RingCentral Inc. (RNG) SVP Praful Shah Sells 10,000 Shares of Stock
RingCentral Inc. (NYSE:RNG) SVP Praful Shah sold 10,000 shares of the company’s stock in a transaction on Monday, October 3rd. The shares were sold at an average price of $23.61, for a total transaction of $236,100.00. Following the completion of the sale, the senior vice president now directly owns 318,247 shares of the company’s stock, valued at approximately $7,513,811.67. The sale was disclosed in a filing with the SEC, which is accessible through this link.
Praful Shah also recently made the following trade(s):
- On Thursday, September 1st, Praful Shah sold 10,000 shares of RingCentral stock. The shares were sold at an average price of $21.92, for a total transaction of $219,200.00.
- On Monday, August 29th, Praful Shah sold 2,415 shares of RingCentral stock. The shares were sold at an average price of $22.19, for a total transaction of $53,588.85.
- On Monday, August 1st, Praful Shah sold 10,000 shares of RingCentral stock. The shares were sold at an average price of $23.19, for a total transaction of $231,900.00.
RingCentral Inc. (NYSE:RNG) opened at 23.14 on Thursday. RingCentral Inc. has a one year low of $13.88 and a one year high of $25.67. The company’s market capitalization is $1.69 billion. The firm has a 50-day moving average of $22.89 and a 200 day moving average of $20.50.
RingCentral (NYSE:RNG) last issued its earnings results on Wednesday, August 3rd. The company reported $0.02 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.01 by $0.01. The firm earned $91.80 million during the quarter, compared to analyst estimates of $70.70 million. RingCentral had a negative net margin of 8.17% and a negative return on equity of 21.08%. The business’s revenue was up 29.8% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.05) earnings per share. Equities research analysts predict that RingCentral Inc. will post $0.07 earnings per share for the current fiscal year.
Several hedge funds have recently modified their holdings of RNG. BlackRock Inc. raised its stake in shares of RingCentral by 43.0% in the second quarter. BlackRock Inc. now owns 5,361 shares of the company’s stock worth $105,000 after buying an additional 1,612 shares in the last quarter. Tower Research Capital LLC TRC acquired a new stake in RingCentral during the second quarter worth $116,000. Legal & General Group Plc raised its stake in RingCentral by 16.7% in the first quarter. Legal & General Group Plc now owns 7,633 shares of the company’s stock worth $119,000 after buying an additional 1,095 shares during the period. BNP Paribas Arbitrage SA raised its stake in RingCentral by 82.0% in the third quarter. BNP Paribas Arbitrage SA now owns 5,616 shares of the company’s stock worth $133,000 after buying an additional 2,530 shares during the period. Finally, Teacher Retirement System of Texas raised its stake in RingCentral by 18.1% in the second quarter. Teacher Retirement System of Texas now owns 6,994 shares of the company’s stock worth $138,000 after buying an additional 1,071 shares during the period. 67.06% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have recently issued reports on RNG. Summit Research began coverage on shares of RingCentral in a research note on Tuesday, June 28th. They issued a “buy” rating for the company. Robert W. Baird began coverage on shares of RingCentral in a research note on Thursday, August 25th. They issued a “neutral” rating and a $24.00 price objective for the company. Jefferies Group increased their price target on shares of RingCentral from $27.00 to $29.00 and gave the company a “buy” rating in a research report on Thursday, August 4th. Oppenheimer Holdings Inc. reissued an “outperform” rating and set a $29.00 price target (up previously from $27.00) on shares of RingCentral in a research report on Friday, August 5th. Finally, Craig Hallum began coverage on shares of RingCentral in a research report on Thursday, July 7th. They set a “buy” rating and a $25.00 price target for the company. Three research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $25.40.
RingCentral, Inc is a provider of software-as-a-service (SaaS) solutions for business 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 voice, text, team messaging collaboration, high definition (HD) video for Web conferencing and fax.
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