RingCentral Inc (NYSE:RNG) Director Mckenna Michelle sold 2,500 shares of the firm’s stock in a transaction on Thursday, November 8th. The stock was sold at an average price of $84.53, for a total value of $211,325.00. Following the completion of the transaction, the director now owns 11,162 shares in the company, valued at $943,523.86. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

RNG stock opened at $83.68 on Friday. The company has a current ratio of 4.32, a quick ratio of 4.32 and a debt-to-equity ratio of 1.24. RingCentral Inc has a 1-year low of $43.85 and a 1-year high of $98.15.

RingCentral (NYSE:RNG) last posted its earnings results on Monday, November 5th. The software maker reported $0.19 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.16 by $0.03. The firm had revenue of $173.83 million for the quarter, compared to analyst estimates of $166.70 million. RingCentral had a negative return on equity of 3.84% and a negative net margin of 4.25%. The company’s revenue for the quarter was up 33.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.06 earnings per share. Equities analysts forecast that RingCentral Inc will post -0.09 earnings per share for the current year.

RNG has been the topic of several recent research reports. Jefferies Financial Group restated a “buy” rating and issued a $97.00 price target on shares of RingCentral in a research report on Tuesday, August 7th. JPMorgan Chase & Co. raised their price target on RingCentral to $90.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 7th. They noted that the move was a valuation call. Craig Hallum raised their price target on RingCentral from $84.00 to $95.00 and gave the stock a “buy” rating in a research report on Tuesday, August 7th. Robert W. Baird raised their price target on RingCentral from $80.00 to $90.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 7th. Finally, SunTrust Banks raised their price target on RingCentral to $100.00 and gave the stock a “buy” rating in a research report on Tuesday, August 7th. Three investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $89.80.

Hedge funds have recently bought and sold shares of the business. US Bancorp DE lifted its holdings in RingCentral by 141.7% during the second quarter. US Bancorp DE now owns 1,745 shares of the software maker’s stock worth $123,000 after acquiring an additional 1,023 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its holdings in RingCentral by 75.1% during the third quarter. DekaBank Deutsche Girozentrale now owns 1,401 shares of the software maker’s stock worth $130,000 after acquiring an additional 601 shares in the last quarter. Harvest Fund Management Co. Ltd lifted its holdings in RingCentral by 287.0% during the third quarter. Harvest Fund Management Co. Ltd now owns 1,513 shares of the software maker’s stock worth $141,000 after acquiring an additional 1,122 shares in the last quarter. Sun Life Financial INC bought a new position in RingCentral during the second quarter worth about $185,000. Finally, NewSquare Capital LLC bought a new position in RingCentral during the second quarter worth about $188,000. Hedge funds and other institutional investors own 78.47% of the company’s stock.

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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.

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