RingCentral, Inc. (NYSE:RNG) CFO Sonalee Elizabeth Parekh Sells 8,478 Shares

RingCentral, Inc. (NYSE:RNGGet Free Report) CFO Sonalee Elizabeth Parekh sold 8,478 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $34.85, for a total value of $295,458.30. Following the completion of the sale, the chief financial officer now owns 388,919 shares of the company’s stock, valued at $13,553,827.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

RingCentral Stock Down 0.3 %

NYSE RNG opened at $34.20 on Friday. The stock has a 50-day moving average of $33.14 and a two-hundred day moving average of $32.88. RingCentral, Inc. has a 1-year low of $25.08 and a 1-year high of $43.28.

RingCentral (NYSE:RNGGet Free Report) last announced its quarterly earnings data on Tuesday, May 7th. The software maker reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.05. The business had revenue of $584.21 million during the quarter, compared to analyst estimates of $577.81 million. On average, sell-side analysts forecast that RingCentral, Inc. will post 0.54 EPS for the current year.

Wall Street Analysts Forecast Growth

RNG has been the subject of several analyst reports. Rosenblatt Securities restated a “neutral” rating and issued a $35.00 target price on shares of RingCentral in a report on Wednesday, May 1st. Robert W. Baird upped their price objective on shares of RingCentral from $32.00 to $35.00 and gave the company a “neutral” rating in a report on Thursday, May 9th. Wells Fargo & Company lifted their target price on shares of RingCentral from $31.00 to $33.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 8th. StockNews.com upgraded shares of RingCentral from a “buy” rating to a “strong-buy” rating in a report on Thursday, May 9th. Finally, Morgan Stanley cut their price target on shares of RingCentral from $35.00 to $32.00 and set an “equal weight” rating for the company in a report on Wednesday, April 17th. Ten equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $39.28.

Check Out Our Latest Stock Report on RingCentral

Institutional Trading of RingCentral

Large investors have recently modified their holdings of the stock. Intellectus Partners LLC grew its stake in RingCentral by 4.3% during the 4th quarter. Intellectus Partners LLC now owns 8,550 shares of the software maker’s stock worth $290,000 after purchasing an additional 350 shares in the last quarter. Treasurer of the State of North Carolina raised its position in RingCentral by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 37,832 shares of the software maker’s stock valued at $1,284,000 after purchasing an additional 360 shares in the last quarter. 1492 Capital Management LLC boosted its stake in shares of RingCentral by 1.0% in the 4th quarter. 1492 Capital Management LLC now owns 36,751 shares of the software maker’s stock valued at $1,248,000 after buying an additional 363 shares during the period. Hexagon Capital Partners LLC grew its position in shares of RingCentral by 44.1% during the first quarter. Hexagon Capital Partners LLC now owns 1,340 shares of the software maker’s stock worth $47,000 after buying an additional 410 shares in the last quarter. Finally, Simplicity Solutions LLC increased its stake in shares of RingCentral by 4.5% during the fourth quarter. Simplicity Solutions LLC now owns 10,761 shares of the software maker’s stock worth $365,000 after buying an additional 467 shares during the period. Hedge funds and other institutional investors own 98.61% of the company’s stock.

About RingCentral

(Get Free Report)

RingCentral, Inc, together with its subsidiaries, provides cloud communications, video meetings, collaboration, and contact center software-as-a-service solutions worldwide. The company's products include RingCentral Message Video Phone that provides a unified experience for communication and collaboration across multiple modes, including HD voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers AI-powered omnichannel and workforce engagement solutions with integrated RingCentral MVP; and RingCX, an AI-powered contact center that a native delivers omnichannel experience.

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

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