RingCentral Inc (NYSE:RNG) CFO Mitesh Dhruv sold 2,528 shares of RingCentral stock in a transaction dated Tuesday, January 14th. The shares were sold at an average price of $186.43, for a total value of $471,295.04. Following the completion of the sale, the chief financial officer now owns 256,674 shares of the company’s stock, valued at $47,851,733.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.
Mitesh Dhruv also recently made the following trade(s):
- On Monday, December 2nd, Mitesh Dhruv sold 3,109 shares of RingCentral stock. The shares were sold at an average price of $164.64, for a total value of $511,865.76.
- On Wednesday, November 13th, Mitesh Dhruv sold 2,636 shares of RingCentral stock. The shares were sold at an average price of $168.11, for a total value of $443,137.96.
Shares of RNG stock traded down $0.90 during trading hours on Tuesday, reaching $185.79. 812,101 shares of the company’s stock were exchanged, compared to its average volume of 1,173,609. RingCentral Inc has a 1 year low of $85.10 and a 1 year high of $188.85. The stock has a market cap of $15.40 billion, a PE ratio of -4,644.75 and a beta of 0.90. The company has a current ratio of 2.85, a quick ratio of 2.85 and a debt-to-equity ratio of 1.12. The stock’s fifty day moving average price is $170.47 and its two-hundred day moving average price is $149.80.
Several hedge funds have recently modified their holdings of the company. Fulton Breakefield Broenniman LLC grew its stake in shares of RingCentral by 15.7% during the fourth quarter. Fulton Breakefield Broenniman LLC now owns 3,169 shares of the software maker’s stock worth $535,000 after acquiring an additional 430 shares during the last quarter. IFM Investors Pty Ltd purchased a new stake in shares of RingCentral during the fourth quarter worth about $1,191,000. NewSquare Capital LLC grew its stake in shares of RingCentral by 15.8% during the fourth quarter. NewSquare Capital LLC now owns 5,487 shares of the software maker’s stock worth $925,000 after acquiring an additional 750 shares during the last quarter. Carroll Financial Associates Inc. purchased a new stake in shares of RingCentral during the fourth quarter worth about $244,000. Finally, Hellman Jordan Management Co. Inc. MA purchased a new stake in shares of RingCentral during the third quarter worth about $200,000. Institutional investors and hedge funds own 83.01% of the company’s stock.
RNG has been the subject of several recent research reports. SunTrust Banks lifted their price objective on RingCentral from $163.00 to $192.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Zacks Investment Research downgraded shares of RingCentral from a “buy” rating to a “hold” rating in a report on Saturday, November 9th. Morgan Stanley boosted their target price on shares of RingCentral from $170.00 to $195.00 and gave the stock an “equal weight” rating in a report on Monday. Bank of America reiterated an “average” rating and issued a $198.00 target price (up from $187.00) on shares of RingCentral in a report on Monday, December 9th. Finally, William Blair reiterated a “buy” rating on shares of RingCentral in a report on Wednesday, November 13th. Five research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. RingCentral currently has an average rating of “Buy” and an average target price of $164.44.
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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