Mitesh Dhruv Sells 2,471 Shares of RingCentral Inc (RNG) Stock

RingCentral Inc (NYSE:RNG) CFO Mitesh Dhruv sold 2,471 shares of the business’s stock in a transaction on Thursday, November 29th. The shares were sold at an average price of $79.23, for a total value of $195,777.33. Following the completion of the sale, the chief financial officer now owns 149,936 shares in the company, valued at approximately $11,879,429.28. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

Mitesh Dhruv also recently made the following trade(s):

  • On Friday, October 5th, Mitesh Dhruv sold 1,264 shares of RingCentral stock. The shares were sold at an average price of $84.33, for a total value of $106,593.12.
  • On Monday, October 8th, Mitesh Dhruv sold 2,278 shares of RingCentral stock. The shares were sold at an average price of $82.67, for a total value of $188,322.26.
  • On Friday, September 7th, Mitesh Dhruv sold 1,264 shares of RingCentral stock. The shares were sold at an average price of $94.60, for a total value of $119,574.40.
  • On Monday, September 10th, Mitesh Dhruv sold 2,528 shares of RingCentral stock. The shares were sold at an average price of $95.02, for a total value of $240,210.56.
  • On Friday, August 31st, Mitesh Dhruv sold 3,436 shares of RingCentral stock. The shares were sold at an average price of $93.11, for a total value of $319,925.96.

Shares of NYSE RNG opened at $82.90 on Friday. The company has a current ratio of 4.07, a quick ratio of 4.07 and a debt-to-equity ratio of 1.22. RingCentral Inc has a 1-year low of $43.85 and a 1-year high of $98.15.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Monday, November 5th. The software maker reported $0.19 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.16 by $0.03. RingCentral had a negative return on equity of 3.64% and a negative net margin of 4.25%. The company had revenue of $173.83 million for the quarter, compared to the consensus estimate of $166.70 million. During the same quarter in the prior year, the business earned $0.06 EPS. RingCentral’s revenue was up 33.4% on a year-over-year basis. Sell-side analysts expect that RingCentral Inc will post -0.09 earnings per share for the current year.

RNG has been the topic of several research analyst reports. Zacks Investment Research downgraded RingCentral from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 7th. Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 price objective on shares of RingCentral in a report on Wednesday, November 7th. JPMorgan Chase & Co. boosted their price objective on RingCentral to $90.00 and gave the company a “neutral” rating in a report on Tuesday, August 7th. They noted that the move was a valuation call. Jefferies Financial Group reiterated a “buy” rating and issued a $97.00 price objective on shares of RingCentral in a report on Tuesday, August 7th. Finally, Dougherty & Co boosted their price objective on RingCentral from $85.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, August 7th. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $90.47.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Capital World Investors increased its holdings in RingCentral by 4.5% during the 3rd quarter. Capital World Investors now owns 6,752,958 shares of the software maker’s stock worth $628,363,000 after purchasing an additional 289,958 shares during the period. Vanguard Group Inc. increased its holdings in RingCentral by 1.1% during the 3rd quarter. Vanguard Group Inc. now owns 6,751,585 shares of the software maker’s stock worth $628,235,000 after purchasing an additional 71,110 shares during the period. BlackRock Inc. increased its holdings in RingCentral by 0.4% during the 3rd quarter. BlackRock Inc. now owns 3,790,244 shares of the software maker’s stock worth $352,684,000 after purchasing an additional 14,743 shares during the period. Capital International Investors purchased a new stake in RingCentral during the 3rd quarter worth about $279,076,000. Finally, Renaissance Technologies LLC increased its holdings in RingCentral by 3.4% during the 2nd quarter. Renaissance Technologies LLC now owns 1,944,403 shares of the software maker’s stock worth $136,789,000 after purchasing an additional 63,903 shares during the period. Institutional investors own 77.33% of the company’s stock.

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About RingCentral

RingCentral, Inc provides software-as-a-service solutions for business communications and collaboration primarily in the United States. The company's products include RingCentral Office, a multi-tenant, multi-location, and enterprise-grade communications and collaboration solution that enables employees to communicate through voice, text, team messaging and collaboration, and HD video and Web conferencing through smartphones, tablets, PCs, and desk phones for businesses, which require a communications solution; RingCentral Professional, an inbound call routing subscription with additional text and fax capabilities primarily for smaller businesses; and RingCentral Fax solution that offers Internet fax capabilities, which allow businesses to send and receive fax documents without the need for a fax machine.

Further Reading: Are Wall Street analysts’ stock ratings worth following?

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