RingCentral, Inc. (NYSE:RNG) Shares Sold by Formula Growth Ltd.

Formula Growth Ltd. cut its position in RingCentral, Inc. (NYSE:RNG) by 72.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,061 shares of the software maker’s stock after selling 45,000 shares during the quarter. Formula Growth Ltd.’s holdings in RingCentral were worth $597,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of RNG. Renaissance Technologies LLC grew its position in RingCentral by 11.1% in the 4th quarter. Renaissance Technologies LLC now owns 1,795,300 shares of the software maker’s stock valued at $62,853,000 after acquiring an additional 180,000 shares in the last quarter. Hennessy Advisors Inc. acquired a new position in shares of RingCentral in the fourth quarter valued at approximately $59,055,000. Arrowstreet Capital Limited Partnership increased its stake in RingCentral by 414.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,445,245 shares of the software maker’s stock worth $50,598,000 after buying an additional 1,164,241 shares during the period. Geode Capital Management LLC lifted its holdings in RingCentral by 4.6% during the 4th quarter. Geode Capital Management LLC now owns 1,349,667 shares of the software maker’s stock worth $47,267,000 after buying an additional 58,814 shares in the last quarter. Finally, Jupiter Asset Management Ltd. boosted its position in RingCentral by 4.7% in the 4th quarter. Jupiter Asset Management Ltd. now owns 1,058,753 shares of the software maker’s stock valued at $37,067,000 after buying an additional 47,827 shares during the period. Hedge funds and other institutional investors own 98.61% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on RNG shares. Needham & Company LLC cut their price objective on RingCentral from $42.00 to $36.00 and set a “buy” rating on the stock in a research report on Friday, February 21st. Robert W. Baird cut their price target on RingCentral from $38.00 to $32.00 and set a “neutral” rating on the stock in a report on Tuesday, February 25th. Piper Sandler decreased their price objective on RingCentral from $38.00 to $31.00 and set a “neutral” rating for the company in a research note on Friday, February 21st. Mizuho lowered their price objective on RingCentral from $32.00 to $25.00 and set a “neutral” rating for the company in a research report on Tuesday. Finally, Raymond James reduced their target price 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. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, RingCentral currently has an average rating of “Hold” and an average target price of $36.00.

Insiders Place Their Bets

In other RingCentral news, CEO Vladimir Shmunis sold 66,112 shares of the stock in a transaction on 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 sale, the chief executive officer now owns 568,300 shares in the company, valued at approximately $16,384,089. This represents a 10.42 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP John H. Marlow sold 35,089 shares of the business’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $28.56, for a total value of $1,002,141.84. Following the completion of the transaction, the senior vice president now directly owns 313,510 shares of the company’s stock, valued at approximately $8,953,845.60. This trade represents a 10.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 247,740 shares of company stock worth $7,099,279. 6.97% of the stock is owned by corporate insiders.

RingCentral Trading Up 0.9 %

RNG stock opened at $22.76 on Friday. The stock has a market cap of $2.07 billion, a P/E ratio of -35.57, a PEG ratio of 1.27 and a beta of 1.30. RingCentral, Inc. has a twelve month low of $20.59 and a twelve month high of $42.19. The company’s 50 day moving average is $26.95 and its two-hundred day moving average is $32.57.

RingCentral (NYSE:RNG) last announced its quarterly 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). 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 for the quarter, compared to analyst estimates of $612.37 million. On average, equities research analysts predict that RingCentral, Inc. will post 1.29 earnings per share 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.