RingCentral Inc (NYSE:RNG) EVP Kira Makagon sold 10,000 shares of the business’s stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $33.66, for a total value of $336,600.00. Following the completion of the transaction, the executive vice president now owns 180,938 shares in the company, valued at approximately $6,090,373.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.
Kira Makagon also recently made the following trade(s):
- On Monday, June 12th, Kira Makagon sold 10,000 shares of RingCentral stock. The stock was sold at an average price of $34.68, for a total value of $346,800.00.
RingCentral Inc (RNG) traded up 0.42% during trading on Friday, reaching $35.50. The company had a trading volume of 872,739 shares. RingCentral Inc has a one year low of $18.54 and a one year high of $38.50. The company’s market capitalization is $2.67 billion. The company has a 50-day moving average price of $34.05 and a 200 day moving average price of $27.12.
RingCentral (NYSE:RNG) last issued its quarterly earnings results on Tuesday, April 25th. The software maker reported ($0.09) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.09). RingCentral had a negative net margin of 6.54% and a negative return on equity of 22.17%. The company had revenue of $111.80 million during the quarter, compared to analysts’ expectations of $110.35 million. During the same period last year, the company posted $0.01 EPS. RingCentral’s revenue was up 29.2% on a year-over-year basis. Analysts expect that RingCentral Inc will post $0.16 earnings per share for the current year.
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Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Advisors LLC boosted its position in shares of RingCentral by 9.9% in the third quarter. BlackRock Advisors LLC now owns 30,952 shares of the software maker’s stock worth $732,000 after buying an additional 2,788 shares during the period. BlackRock Fund Advisors boosted its position in shares of RingCentral by 6.4% in the third quarter. BlackRock Fund Advisors now owns 1,481,221 shares of the software maker’s stock valued at $35,046,000 after buying an additional 89,209 shares during the period. Rhumbline Advisers boosted its position in shares of RingCentral by 2.7% in the third quarter. Rhumbline Advisers now owns 59,319 shares of the software maker’s stock valued at $1,403,000 after buying an additional 1,575 shares during the period. BlackRock Institutional Trust Company N.A. boosted its position in RingCentral by 2.1% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 1,472,709 shares of the software maker’s stock valued at $34,844,000 after buying an additional 30,447 shares during the last quarter. Finally, California State Teachers Retirement System boosted its position in RingCentral by 1.0% in the third quarter. California State Teachers Retirement System now owns 124,125 shares of the software maker’s stock valued at $2,937,000 after buying an additional 1,200 shares during the last quarter. 72.40% of the stock is owned by institutional investors.
Several research firms have recently weighed in on RNG. Jefferies Group LLC upped their price objective on RingCentral from $32.00 to $38.00 and gave the company a “buy” rating in a research note on Friday, April 28th. Dougherty & Co started coverage on RingCentral in a research report on Wednesday, April 26th. They set a “buy” rating and a $36.00 price target on the stock. William Blair restated an “outperform” rating on shares of RingCentral in a research report on Monday, May 22nd. CIBC increased their price objective on RingCentral from $32.00 to $33.00 and gave the company an “outperform” rating in a research report on Tuesday, May 2nd. Finally, Oppenheimer Holdings, Inc. reissued an “outperform” rating and issued a $33.00 price target (up previously from $32.00) on shares of RingCentral in a research note on Monday, May 1st. One analyst has rated the stock with a sell rating, one has given a hold rating and ten have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $30.78.
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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