Insider Selling: RingCentral (RNG) COO Sells $1,108,332.00 in Stock

RingCentral (NYSE:RNG) COO David Sipes sold 15,300 shares of the stock in a transaction that occurred on Wednesday, May 23rd. The stock was sold at an average price of $72.44, for a total value of $1,108,332.00. Following the completion of the transaction, the chief operating officer now owns 300,895 shares of the company’s stock, valued at $21,796,833.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

David Sipes also recently made the following trade(s):

  • On Wednesday, April 18th, David Sipes sold 9,300 shares of RingCentral stock. The stock was sold at an average price of $68.86, for a total value of $640,398.00.
  • On Wednesday, March 7th, David Sipes sold 9,300 shares of RingCentral stock. The stock was sold at an average price of $65.61, for a total value of $610,173.00.
  • 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.

RingCentral opened at $74.15 on Friday, according to MarketBeat.com. RingCentral has a 52 week low of $32.70 and a 52 week high of $81.20. The firm has a market cap of $5.73 billion, a PE ratio of -211.86 and a beta of 0.67. The company has a quick ratio of 4.71, a current ratio of 4.71 and a debt-to-equity ratio of 1.29.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Wednesday, May 9th. The software maker reported $0.16 EPS for the quarter, topping the consensus estimate of $0.12 by $0.04. RingCentral had a negative return on equity of 9.90% and a negative net margin of 3.99%. The business had revenue of $150.00 million during the quarter, compared to analyst estimates of $145.41 million. During the same period last year, the business posted $0.03 earnings per share. The company’s quarterly revenue was up 33.9% on a year-over-year basis. equities research analysts predict that RingCentral will post -0.2 earnings per share for the current fiscal year.

RingCentral announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, February 27th that authorizes the company to repurchase $35.00 million in outstanding shares. This repurchase authorization authorizes the software maker to repurchase shares of its stock through a private placement purchase. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

RNG has been the subject of several analyst reports. Jefferies Group increased their price objective on RingCentral from $81.00 to $84.00 and gave the stock a “buy” rating in a research report on Thursday, May 10th. Zacks Investment Research upgraded RingCentral from a “hold” rating to a “buy” rating and set a $75.00 price objective for the company in a research report on Wednesday, April 18th. Stephens reiterated a “buy” rating and issued a $60.00 price objective on shares of RingCentral in a research report on Tuesday, February 13th. SunTrust Banks raised their price target on RingCentral to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, February 13th. Finally, Craig Hallum raised their price target on RingCentral from $50.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday, February 13th. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. RingCentral currently has a consensus rating of “Buy” and an average target price of $65.62.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Allianz Asset Management GmbH acquired a new stake in shares of RingCentral in the first quarter valued at $41,563,000. Principal Financial Group Inc. raised its stake in shares of RingCentral by 17.3% in the first quarter. Principal Financial Group Inc. now owns 50,191 shares of the software maker’s stock valued at $3,187,000 after acquiring an additional 7,420 shares in the last quarter. WINTON GROUP Ltd acquired a new stake in shares of RingCentral in the first quarter valued at $879,000. Xact Kapitalforvaltning AB raised its stake in shares of RingCentral by 46.4% in the first quarter. Xact Kapitalforvaltning AB now owns 8,209 shares of the software maker’s stock valued at $521,000 after acquiring an additional 2,600 shares in the last quarter. Finally, Alkeon Capital Management LLC acquired a new stake in shares of RingCentral in the first quarter valued at $61,201,000. Institutional investors and hedge funds own 77.57% of the company’s stock.

About RingCentral

RingCentral, Inc provides software-as-a-service solutions for business communications and collaboration primarily in the United States. The company's products include RingCentral Office, a multi-tenant, multi-location, and enterprise-grade communications and collaboration solution that enables employees to communicate through voice, text, team messaging and collaboration, and HD video and Web conferencing through smartphones, tablets, PCs, and desk phones for businesses, which require a communications solution; RingCentral Professional, an inbound call routing subscription with additional text and fax capabilities primarily for smaller businesses; and RingCentral Fax solution that offers Internet fax capabilities, which allow businesses to send and receive fax documents without the need for a fax machine.

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

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