RingCentral, Inc. (NYSE:RNG – Get Free Report) CFO Sonalee Elizabeth Parekh sold 9,913 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $33.45, for a total value of $331,589.85. Following the completion of the sale, the chief financial officer now owns 358,622 shares of the company’s stock, valued at $11,995,905.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.
Sonalee Elizabeth Parekh also recently made the following trade(s):
- On Tuesday, May 28th, Sonalee Elizabeth Parekh sold 8,478 shares of RingCentral stock. The stock was sold at an average price of $34.85, for a total value of $295,458.30.
RingCentral Stock Up 3.0 %
RNG traded up $0.99 during trading on Friday, reaching $33.82. 1,131,367 shares of the stock traded hands, compared to its average volume of 1,181,380. The stock has a market capitalization of $3.11 billion, a PE ratio of -22.70, a P/E/G ratio of 2.63 and a beta of 1.03. The stock’s 50-day moving average is $31.16 and its 200 day moving average is $32.53. RingCentral, Inc. has a 12 month low of $25.08 and a 12 month high of $38.35.
Institutional Trading of RingCentral
Institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC bought a new position in shares of RingCentral during the 4th quarter worth about $26,000. Hexagon Capital Partners LLC lifted its position in RingCentral by 116.8% in the 4th quarter. Hexagon Capital Partners LLC now owns 930 shares of the software maker’s stock valued at $32,000 after acquiring an additional 501 shares in the last quarter. Versant Capital Management Inc lifted its position in RingCentral by 138.3% in the 2nd quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock valued at $32,000 after acquiring an additional 664 shares in the last quarter. Point72 DIFC Ltd bought a new position in RingCentral in the 2nd quarter valued at about $39,000. Finally, Newbridge Financial Services Group Inc. lifted its position in RingCentral by 438.1% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 1,200 shares of the software maker’s stock valued at $41,000 after acquiring an additional 977 shares in the last quarter. Institutional investors own 98.61% of the company’s stock.
Analyst Upgrades and Downgrades
RNG has been the subject of several recent analyst reports. UBS Group upped their target price on RingCentral from $37.00 to $40.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 8th. StockNews.com upgraded RingCentral from a “buy” rating to a “strong-buy” rating in a research note on Monday, August 5th. Wells Fargo & Company upped their target price on RingCentral from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Robert W. Baird upped their price target on shares of RingCentral from $35.00 to $36.00 and gave the stock a “neutral” rating in a report on Monday, August 5th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on shares of RingCentral from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, August 6th. Eight research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $40.07.
Read Our Latest Stock Report on RingCentral
About RingCentral
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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