Vinva Investment Management Ltd Reduces Stock Position in RingCentral, Inc. (NYSE:RNG)

Vinva Investment Management Ltd reduced its holdings in shares of RingCentral, Inc. (NYSE:RNG) by 6.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,091 shares of the software maker’s stock after selling 1,396 shares during the quarter. Vinva Investment Management Ltd’s holdings in RingCentral were worth $668,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of RNG. Quarry LP lifted 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 valued at $60,000 after buying an additional 982 shares in the last quarter. KBC Group NV lifted its stake in RingCentral by 38.9% in the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after purchasing an additional 744 shares in the last quarter. Venturi Wealth Management LLC lifted its stake in RingCentral by 55.2% in the 4th 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 in the last quarter. Point72 DIFC Ltd lifted its stake in RingCentral by 301.1% in the 3rd quarter. Point72 DIFC Ltd now owns 5,535 shares of the software maker’s stock worth $175,000 after purchasing an additional 4,155 shares in the last quarter. Finally, Central Pacific Bank Trust Division lifted its stake in RingCentral by 31.1% in the 4th quarter. Central Pacific Bank Trust Division now owns 5,033 shares of the software maker’s stock worth $176,000 after purchasing an additional 1,194 shares in the last quarter. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

Several research firms have issued reports on RNG. Morgan Stanley increased their target price on shares of RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 18th. Raymond James lowered their target price on shares of RingCentral from $45.00 to $40.00 and set an “outperform” rating on the stock in a research note on Friday, February 21st. Wells Fargo & Company reiterated an “underweight” rating and issued a $30.00 target price (down from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th. UBS Group decreased their price target on shares of RingCentral from $40.00 to $38.00 and set a “neutral” rating on the stock in a report on Friday, February 21st. Finally, Rosenblatt Securities decreased their price target on shares of RingCentral from $45.00 to $40.00 and set a “buy” rating on the stock in a report on Friday, February 21st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $37.69.

RingCentral Stock Down 0.5 %

Shares of NYSE:RNG opened at $26.89 on Friday. The stock has a market cap of $2.44 billion, a PE ratio of -42.01, a PEG ratio of 1.27 and a beta of 1.20. The company’s fifty day moving average is $31.41 and its 200 day moving average is $33.46. RingCentral, Inc. has a 52 week low of $26.22 and a 52 week high of $42.19.

RingCentral (NYSE:RNG) last issued its earnings results 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 business had revenue of $614.51 million during the quarter, compared to analysts’ expectations of $612.37 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. Sell-side analysts anticipate that RingCentral, Inc. will post 1.29 EPS for the current 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.