RingCentral Inc (RNG) CFO Mitesh Dhruv Sells 1,326 Shares

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.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Monday, May 6th. The software maker reported ($0.01) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.15 by ($0.16). The business had revenue of $201.50 million during the quarter, compared to analyst estimates of $193.54 million. RingCentral had a negative net margin of 3.89% and a negative return on equity of 0.69%. The company’s revenue was up 34.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.16 earnings per share. Analysts expect that RingCentral Inc will post -0.43 earnings per share for the current year.

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.

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About RingCentral

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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