Stock Traders Purchase Large Volume of RingCentral Call Options (RNG)

RingCentral Inc (NYSE:RNG) saw unusually large options trading on Monday. Traders purchased 7,687 call options on the stock. This represents an increase of 989% compared to the average volume of 706 call options.

Several research analysts have recently commented on RNG shares. Zacks Investment Research upgraded RingCentral from a “hold” rating to a “buy” rating and set a $95.00 target price for the company in a research report on Wednesday, January 16th. TheStreet lowered RingCentral from a “c” rating to a “d+” rating in a research report on Tuesday, November 6th. Stephens started coverage on RingCentral in a research report on Thursday, January 3rd. They issued an “equal weight” rating for the company. Bank of America reiterated a “buy” rating and issued a $110.00 target price (up previously from $93.00) on shares of RingCentral in a research report on Thursday, February 7th. Finally, Morgan Stanley lifted their target price on RingCentral from $84.00 to $93.00 and gave the stock an “equal weight” rating in a research report on Monday, January 7th. Four research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $94.93.

In other news, CEO Vladimir Shmunis sold 51,532 shares of RingCentral stock in a transaction that occurred on Thursday, December 13th. The stock was sold at an average price of $85.67, for a total value of $4,414,746.44. Following the completion of the transaction, the chief executive officer now owns 289,260 shares in the company, valued at approximately $24,780,904.20. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO John H. Marlow sold 17,789 shares of RingCentral stock in a transaction that occurred on Monday, November 26th. The stock was sold at an average price of $74.35, for a total value of $1,322,612.15. Following the completion of the transaction, the chief accounting officer now owns 152,546 shares of the company’s stock, valued at approximately $11,341,795.10. The disclosure for this sale can be found here. Insiders have sold a total of 243,484 shares of company stock worth $19,716,779 over the last 90 days. 11.99% of the stock is owned by company insiders.

A number of large investors have recently added to or reduced their stakes in the stock. Capital World Investors boosted its position in RingCentral by 4.5% during the 3rd quarter. Capital World Investors now owns 6,752,958 shares of the software maker’s stock valued at $628,363,000 after purchasing an additional 289,958 shares during the period. Vanguard Group Inc. boosted its position in RingCentral by 1.1% during the 3rd quarter. Vanguard Group Inc. now owns 6,751,585 shares of the software maker’s stock valued at $628,235,000 after purchasing an additional 71,110 shares during the period. Vanguard Group Inc boosted its position in RingCentral by 1.1% during the 3rd quarter. Vanguard Group Inc now owns 6,751,585 shares of the software maker’s stock valued at $628,235,000 after purchasing an additional 71,110 shares during the period. BlackRock Inc. boosted its position in RingCentral by 0.4% during the 3rd quarter. BlackRock Inc. now owns 3,790,244 shares of the software maker’s stock valued at $352,684,000 after purchasing an additional 14,743 shares during the period. Finally, Capital International Investors acquired a new position in RingCentral during the 3rd quarter valued at approximately $279,076,000. Institutional investors and hedge funds own 77.75% of the company’s stock.

NYSE:RNG opened at $99.87 on Tuesday. RingCentral has a 12-month low of $51.95 and a 12-month high of $103.49. The company has a market cap of $8.11 billion, a P/E ratio of -285.34 and a beta of 0.99. The company has a quick ratio of 4.07, a current ratio of 4.07 and a debt-to-equity ratio of 1.22.

RingCentral (NYSE:RNG) last released its quarterly earnings data on Monday, February 11th. The software maker reported $0.23 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.05. RingCentral had a negative return on equity of 3.64% and a negative net margin of 4.25%. Equities analysts expect that RingCentral will post -0.09 EPS for the current fiscal year.

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About RingCentral

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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