Insider Selling: RingCentral Inc (RNG) CFO Sells 1,634 Shares of Stock

RingCentral Inc (NYSE:RNG) CFO Mitesh Dhruv sold 1,634 shares of RingCentral stock in a transaction on Monday, December 3rd. The stock was sold at an average price of $83.89, for a total transaction of $137,076.26. Following the transaction, the chief financial officer now owns 148,178 shares in the company, valued at approximately $12,430,652.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

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

  • On Thursday, November 29th, Mitesh Dhruv sold 2,471 shares of RingCentral stock. The stock was sold at an average price of $79.23, for a total transaction of $195,777.33.
  • On Friday, October 5th, Mitesh Dhruv sold 1,264 shares of RingCentral stock. The stock was sold at an average price of $84.33, for a total transaction of $106,593.12.
  • On Monday, October 8th, Mitesh Dhruv sold 2,278 shares of RingCentral stock. The stock was sold at an average price of $82.67, for a total transaction of $188,322.26.
  • On Friday, September 7th, Mitesh Dhruv sold 1,264 shares of RingCentral stock. The stock was sold at an average price of $94.60, for a total transaction of $119,574.40.
  • On Monday, September 10th, Mitesh Dhruv sold 2,528 shares of RingCentral stock. The stock was sold at an average price of $95.02, for a total transaction of $240,210.56.

RNG stock traded up $1.62 during midday trading on Monday, hitting $84.52. The stock had a trading volume of 1,513,800 shares, compared to its average volume of 821,518. The firm has a market cap of $6.66 billion, a price-to-earnings ratio of -241.49 and a beta of 1.12. The company has a quick ratio of 4.07, a current 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 released its earnings results on Monday, November 5th. The software maker reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.03. The business had revenue of $173.83 million for the quarter, compared to analyst estimates of $166.70 million. RingCentral had a negative net margin of 4.25% and a negative return on equity of 3.64%. RingCentral’s revenue for the quarter was up 33.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.06 earnings per share. Research analysts expect that RingCentral Inc will post -0.09 earnings per share for the current year.

A number of hedge funds have recently added to or reduced their stakes in RNG. Principal Financial Group Inc. lifted its holdings in RingCentral by 17.3% in the first quarter. Principal Financial Group Inc. now owns 50,191 shares of the software maker’s stock valued at $3,187,000 after buying an additional 7,420 shares during the period. Cornerstone Wealth Management LLC acquired a new position in RingCentral in the second quarter valued at $355,000. Daiwa Securities Group Inc. bought a new stake in RingCentral in the second quarter valued at $1,596,000. Raymond James Financial Services Advisors Inc. increased its stake in RingCentral by 21.4% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 34,892 shares of the software maker’s stock valued at $2,455,000 after purchasing an additional 6,142 shares in the last quarter. Finally, Comerica Bank bought a new stake in RingCentral in the second quarter valued at $202,000. Institutional investors and hedge funds own 78.01% of the company’s stock.

A number of equities analysts have recently commented on RNG shares. Rosenblatt Securities started coverage on shares of RingCentral in a report on Friday, September 7th. They set a “buy” rating and a $105.00 price target on the stock. TheStreet lowered shares of RingCentral from a “c” rating to a “d+” rating in a report on Tuesday, November 6th. Zacks Investment Research upgraded shares of RingCentral from a “hold” rating to a “buy” rating and set a $95.00 price target on the stock in a report on Friday, November 9th. Craig Hallum lifted their price target on shares of RingCentral from $84.00 to $95.00 and gave the stock a “buy” rating in a report on Tuesday, August 7th. Finally, JPMorgan Chase & Co. lifted their price target on shares of RingCentral to $90.00 and gave the stock a “neutral” rating in a report on Tuesday, August 7th. They noted that the move was a valuation call. 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. The stock presently has a consensus rating of “Buy” and a consensus price target of $90.47.

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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.

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