RingCentral, Inc. (NYSE:RNG) Shares Acquired by Xponance Inc.

Xponance Inc. increased its position in shares of RingCentral, Inc. (NYSE:RNG) by 4.2% in the 4th quarter, HoldingsChannel.com reports. The firm owned 10,664 shares of the software maker’s stock after acquiring an additional 426 shares during the period. Xponance Inc.’s holdings in RingCentral were worth $373,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Quarry LP raised its stake in shares of RingCentral by 106.7% during the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after buying an additional 982 shares during the last quarter. Venturi Wealth Management LLC raised its position in RingCentral by 55.2% during the fourth quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker’s stock worth $101,000 after acquiring an additional 1,028 shares during the last quarter. KBC Group NV raised its position in RingCentral by 30.8% during the fourth quarter. KBC Group NV now owns 3,478 shares of the software maker’s stock worth $122,000 after acquiring an additional 819 shares during the last quarter. Point72 DIFC Ltd lifted its holdings in shares of RingCentral by 301.1% in the third quarter. Point72 DIFC Ltd now owns 5,535 shares of the software maker’s stock valued at $175,000 after purchasing an additional 4,155 shares in the last quarter. Finally, Central Pacific Bank Trust Division grew 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 valued at $176,000 after purchasing an additional 1,194 shares during the last quarter. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

RingCentral Stock Down 0.9 %

NYSE:RNG opened at $27.58 on Thursday. The company has a market cap of $2.50 billion, a P/E ratio of -43.09, a P/E/G ratio of 1.27 and a beta of 1.20. The firm’s 50 day moving average is $31.11 and its two-hundred day moving average is $33.44. RingCentral, Inc. has a fifty-two week low of $26.22 and a fifty-two week high of $42.19.

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

Insider Activity

In other news, CEO Vladimir Shmunis sold 66,112 shares of the stock in a transaction on Friday, February 21st. The shares were sold at an average price of $28.83, for a total value of $1,906,008.96. Following the completion of the sale, the chief executive officer now owns 568,300 shares of the company’s stock, valued at $16,384,089. This represents a 10.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP John H. Marlow sold 35,089 shares of RingCentral stock in a transaction on Monday, February 24th. The shares were sold at an average price of $28.56, for a total transaction of $1,002,141.84. Following the transaction, the senior vice president now owns 313,510 shares in the company, valued at $8,953,845.60. The trade was a 10.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 247,740 shares of company stock valued at $7,099,279 in the last three months. Corporate insiders own 6.97% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Piper Sandler reduced their target price on RingCentral from $38.00 to $31.00 and set a “neutral” rating on the stock in a research note on Friday, February 21st. Barclays decreased their price objective on RingCentral from $37.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Friday, February 21st. UBS Group cut their target price on shares of RingCentral from $40.00 to $38.00 and set a “neutral” rating for the company in a research note on Friday, February 21st. Wells Fargo & Company reaffirmed an “underweight” rating and set a $30.00 price target (down from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th. Finally, Needham & Company LLC cut their price objective on shares of RingCentral from $42.00 to $36.00 and set a “buy” rating for the company in a research report on Friday, February 21st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, RingCentral has an average rating of “Hold” and an average price target of $37.69.

RingCentral Profile

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.