RingCentral Inc (NYSE:RNG) CFO Mitesh Dhruv sold 1,326 shares of the firm’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $106.58, for a total value of $141,325.08. Following the sale, the chief financial officer now directly owns 132,887 shares of the company’s stock, valued at approximately $14,163,096.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Mitesh Dhruv also recently made the following trade(s):
- On Friday, March 8th, Mitesh Dhruv sold 2,654 shares of RingCentral stock. The stock was sold at an average price of $101.74, for a total value of $270,017.96.
- On Thursday, February 28th, Mitesh Dhruv sold 3,343 shares of RingCentral stock. The shares were sold at an average price of $105.34, for a total value of $352,151.62.
RNG stock opened at $122.92 on Friday. The company has a debt-to-equity ratio of 1.15, a quick ratio of 3.55 and a current ratio of 3.55. The company has a market capitalization of $9.71 billion, a P/E ratio of -3,073.00 and a beta of 0.95. RingCentral Inc has a 1 year low of $64.41 and a 1 year high of $123.98.
Several hedge funds have recently added to or reduced their stakes in RNG. FMR LLC increased its holdings in shares of RingCentral by 14.2% during the 4th quarter. FMR LLC now owns 7,227,409 shares of the software maker’s stock worth $595,828,000 after buying an additional 898,876 shares during the last quarter. Norges Bank purchased a new position in RingCentral in the 4th quarter valued at about $53,247,000. Eagle Asset Management Inc. lifted its position in shares of RingCentral by 294.0% during the first quarter. Eagle Asset Management Inc. now owns 683,008 shares of the software maker’s stock worth $73,628,000 after purchasing an additional 509,661 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of RingCentral by 35.7% during the first quarter. Victory Capital Management Inc. now owns 1,929,832 shares of the software maker’s stock worth $208,036,000 after purchasing an additional 507,225 shares during the last quarter. Finally, Macquarie Group Ltd. lifted its position in shares of RingCentral by 289.7% during the fourth quarter. Macquarie Group Ltd. now owns 662,781 shares of the software maker’s stock worth $54,640,000 after purchasing an additional 492,686 shares during the last quarter. Institutional investors and hedge funds own 81.57% of the company’s stock.
A number of research analysts recently issued reports on the company. Zacks Investment Research upgraded RingCentral from a “hold” rating to a “buy” rating and set a $125.00 target price for the company in a report on Friday, April 26th. Jefferies Financial Group raised their price target on RingCentral from $121.00 to $140.00 in a research note on Tuesday. UBS Group raised their price target on RingCentral from $117.00 to $130.00 and gave the company an “outperform” rating in a research note on Tuesday. Stephens restated a “hold” rating and issued a $95.00 price target on shares of RingCentral in a research note on Monday. Finally, Robert W. Baird boosted their price target on RingCentral from $100.00 to $120.00 and gave the company a “positive” rating in a research report on Tuesday, February 12th. Four analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $120.72.
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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