RingCentral, Inc. (NYSE:RNG) CFO Vaibhav Agarwal Sells 14,969 Shares

RingCentral, Inc. (NYSE:RNG) CFO Vaibhav Agarwal sold 14,969 shares of RingCentral stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $26.88, for a total value of $402,366.72. Following the sale, the chief financial officer now directly owns 153,900 shares in the company, valued at approximately $4,136,832. The trade was a 8.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

Vaibhav Agarwal also recently made the following trade(s):

• On Friday, May 16th, Vaibhav Agarwal sold 2,247 shares of RingCentral stock. The stock was sold at an average price of $27.97, for a total value of $62,848.59.

RingCentral Stock Performance

NYSE:RNG opened at $25.96 on Friday. The company has a market capitalization of $2.33 billion, a price-to-earnings ratio of -40.55, a price-to-earnings-growth ratio of 1.27 and a beta of 1.33. RingCentral, Inc. has a one year low of $20.59 and a one year high of $42.19. The stock has a 50-day simple moving average of $25.31 and a 200 day simple moving average of $31.29.

RingCentral (NYSE:RNG) last posted its quarterly earnings results on Thursday, May 8th. The software maker reported $1.00 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.04. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. The business had revenue of $612.06 million during the quarter, compared to the consensus estimate of $610.53 million. During the same period last year, the firm earned $0.87 earnings per share. The company’s revenue for the quarter was up 4.8% compared to the same quarter last year. On average, equities research analysts forecast that RingCentral, Inc. will post 1.29 EPS for the current fiscal year.

Hedge Funds Weigh In On RingCentral

A number of hedge funds and other institutional investors have recently bought and sold shares of RNG. Contour Asset Management LLC acquired a new position in RingCentral in the first quarter valued at approximately $45,650,000. Arrowstreet Capital Limited Partnership boosted its stake in RingCentral by 414.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,445,245 shares of the software maker’s stock valued at $50,598,000 after acquiring an additional 1,164,241 shares during the period. Jacobs Levy Equity Management Inc. boosted its stake in RingCentral by 354.8% in the first quarter. Jacobs Levy Equity Management Inc. now owns 870,666 shares of the software maker’s stock valued at $21,558,000 after acquiring an additional 679,211 shares during the period. Valley Wealth Managers Inc. acquired a new position in RingCentral in the fourth quarter valued at approximately $20,792,000. Finally, Capital World Investors boosted its stake in RingCentral by 5.9% in the fourth quarter. Capital World Investors now owns 10,663,441 shares of the software maker’s stock valued at $373,327,000 after acquiring an additional 591,398 shares during the period. 98.61% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Mizuho lifted their target price on RingCentral from $25.00 to $27.00 and gave the stock a “neutral” rating in a research report on Monday, May 12th. Needham & Company LLC assumed coverage on RingCentral in a research report on Friday, May 9th. They set a “buy” rating and a $36.00 target price on the stock. UBS Group dropped their target price on RingCentral from $38.00 to $33.00 and set a “neutral” rating on the stock in a research report on Friday, May 9th. Wells Fargo & Company dropped their target price on RingCentral from $30.00 to $22.00 and set an “underweight” rating on the stock in a research report on Tuesday, April 22nd. Finally, Raymond James dropped their target price on RingCentral from $40.00 to $35.00 and set an “outperform” rating on the stock in a research report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, RingCentral presently has a consensus rating of “Hold” and an average price target of $33.08.

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.