Insider Selling: RingCentral Inc (RNG) Insider Sells 2,500 Shares of Stock

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RingCentral Inc (NYSE:RNG) insider Praful Shah sold 2,500 shares of RingCentral stock in a transaction dated Monday, January 7th. The shares were sold at an average price of $85.90, for a total transaction of $214,750.00. Following the completion of the transaction, the insider now directly owns 277,158 shares of the company’s stock, valued at approximately $23,807,872.20. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

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

  • On Thursday, January 3rd, Praful Shah sold 1,779 shares of RingCentral stock. The shares were sold at an average price of $79.80, for a total transaction of $141,964.20.
  • On Monday, December 3rd, Praful Shah sold 1,250 shares of RingCentral stock. The shares were sold at an average price of $86.40, for a total transaction of $108,000.00.
  • On Wednesday, December 19th, Praful Shah sold 4,808 shares of RingCentral stock. The shares were sold at an average price of $82.43, for a total transaction of $396,323.44.
  • On Wednesday, November 28th, Praful Shah sold 1,889 shares of RingCentral stock. The shares were sold at an average price of $75.54, for a total transaction of $142,695.06.

NYSE RNG opened at $86.91 on Friday. The company has a quick ratio of 4.07, a current ratio of 4.07 and a debt-to-equity ratio of 1.22. The stock has a market cap of $7.02 billion, a PE ratio of -248.31 and a beta of 0.97. RingCentral Inc has a 52-week low of $47.65 and a 52-week high of $98.15.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Monday, November 5th. The software maker reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.03. RingCentral had a negative net margin of 4.25% and a negative return on equity of 3.64%. The business had revenue of $173.83 million during the quarter, compared to analysts’ expectations of $166.70 million. During the same quarter in the previous year, the company earned $0.06 EPS. The business’s revenue was up 33.4% on a year-over-year basis. As a group, equities research analysts expect that RingCentral Inc will post -0.09 earnings per share for the current year.

A number of institutional investors have recently modified their holdings of RNG. US Bancorp DE raised its stake in RingCentral by 141.7% in the 2nd quarter. US Bancorp DE now owns 1,745 shares of the software maker’s stock worth $123,000 after purchasing an additional 1,023 shares in the last quarter. DekaBank Deutsche Girozentrale raised its stake in RingCentral by 75.1% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 1,401 shares of the software maker’s stock worth $130,000 after purchasing an additional 601 shares in the last quarter. Harvest Fund Management Co. Ltd raised its stake in RingCentral by 287.0% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 1,513 shares of the software maker’s stock worth $141,000 after purchasing an additional 1,122 shares in the last quarter. Cerebellum GP LLC acquired a new stake in RingCentral in the 4th quarter worth about $152,000. Finally, Oakbrook Investments LLC acquired a new stake in RingCentral in the 3rd quarter worth about $205,000. Institutional investors and hedge funds own 78.01% of the company’s stock.

A number of research analysts have recently commented on RNG shares. Zacks Investment Research raised shares of RingCentral from a “hold” rating to a “buy” rating and set a $95.00 price objective for the company in a research report on Friday, November 9th. Bank of America decreased their price objective on shares of RingCentral from $100.00 to $93.00 and set a “buy” rating for the company in a research report on Tuesday, November 6th. Deutsche Bank started coverage on shares of RingCentral in a research report on Monday, October 8th. They issued a “buy” rating and a $105.00 price objective for the company. Rosenblatt Securities reissued a “buy” rating and issued a $100.00 price objective on shares of RingCentral in a research report on Wednesday, November 7th. Finally, TheStreet downgraded shares of RingCentral from a “c” rating to a “d+” rating in a research report on Tuesday, November 6th. Three investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $92.27.

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RingCentral Company Profile

RingCentral, Inc provides software-as-a-service solutions for business communications and collaboration primarily in the United States. The company's products include RingCentral Office, a multi-tenant, multi-location, and enterprise-grade communications and collaboration solution that enables employees to communicate through voice, text, team messaging and collaboration, and HD video and Web conferencing through smartphones, tablets, PCs, and desk phones for businesses, which require a communications solution; RingCentral Professional, an inbound call routing subscription with additional text and fax capabilities primarily for smaller businesses; and RingCentral Fax solution that offers Internet fax capabilities, which allow businesses to send and receive fax documents without the need for a fax machine.

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