RingCentral Inc (RNG) Director Mckenna Michelle Sells 2,500 Shares

RingCentral Inc (NYSE:RNG) Director Mckenna Michelle sold 2,500 shares of the firm’s stock in a transaction dated Thursday, November 8th. The shares were sold at an average price of $84.53, for a total value of $211,325.00. Following the completion of the transaction, the director now owns 11,162 shares in the company, valued at approximately $943,523.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

RNG traded up $1.74 during midday trading on Thursday, reaching $86.22. 2,005,853 shares of the company were exchanged, compared to its average volume of 791,966. The company has a current ratio of 4.32, a quick ratio of 4.32 and a debt-to-equity ratio of 1.24. RingCentral Inc has a one year low of $43.85 and a one year high of $98.15. The stock has a market cap of $6.04 billion, a P/E ratio of -246.34 and a beta of 1.02.

RingCentral (NYSE:RNG) last issued its earnings results on Monday, November 5th. The software maker reported $0.19 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.16 by $0.03. RingCentral had a negative return on equity of 3.84% and a negative net margin of 4.25%. The firm had revenue of $173.83 million for the quarter, compared to analysts’ expectations of $166.70 million. During the same quarter last year, the business earned $0.06 earnings per share. The company’s revenue was up 33.4% compared to the same quarter last year. As a group, equities analysts forecast that RingCentral Inc will post -0.13 EPS for the current year.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Renaissance Technologies LLC boosted its holdings in RingCentral by 3.4% during the second quarter. Renaissance Technologies LLC now owns 1,944,403 shares of the software maker’s stock worth $136,789,000 after buying an additional 63,903 shares during the last quarter. Millennium Management LLC boosted its holdings in RingCentral by 129.5% during the second quarter. Millennium Management LLC now owns 1,105,389 shares of the software maker’s stock worth $77,764,000 after buying an additional 623,790 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in RingCentral by 6.4% during the third quarter. JPMorgan Chase & Co. now owns 992,948 shares of the software maker’s stock worth $92,393,000 after buying an additional 59,673 shares during the last quarter. OppenheimerFunds Inc. boosted its holdings in RingCentral by 22.4% during the second quarter. OppenheimerFunds Inc. now owns 792,971 shares of the software maker’s stock worth $55,786,000 after buying an additional 145,343 shares during the last quarter. Finally, First Trust Advisors LP boosted its holdings in RingCentral by 781.7% during the third quarter. First Trust Advisors LP now owns 658,381 shares of the software maker’s stock worth $61,262,000 after buying an additional 583,706 shares during the last quarter. Hedge funds and other institutional investors own 78.47% of the company’s stock.

Several equities analysts recently issued reports on the company. Craig Hallum raised their price target on RingCentral from $84.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, August 7th. TheStreet cut RingCentral from a “c” rating to a “d+” rating in a report on Tuesday. Zacks Investment Research upgraded RingCentral from a “hold” rating to a “buy” rating and set a $83.00 price target on the stock in a report on Wednesday, July 11th. Stifel Nicolaus assumed coverage on RingCentral in a report on Wednesday, July 11th. They issued a “buy” rating and a $100.00 price target on the stock. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 price target on shares of RingCentral in a report on Wednesday. Four investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $89.00.

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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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