RingCentral, Inc. (NYSE:RNG – Get Free Report) CFO Vaibhav Agarwal sold 1,985 shares of the stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total value of $62,329.00. Following the transaction, the chief financial officer now directly owns 135,560 shares in the company, valued at $4,256,584. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.
Vaibhav Agarwal also recently made the following trade(s):
- On Wednesday, August 21st, Vaibhav Agarwal sold 10,184 shares of RingCentral stock. The shares were sold at an average price of $32.88, for a total value of $334,849.92.
RingCentral Stock Performance
RNG opened at $31.04 on Friday. The stock has a market capitalization of $2.85 billion, a price-to-earnings ratio of -20.83, a PEG ratio of 2.46 and a beta of 1.03. The company has a fifty day moving average of $32.05 and a 200 day moving average of $32.08. RingCentral, Inc. has a fifty-two week low of $25.08 and a fifty-two week high of $38.35.
Institutional Trading of RingCentral
Several hedge funds have recently modified their holdings of the company. Capital World Investors lifted its position in RingCentral by 7.3% during the first quarter. Capital World Investors now owns 12,139,394 shares of the software maker’s stock valued at $421,723,000 after purchasing an additional 825,156 shares during the last quarter. Vanguard Group Inc. grew its position in RingCentral by 5.2% in the first quarter. Vanguard Group Inc. now owns 10,909,549 shares of the software maker’s stock worth $378,998,000 after acquiring an additional 538,325 shares in the last quarter. First Trust Advisors LP increased its stake in RingCentral by 15.9% during the fourth quarter. First Trust Advisors LP now owns 1,991,917 shares of the software maker’s stock worth $67,626,000 after acquiring an additional 273,109 shares during the last quarter. Pacer Advisors Inc. raised its position in RingCentral by 25.2% during the second quarter. Pacer Advisors Inc. now owns 1,816,464 shares of the software maker’s stock valued at $51,224,000 after purchasing an additional 365,738 shares during the period. Finally, Renaissance Technologies LLC lifted its holdings in shares of RingCentral by 3.5% in the 2nd quarter. Renaissance Technologies LLC now owns 1,606,700 shares of the software maker’s stock worth $45,309,000 after acquiring an additional 54,500 shares during the last quarter. 98.61% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
RNG has been the subject of a number of recent research reports. Northland Securities boosted their price target on RingCentral from $43.00 to $50.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Deutsche Bank Aktiengesellschaft increased their price target on shares of RingCentral from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, August 6th. Wells Fargo & Company boosted their price objective on shares of RingCentral from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Piper Sandler decreased their target price on RingCentral from $32.00 to $31.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. Finally, Needham & Company LLC restated a “buy” rating and issued a $42.00 price target on shares of RingCentral in a research report on Monday, August 5th. Eight analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $40.07.
Check Out Our Latest Stock Report on RingCentral
RingCentral Company Profile
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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