Fox Run Management L.L.C. Sells 1,886 Shares of RingCentral, Inc. (NYSE:RNG)

Fox Run Management L.L.C. cut its position in shares of RingCentral, Inc. (NYSE:RNG) by 10.1% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 16,769 shares of the software maker’s stock after selling 1,886 shares during the period. Fox Run Management L.L.C.’s holdings in RingCentral were worth $587,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in RNG. Hennessy Advisors Inc. bought a new stake in shares of RingCentral in the 4th quarter valued at about $59,055,000. Jupiter Asset Management Ltd. boosted its stake in RingCentral by 4.7% in the fourth quarter. Jupiter Asset Management Ltd. now owns 1,058,753 shares of the software maker’s stock valued at $37,067,000 after acquiring an additional 47,827 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in RingCentral by 1.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 832,197 shares of the software maker’s stock worth $29,135,000 after purchasing an additional 10,110 shares during the last quarter. Valley Wealth Managers Inc. purchased a new position in RingCentral in the fourth quarter worth $20,792,000. Finally, Fort Washington Investment Advisors Inc. OH increased its position in shares of RingCentral by 32.5% during the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 550,304 shares of the software maker’s stock worth $19,266,000 after purchasing an additional 134,928 shares in the last quarter. 98.61% of the stock is owned by hedge funds and other institutional investors.

RingCentral Stock Performance

Shares of RNG opened at $28.09 on Tuesday. The business’s 50-day moving average is $31.32 and its two-hundred day moving average is $33.48. The company has a market capitalization of $2.55 billion, a P/E ratio of -43.90, a P/E/G ratio of 1.27 and a beta of 1.20. RingCentral, Inc. has a fifty-two week low of $26.22 and a fifty-two week high of $42.19.

RingCentral (NYSE:RNG) last posted its earnings results on Thursday, February 20th. The software maker reported $0.23 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.73). The company had revenue of $614.51 million for 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%. Analysts forecast that RingCentral, Inc. will post 1.29 EPS for the current year.

Insider Activity

In other news, SVP John H. Marlow sold 22,979 shares of the stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $28.82, for a total transaction of $662,254.78. Following the sale, the senior vice president now directly owns 348,599 shares of the company’s stock, valued at $10,046,623.18. This represents a 6.18 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Vladimir Shmunis sold 66,112 shares of RingCentral stock in a transaction dated 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 transaction, the chief executive officer now owns 568,300 shares of the company’s stock, valued at approximately $16,384,089. This represents a 10.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 247,740 shares of company stock valued at $7,099,279 in the last three months. 6.97% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on RNG. Needham & Company LLC dropped their target price on RingCentral from $42.00 to $36.00 and set a “buy” rating on the stock in a research note on Friday, February 21st. Piper Sandler dropped their price target on RingCentral from $38.00 to $31.00 and set a “neutral” rating on the stock in a research note on Friday, February 21st. Raymond James cut their price objective on shares of RingCentral from $45.00 to $40.00 and set an “outperform” rating on the stock in a report on Friday, February 21st. Mizuho lowered their target price on shares of RingCentral from $42.00 to $36.00 and set a “neutral” rating for the company in a research note on Monday, February 10th. Finally, Morgan Stanley upped their price target on shares of RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $37.69.

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.