Intellectus Partners LLC Sells 2,000 Shares of Ringcentral, Inc. $RNG

Intellectus Partners LLC trimmed its holdings in shares of Ringcentral, Inc. (NYSE:RNG) by 10.8% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 16,550 shares of the software maker’s stock after selling 2,000 shares during the quarter. Intellectus Partners LLC’s holdings in Ringcentral were worth $469,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of RNG. Parallel Advisors LLC increased its position in Ringcentral by 256.9% during the second quarter. Parallel Advisors LLC now owns 1,481 shares of the software maker’s stock worth $42,000 after acquiring an additional 1,066 shares during the period. New Age Alpha Advisors LLC bought a new position in Ringcentral during the first quarter worth about $49,000. Ameritas Advisory Services LLC acquired a new stake in Ringcentral during the second quarter worth about $49,000. PNC Financial Services Group Inc. grew its stake in Ringcentral by 26.6% during the first quarter. PNC Financial Services Group Inc. now owns 2,925 shares of the software maker’s stock worth $72,000 after buying an additional 615 shares in the last quarter. Finally, Bayforest Capital Ltd acquired a new stake in Ringcentral during the first quarter worth about $145,000. 98.61% of the stock is owned by institutional investors.

Ringcentral Trading Down 0.8%

RNG opened at $29.87 on Tuesday. The company’s 50 day moving average is $29.64 and its 200-day moving average is $28.01. Ringcentral, Inc. has a 1-year low of $20.58 and a 1-year high of $42.19. The company has a market cap of $2.70 billion, a P/E ratio of -213.32, a PEG ratio of 1.33 and a beta of 1.32.

Ringcentral (NYSE:RNG) last posted its quarterly earnings results on Tuesday, August 5th. The software maker reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.04. Ringcentral had a negative net margin of 0.50% and a negative return on equity of 19.63%. The company had revenue of $620.40 million for the quarter, compared to the consensus estimate of $617.90 million. During the same period last year, the company posted $0.91 EPS. The firm’s quarterly revenue was up 4.6% compared to the same quarter last year. On average, equities analysts forecast that Ringcentral, Inc. will post 1.29 EPS for the current year.

Insider Buying and Selling

In related news, CEO Vladimir Shmunis sold 27,018 shares of Ringcentral stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $30.54, for a total transaction of $825,129.72. Following the sale, the chief executive officer directly owned 407,529 shares in the company, valued at $12,445,935.66. This trade represents a 6.22% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Vaibhav Agarwal sold 2,443 shares of Ringcentral stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $30.70, for a total transaction of $75,000.10. Following the sale, the chief financial officer owned 226,448 shares in the company, valued at approximately $6,951,953.60. This represents a 1.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 77,430 shares of company stock worth $2,291,052 in the last ninety days. Company insiders own 6.97% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Wells Fargo & Company assumed coverage on shares of Ringcentral in a research note on Tuesday, September 30th. They set an “equal weight” rating and a $32.00 price objective on the stock. Morgan Stanley set a $29.00 price objective on shares of Ringcentral in a research note on Tuesday, October 21st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ringcentral in a research note on Wednesday, October 8th. Jefferies Financial Group reduced their price objective on shares of Ringcentral from $30.00 to $29.00 and set a “hold” rating on the stock in a research note on Wednesday, August 6th. Finally, Oppenheimer upgraded shares of Ringcentral from a “market perform” rating to an “outperform” rating and set a $35.00 price objective on the stock in a research note on Wednesday, August 6th. Four investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $31.38.

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.