LLC now owns 200,705 shares of the software maker’s stock valued at $7,336,000 after purchasing an additional 1,091 shares in the last quarter. Institutional investors own 76.29% of the company’s stock.

A number of equities analysts have issued reports on the company. JPMorgan Chase & Co. cut RingCentral from an “overweight” rating to a “neutral” rating and set a $52.00 target price for the company. in a report on Tuesday, December 12th. Oppenheimer upped their target price on RingCentral from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Wednesday, December 6th. Craig Hallum reaffirmed a “buy” rating and issued a $50.00 target price (up previously from $40.00) on shares of RingCentral in a report on Thursday, November 9th. Northland Securities reaffirmed a “buy” rating and issued a $46.00 target price on shares of RingCentral in a report on Friday, November 10th. Finally, Jefferies Group reaffirmed a “buy” rating and issued a $48.00 target price on shares of RingCentral in a report on Thursday, October 19th. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $45.14.

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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.

Insider Buying and Selling by Quarter for RingCentral (NYSE:RNG)

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