RingCentral Inc (NYSE:RNG) CFO Mitesh Dhruv sold 2,556 shares of RingCentral stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $119.97, for a total value of $306,643.32. Following the completion of the sale, the chief financial officer now directly owns 168,720 shares of the company’s stock, valued at approximately $20,241,338.40. The transaction was disclosed in a document filed with the SEC, which is available at this link.
Mitesh Dhruv also recently made the following trade(s):
- On Friday, June 7th, Mitesh Dhruv sold 2,556 shares of RingCentral stock. The stock was sold at an average price of $121.04, for a total value of $309,378.24.
- On Thursday, May 30th, Mitesh Dhruv sold 1,901 shares of RingCentral stock. The stock was sold at an average price of $120.71, for a total value of $229,469.71.
- On Tuesday, April 16th, Mitesh Dhruv sold 1,326 shares of RingCentral stock. The stock was sold at an average price of $106.58, for a total value of $141,325.08.
RNG stock opened at $122.97 on Friday. The stock has a market cap of $10.03 billion, a P/E ratio of -3,074.25 and a beta of 0.79. RingCentral Inc has a 1 year low of $64.41 and a 1 year high of $127.00. The company has a current ratio of 3.08, a quick ratio of 3.08 and a debt-to-equity ratio of 1.19. The business has a fifty day moving average price of $118.43.
RNG has been the subject of a number of research analyst reports. Rosenblatt Securities reissued a “buy” rating and issued a $105.00 target price on shares of RingCentral in a report on Monday, March 25th. Bank of America set a $54.00 target price on Fortis and gave the stock a “buy” rating in a report on Thursday, May 2nd. Zacks Investment Research lowered GENEL ENERGY PL/ADR from a “hold” rating to a “sell” rating in a report on Thursday, July 4th. Northland Securities restated a “buy” rating and issued a $12.00 price target on shares of Medallion Financial in a research note on Tuesday, May 7th. Finally, Deutsche Bank set a €230.00 ($267.44) price target on adidas and gave the stock a “neutral” rating in a research note on Tuesday, May 7th. Three investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. RingCentral presently has an average rating of “Buy” and an average target price of $123.17.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp lifted its stake in shares of RingCentral by 1.5% in the fourth quarter. Bank of New York Mellon Corp now owns 246,712 shares of the software maker’s stock worth $20,339,000 after acquiring an additional 3,713 shares during the period. Northern Trust Corp lifted its stake in shares of RingCentral by 1.6% in the fourth quarter. Northern Trust Corp now owns 326,874 shares of the software maker’s stock worth $26,947,000 after acquiring an additional 5,230 shares during the period. Great West Life Assurance Co. Can lifted its stake in shares of RingCentral by 9.2% in the fourth quarter. Great West Life Assurance Co. Can now owns 8,077 shares of the software maker’s stock worth $642,000 after acquiring an additional 683 shares during the period. United Services Automobile Association lifted its stake in shares of RingCentral by 105.4% in the fourth quarter. United Services Automobile Association now owns 24,990 shares of the software maker’s stock worth $2,060,000 after acquiring an additional 12,823 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in shares of RingCentral by 2.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 107,523 shares of the software maker’s stock worth $8,862,000 after acquiring an additional 2,298 shares during the period. Institutional investors own 81.88% of the company’s stock.
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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