David Sipes Sells 8,089 Shares of RingCentral Inc (NYSE:RNG) Stock
RingCentral Inc (NYSE:RNG) COO David Sipes sold 8,089 shares of the company’s stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $117.77, for a total transaction of $952,641.53. Following the sale, the chief operating officer now directly owns 261,850 shares in the company, valued at $30,838,074.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.
David Sipes also recently made the following trade(s):
- On Tuesday, May 28th, David Sipes sold 10,301 shares of RingCentral stock. The stock was sold at an average price of $122.58, for a total transaction of $1,262,696.58.
- On Thursday, May 16th, David Sipes sold 13,500 shares of RingCentral stock. The stock was sold at an average price of $124.08, for a total transaction of $1,675,080.00.
- On Wednesday, April 10th, David Sipes sold 8,279 shares of RingCentral stock. The stock was sold at an average price of $103.41, for a total transaction of $856,131.39.
RNG opened at $118.04 on Friday. RingCentral Inc has a one year low of $64.41 and a one year high of $127.00. The company has a current ratio of 3.08, a quick ratio of 3.08 and a debt-to-equity ratio of 1.19. The company has a market cap of $9.67 billion, a PE ratio of -2,951.00 and a beta of 0.94.
Hedge funds have recently made changes to their positions in the business. Neuburgh Advisers LLC bought a new position in RingCentral in the fourth quarter valued at approximately $25,000. Ffcm LLC bought a new position in RingCentral in the fourth quarter valued at approximately $27,000. CX Institutional bought a new position in RingCentral in the first quarter valued at approximately $36,000. Penserra Capital Management LLC bought a new position in RingCentral in the first quarter valued at approximately $36,000. Finally, Signaturefd LLC boosted its stake in RingCentral by 31.4% in the first quarter. Signaturefd LLC now owns 364 shares of the software maker’s stock valued at $39,000 after acquiring an additional 87 shares during the last quarter. 81.95% of the stock is currently owned by hedge funds and other institutional investors.
RNG has been the topic of several research analyst reports. Bank of America upped their price objective on shares of RingCentral from $117.00 to $135.00 and gave the stock a “buy” rating in a research note on Thursday, May 2nd. SunTrust Banks increased their price target on shares of RingCentral to $140.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. Rosenblatt Securities reissued a “buy” rating and set a $105.00 price target on shares of RingCentral in a research note on Monday, March 25th. Craig Hallum increased their price target on shares of RingCentral from $120.00 to $140.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. Finally, Zacks Investment Research cut shares of RingCentral from a “buy” rating to a “hold” rating in a research note on Wednesday, May 1st. Four research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. RingCentral has an average rating of “Buy” and a consensus price target of $120.72.
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RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect primarily in North America. The company's products include RingCentral Office, provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax through smartphones, tablets, PCs, and desk phones; RingCentral Professional, a cloud based virtual telephone service for professionals, as well as provides inbound call answering and management services, and includes inbound local, long-distance, and toll-free minutes; and RingCentral Fax that provides online fax capabilities that allow businesses to send and receive fax documents without a fax machine.
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