RingCentral Inc (NYSE:RNG) COO Sells $186,000.00 in Stock

RingCentral Inc (NYSE:RNG) COO David Sipes sold 1,500 shares of the firm’s stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $124.00, for a total value of $186,000.00. Following the completion of the sale, the chief operating officer now directly owns 258,911 shares in the company, valued at $32,104,964. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

David Sipes also recently made the following trade(s):

  • On Friday, July 12th, David Sipes sold 8,089 shares of RingCentral stock. The stock was sold at an average price of $122.90, for a total transaction of $994,138.10.
  • On Thursday, June 13th, David Sipes sold 8,089 shares of RingCentral stock. The shares were sold at an average price of $117.77, for a total transaction of $952,641.53.
  • On Tuesday, May 28th, David Sipes sold 10,301 shares of RingCentral stock. The shares were sold at an average price of $122.58, for a total transaction of $1,262,696.58.
  • On Thursday, May 16th, David Sipes sold 13,500 shares of RingCentral stock. The stock was sold at an average price of $124.08, for a total transaction of $1,675,080.00.

NYSE RNG traded up $0.60 on Friday, reaching $122.97. The company had a trading volume of 401,900 shares, compared to its average volume of 797,444. The firm has a market cap of $10.03 billion, a price-to-earnings ratio of -3,074.25 and a beta of 0.79. The company has a quick ratio of 3.08, a current ratio of 3.08 and a debt-to-equity ratio of 1.19. RingCentral Inc has a 1-year low of $64.41 and a 1-year high of $127.00. The stock’s fifty day moving average price is $118.34.

RingCentral (NYSE:RNG) last announced its earnings results on Monday, May 6th. The software maker reported ($0.01) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.15 by ($0.16). The company had revenue of $201.50 million during the quarter, compared to analyst estimates of $193.54 million. RingCentral had a negative return on equity of 0.73% and a negative net margin of 4.12%. RingCentral’s revenue for the quarter was up 34.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.16 earnings per share. Research analysts anticipate that RingCentral Inc will post -0.43 earnings per share for the current year.

RNG has been the subject of several research analyst reports. Zacks Investment Research cut shares of GENEL ENERGY PL/ADR from a “hold” rating to a “sell” rating in a research report on Thursday, July 4th. UBS Group reaffirmed a “buy” rating and set a $25.00 target price on shares of Infineon Technologies in a report on Tuesday, May 7th. SunTrust Banks lifted their target price on shares of Everbridge to $87.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. Northland Securities reaffirmed a “buy” rating and set a $12.00 target price on shares of Medallion Financial in a report on Tuesday, May 7th. Finally, Deutsche Bank set a €230.00 ($267.44) target price on shares of adidas and gave the stock a “neutral” rating in a report on Tuesday, May 7th. Three research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. RingCentral currently has an average rating of “Buy” and an average price target of $123.17.

A number of hedge funds and other institutional investors have recently made changes to their positions in RNG. FMR LLC boosted its stake in RingCentral by 14.2% in the 4th quarter. FMR LLC now owns 7,227,409 shares of the software maker’s stock worth $595,828,000 after purchasing an additional 898,876 shares during the period. Norges Bank bought a new position in shares of RingCentral during the fourth quarter valued at $53,247,000. FIL Ltd bought a new position in shares of RingCentral during the first quarter valued at $67,944,000. Eagle Asset Management Inc. raised its stake 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 valued at $73,628,000 after acquiring an additional 509,661 shares during the last quarter. Finally, Victory Capital Management Inc. raised its stake 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 valued at $208,036,000 after acquiring an additional 507,225 shares during the last quarter. 81.88% of the stock is owned by hedge funds and other institutional investors.

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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Insider Buying and Selling by Quarter for RingCentral (NYSE:RNG)

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