RingCentral, Inc. (NYSE:RNG) Shares Sold by Formula Growth Ltd.

Formula Growth Ltd. cut its holdings in RingCentral, Inc. (NYSE:RNG) by 72.5% in the 4th quarter, HoldingsChannel reports. The fund owned 17,061 shares of the software maker’s stock after selling 45,000 shares during the period. Formula Growth Ltd.’s holdings in RingCentral were worth $597,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in RNG. Venturi Wealth Management LLC increased its stake in RingCentral by 55.2% in the fourth quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker’s stock valued at $101,000 after purchasing an additional 1,028 shares during the last quarter. KBC Group NV increased its stake in shares of RingCentral by 30.8% during the 4th quarter. KBC Group NV now owns 3,478 shares of the software maker’s stock valued at $122,000 after acquiring an additional 819 shares during the last quarter. Harvest Fund Management Co. Ltd purchased a new position in shares of RingCentral during the 4th quarter worth about $173,000. Central Pacific Bank Trust Division boosted its position in shares of RingCentral by 31.1% in the fourth quarter. Central Pacific Bank Trust Division now owns 5,033 shares of the software maker’s stock worth $176,000 after acquiring an additional 1,194 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in RingCentral by 10.4% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker’s stock valued at $176,000 after purchasing an additional 468 shares during the period. Hedge funds and other institutional investors own 98.61% of the company’s stock.

RingCentral Stock Up 0.9 %

RNG opened at $22.76 on Friday. The firm’s 50 day moving average is $26.95 and its 200-day moving average is $32.57. RingCentral, Inc. has a 52-week low of $20.59 and a 52-week high of $42.19. The firm has a market capitalization of $2.07 billion, a P/E ratio of -35.57, a P/E/G ratio of 1.27 and a beta of 1.30.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.73). The firm had revenue of $614.51 million during the quarter, compared to analyst estimates of $612.37 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. Equities analysts expect that RingCentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Insider Buying and Selling at RingCentral

In other news, SVP John H. Marlow sold 22,979 shares of the stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $28.82, for a total transaction of $662,254.78. Following the completion of the transaction, the senior vice president now directly owns 348,599 shares in the company, valued at approximately $10,046,623.18. This represents a 6.18 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Vladimir Shmunis sold 123,560 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $28.56, for a total transaction of $3,528,873.60. Following the sale, the chief executive officer now directly owns 444,740 shares of the company’s stock, valued at $12,701,774.40. The trade was a 21.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 247,740 shares of company stock worth $7,099,279 in the last 90 days. 6.97% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on RNG shares. Morgan Stanley cut their price target on shares of RingCentral from $40.00 to $29.00 and set an “equal weight” rating on the stock in a research note on Wednesday. Mizuho reduced their target price on RingCentral from $32.00 to $25.00 and set a “neutral” rating on the stock in a report on Tuesday. UBS Group dropped their price target on RingCentral from $40.00 to $38.00 and set a “neutral” rating for the company in a research note on Friday, February 21st. Piper Sandler reduced their price objective on RingCentral from $38.00 to $31.00 and set a “neutral” rating on the stock in a research note on Friday, February 21st. Finally, StockNews.com downgraded shares of RingCentral from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, April 1st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $36.00.

About RingCentral

RingCentral, Inc, together with its subsidiaries, provides cloud communications, video meetings, collaboration, and contact center software-as-a-service solutions worldwide. The company’s products include RingCentral Message Video Phone that provides a unified experience for communication and collaboration across multiple modes, including HD voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers AI-powered omnichannel and workforce engagement solutions with integrated RingCentral MVP; and RingCX, an AI-powered contact center that a native delivers omnichannel experience.