Versor Investments LP Sells 5,288 Shares of RingCentral, Inc. (NYSE:RNG)

Versor Investments LP reduced its position in RingCentral, Inc. (NYSE:RNG) by 22.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,012 shares of the software maker’s stock after selling 5,288 shares during the period. Versor Investments LP’s holdings in RingCentral were worth $570,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of RNG. Natixis purchased a new position in shares of RingCentral in the 1st quarter worth $837,000. Victory Capital Management Inc. raised its holdings in RingCentral by 35.0% during the 2nd quarter. Victory Capital Management Inc. now owns 116,300 shares of the software maker’s stock valued at $3,280,000 after buying an additional 30,138 shares during the period. Jacobs Levy Equity Management Inc. lifted its position in RingCentral by 163.1% in the first quarter. Jacobs Levy Equity Management Inc. now owns 310,991 shares of the software maker’s stock worth $10,804,000 after buying an additional 192,766 shares during the last quarter. Olympiad Research LP purchased a new position in RingCentral during the third quarter worth $483,000. Finally, Jupiter Asset Management Ltd. purchased a new position in shares of RingCentral during the 1st quarter worth about $1,510,000. 98.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

RNG has been the topic of a number of analyst reports. Rosenblatt Securities reaffirmed a “buy” rating and set a $45.00 target price on shares of RingCentral in a research note on Friday, November 8th. Piper Sandler lifted their price objective on shares of RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Wedbush boosted their price objective on shares of RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. StockNews.com raised RingCentral from a “buy” rating to a “strong-buy” rating in a research note on Monday. Finally, Wells Fargo & Company increased their price target on RingCentral from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Eight equities research analysts have rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, RingCentral currently has a consensus rating of “Moderate Buy” and a consensus price target of $40.73.

Insider Activity

In other RingCentral news, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $33.45, for a total transaction of $331,589.85. Following the transaction, the chief financial officer now owns 358,622 shares in the company, valued at approximately $11,995,905.90. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CFO Sonalee Elizabeth Parekh sold 9,913 shares of RingCentral stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $33.45, for a total transaction of $331,589.85. Following the completion of the sale, the chief financial officer now owns 358,622 shares of the company’s stock, valued at $11,995,905.90. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO John H. Marlow sold 19,498 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $32.52, for a total value of $634,074.96. Following the completion of the sale, the chief accounting officer now owns 391,542 shares in the company, valued at approximately $12,732,945.84. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 103,824 shares of company stock worth $3,386,396 over the last 90 days. 6.76% of the stock is currently owned by corporate insiders.

RingCentral Stock Up 4.6 %

Shares of RingCentral stock opened at $37.94 on Thursday. The company has a market cap of $3.48 billion, a P/E ratio of -35.79, a PEG ratio of 2.30 and a beta of 0.99. The firm’s 50 day moving average price is $32.44 and its 200-day moving average price is $32.39. RingCentral, Inc. has a 52-week low of $26.63 and a 52-week high of $40.98.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, beating the consensus estimate of $0.14 by $0.10. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. The firm had revenue of $608.77 million during the quarter, compared to analyst estimates of $601.91 million. As a group, equities research analysts forecast that RingCentral, Inc. will post 0.84 EPS for the current fiscal year.

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.