RingCentral Inc (NYSE:RNG) insider Praful Shah sold 5,016 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $117.90, for a total value of $591,386.40. Following the completion of the sale, the insider now owns 263,701 shares of the company’s stock, valued at $31,090,347.90. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.
Praful Shah also recently made the following trade(s):
- On Wednesday, May 29th, Praful Shah sold 5,456 shares of RingCentral stock. The shares were sold at an average price of $121.09, for a total value of $660,667.04.
- On Wednesday, April 10th, Praful Shah sold 2,662 shares of RingCentral stock. The shares were sold at an average price of $103.43, for a total value of $275,330.66.
Shares of RNG stock opened at $114.92 on Friday. The company has a debt-to-equity ratio of 1.19, a quick ratio of 3.08 and a current ratio of 3.08. RingCentral Inc has a fifty-two week low of $64.41 and a fifty-two week high of $127.00. The business has a 50-day moving average price of $119.31. The firm has a market cap of $9.38 billion, a price-to-earnings ratio of -2,873.00 and a beta of 0.94.
A number of large investors have recently made changes to their positions in RNG. Weaver Consulting Group bought a new position in RingCentral in the 1st quarter valued at $66,000. Advisory Services Network LLC bought a new position in shares of RingCentral in the 1st quarter worth $70,000. Cerebellum GP LLC boosted its position in shares of RingCentral by 69.8% in the 1st quarter. Cerebellum GP LLC now owns 3,122 shares of the software maker’s stock worth $337,000 after purchasing an additional 1,283 shares during the last quarter. Berkshire Capital Holdings Inc. boosted its position in shares of RingCentral by 11.7% in the 1st quarter. Berkshire Capital Holdings Inc. now owns 103,190 shares of the software maker’s stock worth $11,124,000 after purchasing an additional 10,810 shares during the last quarter. Finally, FIL Ltd bought a new position in shares of RingCentral in the 1st quarter worth $67,944,000. Hedge funds and other institutional investors own 81.88% of the company’s stock.
A number of equities research analysts have recently weighed in on RNG shares. Guggenheim started coverage on RingCentral in a report on Monday, March 11th. They issued a “buy” rating and a $125.00 price target for the company. Deutsche Bank boosted their price objective on RingCentral from $115.00 to $125.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. Rosenblatt Securities restated a “buy” rating and set a $105.00 price objective on shares of RingCentral in a research report on Monday, March 25th. Zacks Investment Research upgraded RingCentral from a “hold” rating to a “buy” rating and set a $125.00 price objective for the company in a research report on Friday, April 26th. Finally, Bank of America boosted their price objective on RingCentral from $117.00 to $135.00 and gave the company a “buy” rating in a research report on Thursday, May 2nd. Four investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $121.74.
RingCentral Company Profile
RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect primarily in North America. The company's products include RingCentral Office, provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax through smartphones, tablets, PCs, and desk phones; RingCentral Professional, a cloud based virtual telephone service for professionals, as well as provides inbound call answering and management services, and includes inbound local, long-distance, and toll-free minutes; and RingCentral Fax that provides online fax capabilities that allow businesses to send and receive fax documents without a fax machine.
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