RingCentral, Inc. (NYSE:RNG) Stock Holdings Decreased by Intellectus Partners LLC

Intellectus Partners LLC lessened its stake in RingCentral, Inc. (NYSE:RNG) by 3.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 18,550 shares of the software maker’s stock after selling 700 shares during the quarter. Intellectus Partners LLC’s holdings in RingCentral were worth $459,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of the stock. KBC Group NV raised its stake in RingCentral by 30.8% during the fourth quarter. KBC Group NV now owns 3,478 shares of the software maker’s stock valued at $122,000 after buying an additional 819 shares in the last quarter. Empowered Funds LLC bought a new stake in shares of RingCentral in the 4th quarter valued at approximately $367,000. Savant Capital LLC bought a new stake in shares of RingCentral in the 4th quarter valued at approximately $258,000. Sanctuary Advisors LLC raised its position in shares of RingCentral by 457.2% during the 4th quarter. Sanctuary Advisors LLC now owns 31,412 shares of the software maker’s stock valued at $1,118,000 after acquiring an additional 25,775 shares in the last quarter. Finally, D.A. Davidson & CO. lifted its stake in RingCentral by 15.7% during the fourth quarter. D.A. Davidson & CO. now owns 12,263 shares of the software maker’s stock worth $429,000 after purchasing an additional 1,664 shares during the last quarter. Institutional investors own 98.61% of the company’s stock.

Insider Activity

In other news, CFO Vaibhav Agarwal sold 2,247 shares of the company’s stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $27.97, for a total value of $62,848.59. Following the completion of the sale, the chief financial officer now directly owns 120,982 shares of the company’s stock, valued at approximately $3,383,866.54. This represents a 1.82% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP John H. Marlow sold 19,442 shares of the firm’s stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $26.43, for a total transaction of $513,852.06. Following the transaction, the senior vice president now owns 333,006 shares in the company, valued at $8,801,348.58. This represents a 5.52% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 215,686 shares of company stock valued at $5,727,463. Company insiders own 6.97% of the company’s stock.

RingCentral Trading Up 1.5%

Shares of NYSE:RNG opened at $27.20 on Friday. The firm’s 50 day moving average is $25.23 and its two-hundred day moving average is $30.61. The firm has a market capitalization of $2.45 billion, a P/E ratio of -42.51, a PEG ratio of 1.27 and a beta of 1.27. RingCentral, Inc. has a 52 week low of $20.59 and a 52 week high of $42.19.

RingCentral (NYSE:RNG) last posted its earnings results on Thursday, May 8th. The software maker reported $1.00 EPS for the quarter, beating the consensus estimate of $0.96 by $0.04. The firm had revenue of $612.06 million for the quarter, compared to analysts’ expectations of $610.53 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. The firm’s revenue was up 4.8% compared to the same quarter last year. During the same period last year, the firm earned $0.87 EPS. Analysts predict that RingCentral, Inc. will post 1.29 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have weighed in on RNG shares. Morgan Stanley lowered their target price on shares of RingCentral from $40.00 to $29.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 16th. Barclays decreased their price target on shares of RingCentral from $37.00 to $31.00 and set an “equal weight” rating for the company in a report on Friday, February 21st. Piper Sandler increased their price objective on shares of RingCentral from $25.00 to $28.00 and gave the stock a “neutral” rating in a research note on Friday, May 9th. Needham & Company LLC initiated coverage on shares of RingCentral in a report on Friday, May 9th. They issued a “buy” rating and a $36.00 target price on the stock. Finally, Raymond James lowered their target price on RingCentral from $40.00 to $35.00 and set an “outperform” rating for the company in a report on Friday, May 9th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $33.08.

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.