RingCentral Inc (NYSE:RNG) COO David Sipes sold 9,300 shares of the stock in a transaction on Wednesday, January 10th. The stock was sold at an average price of $48.86, for a total transaction of $454,398.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.
David Sipes also recently made the following trade(s):
- On Wednesday, December 13th, David Sipes sold 9,300 shares of RingCentral stock. The stock was sold at an average price of $48.08, for a total transaction of $447,144.00.
- On Tuesday, November 28th, David Sipes sold 15,270 shares of RingCentral stock. The stock was sold at an average price of $49.06, for a total transaction of $749,146.20.
- On Monday, October 16th, David Sipes sold 1,500 shares of RingCentral stock. The stock was sold at an average price of $44.00, for a total transaction of $66,000.00.
RingCentral Inc (NYSE:RNG) traded up $1.70 during trading hours on Friday, hitting $53.20. 305,900 shares of the stock were exchanged, compared to its average volume of 424,658. RingCentral Inc has a 12 month low of $21.65 and a 12 month high of $54.20. The company has a market cap of $4,120.00, a price-to-earnings ratio of -147.78 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 Thomson Reuters’ consensus estimate of $0.04 by $0.02. The company had revenue of $129.76 million during the quarter, compared to the consensus estimate of $126.06 million. RingCentral had a negative net margin of 5.80% and a negative return on equity of 17.97%. The firm’s revenue for the quarter was up 34.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.03 earnings per share. analysts expect that RingCentral Inc will post -0.33 earnings per share for the current fiscal year.
Institutional investors have recently made changes to their positions in the company. State Street Corp raised its stake in RingCentral by 7.3% in the second quarter. State Street Corp now owns 1,253,662 shares of the software maker’s stock valued at $45,824,000 after purchasing an additional 85,404 shares in the last quarter. FMR LLC boosted its holdings in shares of RingCentral by 40.1% during the 2nd quarter. FMR LLC now owns 2,905,422 shares of the software maker’s stock valued at $106,193,000 after buying an additional 832,314 shares in the last quarter. Bank of Nova Scotia bought a new stake in shares of RingCentral during the 2nd quarter valued at $1,871,000. Prudential Financial Inc. bought a new stake in shares of RingCentral during the 2nd quarter valued at $382,000. Finally, Nationwide Fund Advisors boosted its holdings in shares of RingCentral by 66.8% during the 2nd quarter. Nationwide Fund Advisors now owns 141,441 shares of the software maker’s stock valued at $5,170,000 after buying an additional 56,644 shares in the last quarter. 76.29% of the stock is currently owned by hedge funds and other institutional investors.
RNG has been the topic of a number of research analyst reports. Oppenheimer raised their price objective on shares of RingCentral from $45.00 to $50.00 and gave the stock an “outperform” rating in a report on Thursday, November 9th. Zacks Investment Research downgraded shares of RingCentral from a “buy” rating to a “hold” rating in a research report on Wednesday, October 18th. Craig Hallum reaffirmed a “buy” rating and issued a $50.00 target price (up previously from $40.00) on shares of RingCentral in a research report on Thursday, November 9th. Northland Securities reaffirmed an “outperform” rating and issued a $46.00 target price (up previously from $43.00) on shares of RingCentral in a research report on Tuesday, October 3rd. Finally, Bank of America lifted their price objective on shares of RingCentral from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, October 25th. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $45.14.
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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.
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