RingCentral Inc (RNG) Insider Praful Shah Sells 10,000 Shares

RingCentral Inc (NYSE:RNG) insider Praful Shah sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 4th. The stock was sold at an average price of $47.65, for a total transaction of $476,500.00. Following the sale, the insider now directly owns 306,050 shares in the company, valued at approximately $14,583,282.50. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

Praful Shah also recently made the following trade(s):

  • On Wednesday, December 20th, Praful Shah sold 10,000 shares of RingCentral stock. The stock was sold at an average price of $47.65, for a total transaction of $476,500.00.
  • On Tuesday, November 21st, Praful Shah sold 10,000 shares of RingCentral stock. The stock was sold at an average price of $48.61, for a total transaction of $486,100.00.

RingCentral Inc (NYSE:RNG) opened at $49.30 on Thursday. RingCentral Inc has a 52-week low of $21.35 and a 52-week high of $49.95. The stock has a market capitalization of $3,810.00, a P/E ratio of -136.94 and a beta of 0.80.

RingCentral (NYSE:RNG) last announced its earnings results on Wednesday, November 8th. The software maker reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.02. RingCentral had a negative return on equity of 17.97% and a negative net margin of 5.80%. The firm had revenue of $129.76 million for the quarter, compared to analyst estimates of $126.06 million. During the same quarter last year, the firm posted $0.03 EPS. The business’s revenue was up 34.0% on a year-over-year basis. analysts expect that RingCentral Inc will post -0.33 earnings per share for the current year.

A number of equities research analysts have recently commented on the stock. Zacks Investment Research raised shares of RingCentral from a “hold” rating to a “buy” rating and set a $49.00 price objective on the stock in a research note on Wednesday, October 4th. Jefferies Group reaffirmed a “buy” rating and set a $48.00 price objective on shares of RingCentral in a research note on Thursday, October 19th. JPMorgan Chase & Co. lowered RingCentral from an “overweight” rating to a “neutral” rating and set a $52.00 target price on the stock. in a research report on Tuesday, December 12th. Bank of America increased their target price on RingCentral from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, October 25th. Finally, Northland Securities reiterated a “buy” rating and set a $46.00 target price on shares of RingCentral in a research report on Friday, November 10th. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $45.14.

Several large investors have recently made changes to their positions in RNG. Schwab Charles Investment Management Inc. lifted its holdings in RingCentral by 3.4% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 265,033 shares of the software maker’s stock valued at $9,687,000 after purchasing an additional 8,712 shares in the last quarter. Rhumbline Advisers lifted its holdings in RingCentral by 6.5% in the 2nd quarter. Rhumbline Advisers now owns 70,434 shares of the software maker’s stock valued at $2,574,000 after purchasing an additional 4,304 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in RingCentral by 14.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 277,717 shares of the software maker’s stock valued at $10,150,000 after purchasing an additional 35,374 shares in the last quarter. Legal & General Group Plc lifted its holdings in RingCentral by 5.1% in the 2nd quarter. Legal & General Group Plc now owns 22,612 shares of the software maker’s stock valued at $825,000 after purchasing an additional 1,089 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System lifted its holdings in RingCentral by 41.9% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 28,746 shares of the software maker’s stock valued at $1,051,000 after purchasing an additional 8,488 shares in the last quarter. Hedge funds and other institutional investors own 76.29% of the company’s stock.

COPYRIGHT VIOLATION NOTICE: This piece was posted by Community Financial News and is the sole property of of Community Financial News. If you are viewing this piece on another domain, it was stolen and reposted in violation of international trademark & copyright laws. The correct version of this piece can be viewed at https://www.com-unik.info/2018/01/11/ringcentral-inc-rng-insider-praful-shah-sells-10000-shares.html.

RingCentral Company Profile

RingCentral, Inc is a provider of software-as-a-service (SaaS) solutions for businesses to support modern communications. The Company’s cloud-based business communications solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, personal computers (PCs) and desk phones, and allow for communication across multiple channels, including high definition (HD) voice, video, short messaging service (SMS), messaging and collaboration, conferencing, online meetings, and fax.

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

Receive News & Ratings for RingCentral Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RingCentral and related companies with MarketBeat.com's FREE daily email newsletter.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit