Vaibhav Agarwal Sells 10,184 Shares of RingCentral, Inc. (NYSE:RNG) Stock

RingCentral, Inc. (NYSE:RNG) CFO Vaibhav Agarwal sold 10,184 shares of the firm’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $34.97, for a total value of $356,134.48. Following the transaction, the chief financial officer now directly owns 116,306 shares of the company’s stock, valued at $4,067,220.82. This represents a 8.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Vaibhav Agarwal also recently made the following trade(s):

• On Monday, November 18th, Vaibhav Agarwal sold 2,178 shares of RingCentral stock. The shares were sold at an average price of $35.27, for a total transaction of $76,818.06.
• On Tuesday, October 1st, Vaibhav Agarwal sold 1,985 shares of RingCentral stock. The shares were sold at an average price of $31.40, for a total transaction of $62,329.00.

RingCentral Price Performance

Shares of RNG opened at $36.91 on Friday. The firm has a market capitalization of $3.34 billion, a P/E ratio of -34.82, a PEG ratio of 2.21 and a beta of 0.99. RingCentral, Inc. has a one year low of $26.98 and a one year high of $40.98. The business has a fifty day moving average of $33.47 and a 200 day moving average of $32.65.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.10. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. The business had revenue of $608.77 million during the quarter, compared to the consensus estimate of $601.91 million. Analysts expect that RingCentral, Inc. will post 0.84 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Raymond James dropped their price target on RingCentral from $52.00 to $50.00 and set a “strong-buy” rating on the stock in a research report on Friday, November 8th. Deutsche Bank Aktiengesellschaft increased their target price on RingCentral from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, August 6th. Robert W. Baird upped their price target on shares of RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a research note on Monday, November 11th. Wedbush increased their price objective on shares of RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Finally, Piper Sandler lifted their target price on shares of RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Eight research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $40.73.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in shares of RingCentral by 5.2% in the 1st quarter. Vanguard Group Inc. now owns 10,909,549 shares of the software maker’s stock worth $378,998,000 after purchasing an additional 538,325 shares in the last quarter. Groupama Asset Managment grew its holdings in RingCentral by 125.0% during the third quarter. Groupama Asset Managment now owns 3,600,000 shares of the software maker’s stock valued at $113,868,000 after purchasing an additional 2,000,000 shares during the period. Pacer Advisors Inc. increased its position in RingCentral by 45.3% in the third quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock worth $83,483,000 after buying an additional 822,892 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of RingCentral by 3.5% in the second quarter. Renaissance Technologies LLC now owns 1,606,700 shares of the software maker’s stock worth $45,309,000 after buying an additional 54,500 shares during the period. Finally, AQR Capital Management LLC lifted its position in shares of RingCentral by 2.4% during the 2nd quarter. AQR Capital Management LLC now owns 881,109 shares of the software maker’s stock valued at $24,706,000 after buying an additional 20,666 shares in the last quarter. 98.61% of the stock is currently owned by institutional investors.

RingCentral Company Profile

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.