Praful Shah Sells 10,000 Shares of Ringcentral, Inc. (RNG) Stock

Ringcentral, Inc. (NYSE:RNG) insider Praful Shah sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $37.98, for a total value of $379,800.00. Following the completion of the transaction, the insider now directly owns 300,176 shares in the company, valued at $11,400,684.48. The transaction was disclosed in a filing with the SEC, which is available at this link.

Praful Shah also recently made the following trade(s):

• On Wednesday, June 14th, Praful Shah sold 10,000 shares of Ringcentral stock. The shares were sold at an average price of $36.07, for a total value of $360,700.00.

Shares of Ringcentral, Inc. (NYSE RNG) opened at 37.85 on Friday. The stock’s market capitalization is $2.90 billion. Ringcentral, Inc. has a 52 week low of $19.35 and a 52 week high of $43.05. The firm’s 50-day moving average is $36.76 and its 200-day moving average is $32.18.

Ringcentral (NYSE:RNG) last issued its quarterly earnings results on Wednesday, August 2nd. The software maker reported $0.04 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.03 by $0.01. The firm had revenue of $119.40 million during the quarter, compared to analysts’ expectations of $118.19 million. Ringcentral had a negative net margin of 6.77% and a negative return on equity of 19.59%. Ringcentral’s quarterly revenue was up 30.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.02 EPS. Analysts forecast that Ringcentral, Inc. will post $0.17 earnings per share for the current fiscal year.

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Several hedge funds have recently added to or reduced their stakes in RNG. Ameritas Investment Partners Inc. purchased a new stake in Ringcentral during the first quarter valued at approximately $143,000. Fortaleza Asset Management Inc. purchased a new stake in Ringcentral during the first quarter valued at approximately $157,000. Invictus RG purchased a new stake in Ringcentral during the first quarter valued at approximately $162,000. ProShare Advisors LLC purchased a new stake in Ringcentral during the second quarter valued at approximately $202,000. Finally, Amalgamated Bank purchased a new stake in Ringcentral during the first quarter valued at approximately $203,000. Institutional investors own 69.73% of the company’s stock.

Several equities analysts recently issued reports on the company. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $33.00 price objective (up from $32.00) on shares of Ringcentral in a research report on Monday, May 1st. BidaskClub raised Ringcentral from a “hold” rating to a “buy” rating in a research report on Wednesday, August 16th. Stephens reaffirmed an “overweight” rating and issued a $44.00 price objective on shares of Ringcentral in a research report on Sunday, June 25th. Northland Securities reaffirmed a “buy” rating and issued a $37.00 price objective on shares of Ringcentral in a research report on Friday, June 23rd. Finally, Jefferies Group LLC reaffirmed a “buy” rating and issued a $38.00 price objective on shares of Ringcentral in a research report on Sunday, July 2nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and eleven have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $39.17.

About Ringcentral

RingCentral, Inc is a provider of software-as-a-service (SaaS) solutions for businesses to support modern communications. The Company’s cloud-based business communications solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, personal computers (PCs) and desk phones, and allow for communication across multiple channels, including high definition (HD) voice, video, short messaging service (SMS), messaging and collaboration, conferencing, online meetings, and fax.