RingCentral Inc (NYSE:RNG) COO David Sipes sold 8,279 shares of the company’s stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $103.41, for a total transaction of $856,131.39. Following the completion of the transaction, the chief operating officer now owns 244,690 shares in the company, valued at $25,303,392.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.
David Sipes also recently made the following trade(s):
- On Thursday, March 7th, David Sipes sold 8,278 shares of RingCentral stock. The stock was sold at an average price of $102.27, for a total transaction of $846,591.06.
- On Monday, February 25th, David Sipes sold 9,062 shares of RingCentral stock. The shares were sold at an average price of $106.13, for a total value of $961,750.06.
- On Wednesday, February 20th, David Sipes sold 7,300 shares of RingCentral stock. The stock was sold at an average price of $103.89, for a total value of $758,397.00.
RNG opened at $119.46 on Friday. The firm has a market cap of $9.71 billion, a PE ratio of -2,986.50 and a beta of 0.95. RingCentral Inc has a 52 week low of $64.41 and a 52 week high of $119.46. The company has a quick ratio of 3.55, a current ratio of 3.55 and a debt-to-equity ratio of 1.15.
Hedge funds have recently modified their holdings of the stock. Neuburgh Advisers LLC acquired a new position in RingCentral in the 4th quarter valued at about $25,000. Ffcm LLC acquired a new position in RingCentral in the 4th quarter valued at about $27,000. CX Institutional acquired a new position in RingCentral in the 1st quarter valued at about $36,000. Karp Capital Management Corp acquired a new position in RingCentral in the 4th quarter valued at about $41,000. Finally, Parallel Advisors LLC increased its position in RingCentral by 416.7% during the 1st quarter. Parallel Advisors LLC now owns 620 shares of the software maker’s stock worth $67,000 after purchasing an additional 500 shares during the period. Hedge funds and other institutional investors own 81.48% of the company’s stock.
Several equities analysts have recently weighed in on the company. Zacks Investment Research upgraded RingCentral from a “hold” rating to a “buy” rating and set a $100.00 price target for the company in a report on Saturday, January 26th. Guggenheim started coverage on RingCentral in a research report on Monday, March 11th. They issued a “buy” rating and a $125.00 target price on the stock. Deutsche Bank raised their target price on RingCentral from $115.00 to $125.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Jefferies Financial Group raised their target price on RingCentral from $115.00 to $121.00 and gave the stock a “buy” rating in a research report on Friday, February 22nd. Finally, Morgan Stanley upped their target price on RingCentral from $84.00 to $93.00 and gave the company an “equal weight” rating in a research report on Monday, January 7th. Four research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $113.80.
RingCentral Company Profile
RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect primarily in North America. The company's products include RingCentral Office, provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax through smartphones, tablets, PCs, and desk phones; RingCentral Professional, a cloud based virtual telephone service for professionals, as well as provides inbound call answering and management services, and includes inbound local, long-distance, and toll-free minutes; and RingCentral Fax that provides online fax capabilities that allow businesses to send and receive fax documents without a fax machine.
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