RingCentral, Inc. (NYSE:RNG – Get Free Report) CFO Vaibhav Agarwal sold 4,044 shares of RingCentral stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $42.06, for a total transaction of $170,090.64. Following the completion of the sale, the chief financial officer directly owned 132,181 shares in the company, valued at $5,559,532.86. This trade represents a 2.97% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Vaibhav Agarwal also recently made the following trade(s):
- On Monday, May 18th, Vaibhav Agarwal sold 2,220 shares of RingCentral stock. The shares were sold at an average price of $40.62, for a total transaction of $90,176.40.
- On Monday, March 2nd, Vaibhav Agarwal sold 18,680 shares of RingCentral stock. The shares were sold at an average price of $36.33, for a total transaction of $678,644.40.
- On Monday, February 23rd, Vaibhav Agarwal sold 10,744 shares of RingCentral stock. The shares were sold at an average price of $35.50, for a total transaction of $381,412.00.
RingCentral Trading Up 3.2%
RingCentral stock opened at $43.57 on Friday. RingCentral, Inc. has a 1-year low of $23.59 and a 1-year high of $48.57. The firm has a market capitalization of $3.66 billion, a price-to-earnings ratio of 46.35, a P/E/G ratio of 1.24 and a beta of 1.13. The firm has a 50 day simple moving average of $39.56 and a 200 day simple moving average of $33.13.
RingCentral Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 11th. Investors of record on Tuesday, June 2nd will be paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date is Tuesday, June 2nd. RingCentral’s payout ratio is currently 31.91%.
Wall Street Analyst Weigh In
RNG has been the subject of a number of recent research reports. Rosenblatt Securities lifted their price objective on shares of RingCentral from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Friday, May 8th. UBS Group set a $38.00 price target on shares of RingCentral in a research report on Friday, February 20th. Oppenheimer restated an “outperform” rating and set a $50.00 price target on shares of RingCentral in a research report on Friday, May 8th. Zacks Research upgraded shares of RingCentral from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 4th. Finally, Needham & Company LLC boosted their price target on shares of RingCentral from $36.00 to $55.00 and gave the company a “buy” rating in a research report on Friday, March 13th. Three research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, RingCentral currently has a consensus rating of “Hold” and a consensus target price of $43.00.
Get Our Latest Research Report on RingCentral
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently added to or reduced their stakes in RNG. Dynamic Technology Lab Private Ltd bought a new stake in RingCentral in the third quarter worth $843,000. Invenomic Capital Management LP lifted its stake in RingCentral by 3.9% in the third quarter. Invenomic Capital Management LP now owns 1,482,447 shares of the software maker’s stock worth $42,013,000 after purchasing an additional 55,088 shares during the last quarter. Y Intercept Hong Kong Ltd lifted its stake in RingCentral by 544.8% in the third quarter. Y Intercept Hong Kong Ltd now owns 91,918 shares of the software maker’s stock worth $2,605,000 after purchasing an additional 77,663 shares during the last quarter. Vanguard Group Inc. lifted its stake in RingCentral by 1.1% in the third quarter. Vanguard Group Inc. now owns 11,823,636 shares of the software maker’s stock worth $335,082,000 after purchasing an additional 129,444 shares during the last quarter. Finally, Clark Capital Management Group Inc. lifted its stake in RingCentral by 103.3% in the third quarter. Clark Capital Management Group Inc. now owns 303,455 shares of the software maker’s stock worth $8,600,000 after purchasing an additional 154,188 shares during the last quarter. 98.61% of the stock is currently owned by hedge funds and other institutional investors.
About RingCentral
RingCentral, Inc is a leading provider of cloud-based business communications and collaboration solutions. The company’s flagship platform delivers unified communications as a service (UCaaS), integrating voice over IP (VoIP) phone systems, video conferencing, team messaging and SMS into a single, cloud-native application. In addition to its UCaaS offering, RingCentral provides contact center as a service (CCaaS) capabilities, enabling organizations to manage customer interactions across voice, email, chat and social channels from a centralized dashboard.
Founded in 1999 and headquartered in Belmont, California, RingCentral went public on the New York Stock Exchange under the ticker RNG in 2013.
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