RingCentral Inc (NYSE:RNG) COO David Sipes sold 9,300 shares of the firm’s stock in a transaction on Wednesday, March 7th. The stock was sold at an average price of $65.61, for a total value of $610,173.00. Following the transaction, the chief operating officer now owns 270,610 shares in the company, valued at approximately $17,754,722.10. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.
David Sipes also recently made the following trade(s):
- On Friday, February 23rd, David Sipes sold 15,300 shares of RingCentral stock. The stock was sold at an average price of $62.43, for a total value of $955,179.00.
- On Wednesday, January 10th, David Sipes sold 9,300 shares of RingCentral stock. The stock was sold at an average price of $48.86, for a total value of $454,398.00.
- 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 value of $447,144.00.
Shares of RingCentral Inc (NYSE RNG) traded up $0.25 on Friday, reaching $68.35. The company’s stock had a trading volume of 572,548 shares, compared to its average volume of 660,409. The firm has a market cap of $5,353.56, a P/E ratio of -201.02 and a beta of 0.68. RingCentral Inc has a 52-week low of $26.15 and a 52-week high of $68.85.
RingCentral (NYSE:RNG) last announced its earnings results on Monday, February 12th. The software maker reported $0.07 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.06 by $0.01. The firm had revenue of $140.50 million for the quarter, compared to the consensus estimate of $136.34 million. RingCentral had a negative return on equity of 16.54% and a negative net margin of 5.21%. The business’s quarterly revenue was up 34.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.03 EPS. equities analysts predict that RingCentral Inc will post -0.25 earnings per share for the current fiscal year.
RingCentral declared that its Board of Directors has approved a stock buyback program on Tuesday, February 27th that authorizes the company to buyback $35.00 million in outstanding shares. This buyback authorization authorizes the software maker to repurchase shares of its stock through a private placement purchase. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
A number of research firms have commented on RNG. JPMorgan Chase & Co. raised their price objective on RingCentral from $52.00 to $60.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 13th. Bank of America lifted their price target on RingCentral from $57.00 to $67.00 and gave the company a “buy” rating in a research note on Tuesday, February 13th. Stephens reiterated a “buy” rating and issued a $60.00 price target on shares of RingCentral in a research note on Tuesday, February 13th. SunTrust Banks lifted their price target on RingCentral to $60.00 and gave the company a “buy” rating in a research note on Tuesday, February 13th. Finally, Craig Hallum lifted their price target on RingCentral from $50.00 to $65.00 and gave the company a “buy” rating in a research note on Tuesday, February 13th. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $53.79.
Institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. lifted its stake in shares of RingCentral by 17.2% in the 4th quarter. BlackRock Inc. now owns 5,110,028 shares of the software maker’s stock valued at $247,325,000 after purchasing an additional 750,564 shares during the period. Renaissance Technologies LLC lifted its stake in shares of RingCentral by 14.8% in the 4th quarter. Renaissance Technologies LLC now owns 1,769,500 shares of the software maker’s stock valued at $85,644,000 after purchasing an additional 228,200 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of RingCentral by 2.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,216,115 shares of the software maker’s stock valued at $48,828,000 after purchasing an additional 27,040 shares during the period. OppenheimerFunds Inc. lifted its stake in shares of RingCentral by 3.6% in the 4th quarter. OppenheimerFunds Inc. now owns 640,825 shares of the software maker’s stock valued at $31,015,000 after purchasing an additional 22,530 shares during the period. Finally, Geode Capital Management LLC lifted its stake in shares of RingCentral by 1.2% in the 4th quarter. Geode Capital Management LLC now owns 530,786 shares of the software maker’s stock valued at $25,689,000 after purchasing an additional 6,043 shares during the period. 75.76% of the stock is currently owned by hedge funds and other institutional investors.
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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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