RingCentral, Inc. (NYSE:RNG – Get Rating) CFO Vaibhav Agarwal sold 10,570 shares of the stock in a transaction that occurred on Tuesday, June 13th. The shares were sold at an average price of $34.97, for a total transaction of $369,632.90. Following the transaction, the chief financial officer now directly owns 120,492 shares of the company’s stock, valued at $4,213,605.24. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.
RingCentral Stock Performance
RingCentral stock opened at $34.98 on Friday. The firm’s fifty day moving average price is $30.48 and its 200-day moving average price is $33.83. RingCentral, Inc. has a fifty-two week low of $25.32 and a fifty-two week high of $62.51.
Analyst Upgrades and Downgrades
A number of research firms have recently weighed in on RNG. UBS Group increased their target price on shares of RingCentral from $30.00 to $32.00 in a research report on Wednesday, May 10th. Robert W. Baird cut their price objective on shares of RingCentral from $45.00 to $32.00 in a report on Friday, May 12th. Credit Suisse Group raised shares of RingCentral from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $40.00 to $45.00 in a report on Thursday, May 11th. StockNews.com downgraded shares of RingCentral from a “buy” rating to a “hold” rating in a report on Friday, June 9th. Finally, Truist Financial cut their price objective on shares of RingCentral from $55.00 to $45.00 in a report on Thursday, May 11th. Ten research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $47.17.
Institutional Trading of RingCentral
Several institutional investors and hedge funds have recently made changes to their positions in RNG. Cornerstone Wealth Advisors Inc. purchased a new stake in shares of RingCentral during the 1st quarter valued at $26,000. CM Bidwell & Associates Ltd. purchased a new position in RingCentral in the 3rd quarter worth $30,000. Harvest Fund Management Co. Ltd raised its position in RingCentral by 17,125.0% in the 4th quarter. Harvest Fund Management Co. Ltd now owns 1,378 shares of the software maker’s stock worth $49,000 after purchasing an additional 1,370 shares during the period. Dark Forest Capital Management LP raised its position in RingCentral by 40,375.0% in the 1st quarter. Dark Forest Capital Management LP now owns 1,619 shares of the software maker’s stock worth $50,000 after purchasing an additional 1,615 shares during the period. Finally, Yarbrough Capital LLC purchased a new position in RingCentral in the 4th quarter worth $51,000. Hedge funds and other institutional investors own 88.09% of the company’s stock.
RingCentral, Inc engages in the provision of global enterprise cloud communications and collaboration solutions. The firm’s solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, PCs and desk phones, and allows for communication across multiple modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings and fax.
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