Ringcentral, Inc. (RNG) COO David Sipes Sells 7,800 Shares of Stock

Ringcentral, Inc. (NYSE:RNG) COO David Sipes sold 7,800 shares of the company’s stock in a transaction that occurred on Wednesday, October 11th. The stock was sold at an average price of $43.32, for a total transaction of $337,896.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

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

  • On Monday, October 2nd, David Sipes sold 3,000 shares of Ringcentral stock. The stock was sold at an average price of $44.01, for a total transaction of $132,030.00.
  • On Wednesday, September 13th, David Sipes sold 7,800 shares of Ringcentral stock. The stock was sold at an average price of $42.11, for a total transaction of $328,458.00.
  • On Wednesday, August 23rd, David Sipes sold 13,800 shares of Ringcentral stock. The stock was sold at an average price of $38.64, for a total transaction of $533,232.00.

Ringcentral (NYSE:RNG) last issued its earnings results on Wednesday, August 2nd. The software maker reported $0.04 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.03 by $0.01. Ringcentral had a negative net margin of 6.77% and a negative return on equity of 19.59%. The company had revenue of $119.40 million for the quarter, compared to the consensus estimate of $118.19 million. During the same quarter in the previous year, the company earned $0.02 EPS. The firm’s revenue for the quarter was up 30.1% compared to the same quarter last year.

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Several large investors have recently modified their holdings of the company. Lord Abbett & CO. LLC acquired a new stake in shares of Ringcentral in the 2nd quarter valued at $15,376,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Ringcentral in the 2nd quarter valued at $562,000. Ameritas Investment Partners Inc. boosted its stake in shares of Ringcentral by 8.3% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,480 shares of the software maker’s stock valued at $200,000 after purchasing an additional 418 shares in the last quarter. Castleark Management LLC boosted its stake in shares of Ringcentral by 24.4% in the 2nd quarter. Castleark Management LLC now owns 578,513 shares of the software maker’s stock valued at $21,145,000 after purchasing an additional 113,543 shares in the last quarter. Finally, Bank of Nova Scotia acquired a new stake in shares of Ringcentral in the 2nd quarter valued at $1,871,000. Institutional investors own 75.22% of the company’s stock.

Several equities analysts recently commented on the stock. Zacks Investment Research raised shares of Ringcentral from a “hold” rating to a “buy” rating and set a $49.00 price target for the company in a research report on Wednesday, October 4th. Northland Securities reaffirmed an “outperform” rating and set a $46.00 price target (up previously from $43.00) on shares of Ringcentral in a research report on Tuesday, October 3rd. BidaskClub raised shares of Ringcentral from a “hold” rating to a “buy” rating in a research report on Wednesday, August 16th. Robert W. Baird lowered shares of Ringcentral from an “outperform” rating to a “neutral” rating and upped their price target for the stock from $38.80 to $41.00 in a research report on Thursday, August 10th. Finally, Dougherty & Co reaffirmed a “buy” rating and set a $40.00 price target (up previously from $36.00) on shares of Ringcentral in a research report on Wednesday, August 9th. Three analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Ringcentral currently has a consensus rating of “Buy” and a consensus price target of $40.15.

About Ringcentral

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.

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

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