Vaibhav Agarwal Sells 1,985 Shares of RingCentral, Inc. (NYSE:RNG) Stock

RingCentral, Inc. (NYSE:RNG) 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.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Thursday, August 1st. The software maker reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The firm had revenue of $592.91 million for the quarter, compared to analysts’ expectations of $586.39 million. The company’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.03) EPS. On average, equities research analysts forecast that RingCentral, Inc. will post 0.63 earnings per share for the current year.

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.

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.