Jacobs Levy Equity Management Inc. Trims Stake in RingCentral, Inc. (NYSE:RNG)

Jacobs Levy Equity Management Inc. lowered its stake in shares of RingCentral, Inc. (NYSE:RNG) by 4.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 191,455 shares of the software maker’s stock after selling 9,574 shares during the quarter. Jacobs Levy Equity Management Inc. owned about 0.21% of RingCentral worth $6,703,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Kayne Anderson Rudnick Investment Management LLC purchased a new stake in RingCentral in the fourth quarter worth about $49,000. Venturi Wealth Management LLC grew its holdings in RingCentral by 55.2% in the fourth quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker’s stock worth $101,000 after purchasing an additional 1,028 shares during the period. KBC Group NV grew its holdings in RingCentral by 30.8% in the fourth quarter. KBC Group NV now owns 3,478 shares of the software maker’s stock worth $122,000 after purchasing an additional 819 shares during the period. Quarry LP grew its holdings in RingCentral by 84.1% in the fourth quarter. Quarry LP now owns 3,501 shares of the software maker’s stock worth $123,000 after purchasing an additional 1,599 shares during the period. Finally, Harvest Fund Management Co. Ltd purchased a new stake in RingCentral in the fourth quarter worth about $173,000. Hedge funds and other institutional investors own 98.61% of the company’s stock.

RingCentral Stock Down 0.0%

Shares of RingCentral stock opened at $28.35 on Wednesday. The company has a market cap of $2.57 billion, a price-to-earnings ratio of -44.30, a price-to-earnings-growth ratio of 1.27 and a beta of 1.33. The company’s 50 day moving average is $25.29 and its 200 day moving average is $31.77. RingCentral, Inc. has a twelve month low of $20.59 and a twelve month high of $42.19.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Thursday, May 8th. The software maker reported $1.00 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.04. The company had revenue of $612.06 million for the quarter, compared to the consensus estimate of $610.53 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The firm’s revenue for the quarter was up 4.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.87 earnings per share. Sell-side analysts expect that RingCentral, Inc. will post 1.29 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Raymond James cut their price objective on shares of RingCentral from $40.00 to $35.00 and set an “outperform” rating on the stock in a report on Friday, May 9th. Rosenblatt Securities cut their price target on shares of RingCentral from $40.00 to $28.00 and set a “buy” rating on the stock in a report on Thursday, April 24th. Barclays cut their price target on shares of RingCentral from $37.00 to $31.00 and set an “equal weight” rating on the stock in a report on Friday, February 21st. StockNews.com upgraded shares of RingCentral from a “buy” rating to a “strong-buy” rating in a report on Tuesday. Finally, Piper Sandler increased their price target on shares of RingCentral from $25.00 to $28.00 and gave the company a “neutral” rating in a report on Friday, May 9th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $32.77.

Insiders Place Their Bets

In other RingCentral news, CEO Vladimir Shmunis sold 123,560 shares of the stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $28.56, for a total value of $3,528,873.60. Following the transaction, the chief executive officer now directly owns 444,740 shares in the company, valued at approximately $12,701,774.40. This trade represents a 21.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP John H. Marlow sold 35,089 shares of the stock in a transaction on Monday, February 24th. The stock was sold at an average price of $28.56, for a total transaction of $1,002,141.84. Following the completion of the sale, the senior vice president now directly owns 313,510 shares of the company’s stock, valued at approximately $8,953,845.60. This trade represents a 10.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 247,740 shares of company stock worth $7,099,279. Company insiders own 6.97% of the company’s stock.

RingCentral Company 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.