RingCentral, Inc. (NYSE:RNG) CFO Sonalee Elizabeth Parekh Sells 9,913 Shares

RingCentral, Inc. (NYSE:RNG) 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.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Thursday, August 1st. The software maker reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The firm had revenue of $592.91 million for the quarter, compared to the consensus estimate of $586.39 million. The business’s revenue was up 9.9% compared to the same quarter last year. During the same period last year, the company posted ($0.03) EPS. As a group, equities research analysts anticipate that RingCentral, Inc. will post 0.63 EPS for the current year.

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.

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.