RingCentral, Inc. (NYSE:RNG) CFO Vaibhav Agarwal Sells 2,247 Shares

RingCentral, Inc. (NYSE:RNG - Get Free Report) CFO Vaibhav Agarwal sold 2,247 shares of RingCentral stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $27.97, for a total transaction of $62,848.59. Following the completion of the sale, the chief financial officer now owns 120,982 shares in the company, valued at approximately $3,383,866.54. This trade represents a 1.82% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

RingCentral Stock Up 0.3%

• It's RingCentral (NYSE: RNG) You Want In Your 2021 Portfolio, Not Zoom (NASDAQ: ZM)

Shares of RingCentral stock opened at $28.10 on Friday. The firm has a market capitalization of $2.55 billion, a P/E ratio of -43.91, a P/E/G ratio of 1.27 and a beta of 1.33. RingCentral, Inc. has a 52 week low of $20.59 and a 52 week high of $42.19. The firm's 50 day moving average is $25.33 and its two-hundred day moving average is $31.66.

RingCentral (NYSE:RNG - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The software maker reported $1.00 EPS for the quarter, beating the consensus estimate of $0.96 by $0.04. The company had revenue of $612.06 million for the quarter, compared to analyst estimates of $610.53 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The firm's revenue was up 4.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.87 earnings per share. As a group, research analysts expect that RingCentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Piper Sandler lifted their target price on shares of RingCentral from $25.00 to $28.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. Wedbush dropped their target price on shares of RingCentral from $38.00 to $30.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Morgan Stanley dropped their target price on shares of RingCentral from $40.00 to $29.00 and set an "equal weight" rating for the company in a report on Wednesday, April 16th. Raymond James dropped their target price on shares of RingCentral from $40.00 to $35.00 and set an "outperform" rating for the company in a report on Friday, May 9th. Finally, UBS Group dropped their price objective on shares of RingCentral from $38.00 to $33.00 and set a "neutral" rating for the company in a report on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $32.77.

Check Out Our Latest Stock Analysis on RingCentral

Hedge Funds Weigh In On RingCentral

A number of hedge funds have recently modified their holdings of RNG. Contour Asset Management LLC purchased a new position in shares of RingCentral during the first quarter worth approximately $45,650,000. Hennessy Advisors Inc. purchased a new position in shares of RingCentral during the fourth quarter worth approximately $59,055,000. Arrowstreet Capital Limited Partnership grew its position in shares of RingCentral by 414.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,445,245 shares of the software maker's stock worth $50,598,000 after acquiring an additional 1,164,241 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its position in shares of RingCentral by 354.8% during the first quarter. Jacobs Levy Equity Management Inc. now owns 870,666 shares of the software maker's stock worth $21,558,000 after acquiring an additional 679,211 shares during the last quarter. Finally, Valley Wealth Managers Inc. purchased a new position in shares of RingCentral during the fourth quarter worth approximately $20,792,000. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

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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