Insider Selling: RingCentral Inc (RNG) COO Sells 9,300 Shares of Stock

RingCentral Inc (NYSE:RNG) COO David Sipes sold 9,300 shares of RingCentral stock in a transaction on Wednesday, June 13th. The stock was sold at an average price of $77.71, for a total transaction of $722,703.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

David Sipes also recently made the following trade(s):

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On Wednesday, May 23rd, David Sipes sold 15,300 shares of RingCentral stock. The stock was sold at an average price of $72.44, for a total transaction of $1,108,332.00. On Wednesday, April 18th, David Sipes sold 9,300 shares of RingCentral stock. The stock was sold at an average price of $68.86, for a total transaction of $640,398.00.

Shares of RNG traded up $0.05 during trading hours on Thursday, reaching $77.90. 511,500 shares of the company traded hands, compared to its average volume of 619,946. The firm has a market capitalization of $5.88 billion, a price-to-earnings ratio of -222.57 and a beta of 0.70. The company has a current ratio of 4.71, a quick ratio of 4.71 and a debt-to-equity ratio of 1.29. RingCentral Inc has a 12 month low of $34.10 and a 12 month high of $81.20.

RingCentral (NYSE:RNG) last announced its earnings results on Wednesday, May 9th. The software maker reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.04. The firm had revenue of $150.00 million for the quarter, compared to analyst estimates of $145.41 million. RingCentral had a negative net margin of 3.99% and a negative return on equity of 9.90%. The company’s revenue for the quarter was up 33.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.03 EPS. research analysts forecast that RingCentral Inc will post -0.2 EPS for the current fiscal year.

RingCentral announced that its Board of Directors has authorized a share repurchase plan on Tuesday, February 27th that authorizes the company to buyback $35.00 million in outstanding shares. This buyback authorization authorizes the software maker to reacquire shares of its stock through a private placement purchase. Shares buyback plans are often a sign that the company’s management believes its stock is undervalued.

A number of brokerages have issued reports on RNG. Zacks Investment Research lowered shares of RingCentral from a “buy” rating to a “hold” rating in a report on Wednesday, May 16th. Oppenheimer raised their price target on shares of RingCentral from $66.00 to $79.00 and gave the stock an “outperform” rating in a report on Thursday, May 10th. JPMorgan Chase & Co. raised their price target on shares of RingCentral to $76.00 and gave the stock a “neutral” rating in a report on Thursday, May 10th. They noted that the move was a valuation call. SunTrust Banks raised their price target on shares of RingCentral to $80.00 and gave the stock a “buy” rating in a report on Thursday, May 10th. Finally, Craig Hallum raised their price target on shares of RingCentral from $65.00 to $84.00 and gave the stock a “buy” rating in a report on Thursday, May 10th. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. RingCentral currently has an average rating of “Buy” and an average price target of $65.62.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Dynamic Technology Lab Private Ltd boosted its stake in shares of RingCentral by 26.5% during the 1st quarter. Dynamic Technology Lab Private Ltd now owns 5,637 shares of the software maker’s stock valued at $358,000 after purchasing an additional 1,182 shares in the last quarter. Allianz Asset Management GmbH bought a new stake in shares of RingCentral during the 1st quarter valued at about $41,563,000. Principal Financial Group Inc. boosted its stake in shares of RingCentral by 17.3% during the 1st quarter. Principal Financial Group Inc. now owns 50,191 shares of the software maker’s stock valued at $3,187,000 after purchasing an additional 7,420 shares in the last quarter. WINTON GROUP Ltd bought a new stake in shares of RingCentral during the 1st quarter valued at about $879,000. Finally, Xact Kapitalforvaltning AB boosted its stake in shares of RingCentral by 46.4% during the 1st quarter. Xact Kapitalforvaltning AB now owns 8,209 shares of the software maker’s stock valued at $521,000 after purchasing an additional 2,600 shares in the last quarter. 77.26% of the stock is currently owned by hedge funds and other institutional investors.

RingCentral Company Profile

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.

Insider Buying and Selling by Quarter for RingCentral (NYSE:RNG)

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