RingCentral, Inc. (NYSE:RNG – Get Free Report) CFO Vaibhav Agarwal sold 1,985 shares of the company’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $31.40, for a total transaction of $62,329.00. Following the transaction, the chief financial officer now owns 135,560 shares in the company, valued at approximately $4,256,584. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.
Vaibhav Agarwal also recently made the following trade(s):
- On Wednesday, August 21st, Vaibhav Agarwal sold 10,184 shares of RingCentral stock. The stock was sold at an average price of $32.88, for a total transaction of $334,849.92.
RingCentral Stock Performance
RNG stock opened at $31.32 on Thursday. RingCentral, Inc. has a fifty-two week low of $25.08 and a fifty-two week high of $38.35. The stock has a fifty day moving average of $32.06 and a 200-day moving average of $32.08. The company has a market capitalization of $2.88 billion, a price-to-earnings ratio of -21.02, a PEG ratio of 2.46 and a beta of 1.03.
Hedge Funds Weigh In On RingCentral
Large investors have recently made changes to their positions in the stock. Versant Capital Management Inc boosted its position in shares of RingCentral by 138.3% in the second quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock valued at $32,000 after acquiring an additional 664 shares during the period. Point72 DIFC Ltd purchased a new position in shares of RingCentral during the 2nd quarter valued at $39,000. Newbridge Financial Services Group Inc. grew its position in shares of RingCentral by 438.1% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 1,200 shares of the software maker’s stock valued at $41,000 after purchasing an additional 977 shares in the last quarter. Hexagon Capital Partners LLC increased its holdings in shares of RingCentral by 44.1% in the first quarter. Hexagon Capital Partners LLC now owns 1,340 shares of the software maker’s stock worth $47,000 after purchasing an additional 410 shares during the period. Finally, Central Pacific Bank Trust Division purchased a new stake in shares of RingCentral in the third quarter worth $121,000. 98.61% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of analysts have commented on the company. Northland Securities boosted their price objective on RingCentral from $43.00 to $50.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Wells Fargo & Company upped their price target on RingCentral from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft raised their price objective on RingCentral from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, August 6th. StockNews.com lowered shares of RingCentral from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 6th. Finally, Rosenblatt Securities raised shares of RingCentral from a “neutral” rating to a “buy” rating and raised their price target for the company from $35.00 to $45.00 in a research report on Friday, August 2nd. Eight investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $40.07.
About RingCentral
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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