Intellectus Partners LLC Cuts Holdings in RingCentral, Inc. (NYSE:RNG)

Intellectus Partners LLC lessened its stake in RingCentral, Inc. (NYSE:RNG) by 19.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,250 shares of the software maker’s stock after selling 4,650 shares during the period. Intellectus Partners LLC’s holdings in RingCentral were worth $674,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Sovereign Financial Group Inc. grew its stake in RingCentral by 4.0% in the 4th quarter. Sovereign Financial Group Inc. now owns 10,079 shares of the software maker’s stock worth $353,000 after buying an additional 386 shares in the last quarter. Gagnon Securities LLC lifted its holdings in shares of RingCentral by 5.6% in the 4th quarter. Gagnon Securities LLC now owns 7,703 shares of the software maker’s stock worth $270,000 after acquiring an additional 407 shares during the last quarter. KBC Group NV lifted its holdings in shares of 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 acquiring an additional 744 shares during the last quarter. Private Advisor Group LLC lifted its holdings in shares of RingCentral by 9.6% in the 4th quarter. Private Advisor Group LLC now owns 8,896 shares of the software maker’s stock worth $311,000 after acquiring an additional 777 shares during the last quarter. Finally, Quarry LP lifted its holdings in shares of RingCentral by 106.7% in the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after acquiring an additional 982 shares during the last quarter. Hedge funds and other institutional investors own 98.61% of the company’s stock.

RingCentral Trading Up 0.5 %

Shares of NYSE RNG opened at $28.08 on Friday. RingCentral, Inc. has a 12 month low of $26.98 and a 12 month high of $42.19. The firm has a market capitalization of $2.55 billion, a PE ratio of -43.87, a price-to-earnings-growth ratio of 1.27 and a beta of 1.20. The firm has a fifty day simple moving average of $32.95 and a two-hundred day simple moving average of $33.91.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.73). RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. The company had revenue of $614.51 million during the quarter, compared to the consensus estimate of $612.37 million. On average, sell-side analysts predict that RingCentral, Inc. will post 1.29 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Needham & Company LLC lowered their price objective on shares of RingCentral from $42.00 to $36.00 and set a “buy” rating for the company in a report on Friday, February 21st. Piper Sandler lowered their price objective on shares of RingCentral from $38.00 to $31.00 and set a “neutral” rating for the company in a report on Friday, February 21st. Wells Fargo & Company restated an “underweight” rating and issued a $30.00 price objective (down from $38.00) on shares of RingCentral in a report on Tuesday, January 7th. Morgan Stanley boosted their price objective on shares of RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 18th. Finally, UBS Group lowered their price target on shares of RingCentral from $40.00 to $38.00 and set a “neutral” rating for the company in a report on Friday, February 21st. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat, RingCentral presently has an average rating of “Hold” and an average price target of $37.69.

Insiders Place Their Bets

In other news, SVP John H. Marlow sold 35,089 shares of the company’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 sale, the senior vice president now directly owns 313,510 shares of the company’s stock, valued at $8,953,845.60. This represents a 10.07 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Vladimir Shmunis sold 66,112 shares of the company’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $28.83, for a total transaction of $1,906,008.96. Following the completion of the sale, the chief executive officer now directly owns 568,300 shares in the company, valued at $16,384,089. This represents a 10.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 259,374 shares of company stock worth $7,587,178. 6.97% of the stock is currently owned by corporate insiders.

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.