Sonalee Elizabeth Parekh sells 9,913 shares of RingCentral, Inc. (NYSE:RNG)

RingCentral, Inc. (NYSE:RNG – Get Your Free Report ) CFO Sonalee Elizabeth Parekh sold 9,913 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $33.45, for a total value of $331,589.85. Following the transaction, the chief financial officer now owns 358,622 shares of the company’s stock, valued at approximately $11,995,905.90. The transaction was disclosed in a filing with the SEC, which is available at this link.

Sonalee Elizabeth Parekh also recently transacted:

• On Tuesday, May 28th, Sonalee Elizabeth Parekh sold 8,478 shares of RingCentral stock. The stock was sold at an average price of $34.85, for a total value of $295,458.30.

RingCentral Stock Performance

Shares of RNG stock opened at $33.81 on Friday. RingCentral, Inc. it has a 52-week low of $25.08 and a 52-week high of $38.35. The firm has a market cap of $3.12 billion, a price-to-earnings ratio of -22.69, a PEG ratio of 2.63 and a beta of 1.03. The company’s fifty-day moving average is $31.26, and its 200-day moving average is $32.53.

RingCentral (NYSE:RNG – Get Your Free Report ) last posted its earnings results on Thursday, August 1st. The software maker reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The company had revenue of $592.91 million for the quarter, compared to the consensus estimate of $586.39 million. During the same period in the previous year, the firm posted EPS of ($0.03). The company’s quarterly revenue was up 9.9% compared to the same quarter last year. As a group, research analysts forecast that RingCentral, Inc. will post 0.63 EPS for the current fiscal year.

RingCentral Institutional Trading

Several institutional investors have recently modified their holdings of RNG. Janney Montgomery Scott LLC purchased a new position in RingCentral during the fourth quarter valued at about $938,000. Panagora Asset Management Inc. boosted its holdings in RingCentral by 24.0% in the fourth quarter. Panagora Asset Management Inc. now owns 119,844 shares of the software maker’s stock valued at $4,069,000 after acquiring an additional 23,184 shares in the last quarter. Monaco Asset Management SAM acquired a new stake in RingCentral during the fourth quarter valued at about $1,358,000. Natixis bought a new position in RingCentral in the first quarter worth about $837,000. Finally, Vanguard Group Inc. raised its holdings in RingCentral by 3.8% during the fourth quarter. Vanguard Group Inc. now owns 10,371,224 shares of the software maker’s stock worth $352,103,000 after purchasing an additional 382,343 shares during the last quarter. Institutional investors own 98.61% of the company’s shares.

The Wall Street analyst weighs in

RNG has been the subject of several recent research reports. UBS Group boosted their price objective on shares of RingCentral from $37.00 to $40.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 8th. Mizuho boosted their price target on RingCentral from $36.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. StockNews.com upgraded RingCentral from a “buy” rating to a “strong-buy” rating in a research note on Monday, August 5th. Northland Securities boosted their price objective on RingCentral from $43.00 to $50.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Finally, Rosenblatt Securities upgraded shares of RingCentral from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $35.00 to $45.00 in a report on Friday , August 2. Eight equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $40.07.

Check out our latest research report on RNG

About RingCentral

(Get a free report)

RingCentral, Inc, together with its subsidiaries, provides cloud communications, video meeting, collaboration and contact center solutions worldwide. The company’s products include the RingCentral Message Video Phone that provides a unified experience for communication and collaboration across multiple modes, including HD voice, video, SMS, messaging and collaboration, conferencing, online meetings and fax; RingCentral Contact Center, a collaborative contact center solution that provides AI-powered omnichannel and workforce engagement solutions with integrated RingCentral MVP; and RingCX, an AI-powered contact center that natively delivers an omnichannel experience.

Further reading

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