RingCentral, Inc. (NYSE:RNG) Shares Sold by Olympiad Research LP

Olympiad Research LP reduced its holdings in shares of RingCentral, Inc. (NYSE:RNG) by 29.3% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 10,788 shares of the software maker’s stock after selling 4,480 shares during the quarter. Olympiad Research LP’s holdings in RingCentral were worth $378,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Ieq Capital LLC acquired a new position in shares of RingCentral during the 4th quarter worth about $2,169,000. Private Advisor Group LLC boosted its position 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 valued at $311,000 after purchasing an additional 777 shares during the period. Valley Wealth Managers Inc. acquired a new stake in shares of RingCentral in the 4th quarter valued at about $20,792,000. Kestra Investment Management LLC boosted its position in shares of RingCentral by 55.7% in the 4th quarter. Kestra Investment Management LLC now owns 11,159 shares of the software maker’s stock valued at $391,000 after purchasing an additional 3,992 shares during the period. Finally, Venturi Wealth Management LLC boosted its position in shares of RingCentral by 55.2% in the 4th quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker’s stock valued at $101,000 after purchasing an additional 1,028 shares during the period. 98.61% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at RingCentral

In other news, Director Robert I. Theis sold 1,457 shares of the stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $37.79, for a total transaction of $55,060.03. Following the completion of the transaction, the director now directly owns 28,690 shares of the company’s stock, valued at approximately $1,084,195.10. This represents a 4.83 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Ned D. Segal sold 2,914 shares of the stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $41.60, for a total value of $121,222.40. Following the transaction, the director now directly owns 10,633 shares of the company’s stock, valued at approximately $442,332.80. This trade represents a 21.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 13,091 shares of company stock valued at $542,958. Corporate insiders own 6.97% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on RNG shares. Robert W. Baird upped their target price on RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a research report on Monday, November 11th. Rosenblatt Securities decreased their target price on RingCentral from $45.00 to $40.00 and set a “buy” rating for the company in a research report on Friday. UBS Group decreased their target price on RingCentral from $40.00 to $38.00 and set a “neutral” rating for the company in a research report on Friday. Needham & Company LLC decreased their target price on RingCentral from $42.00 to $36.00 and set a “buy” rating for the company in a research report on Friday. Finally, Wells Fargo & Company reissued an “underweight” rating and issued a $30.00 target price (down from $38.00) on shares of RingCentral in a research report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $38.15.

RingCentral Trading Down 6.1 %

Shares of RNG stock opened at $28.90 on Friday. The company has a market cap of $2.61 billion, a price-to-earnings ratio of -45.16, a price-to-earnings-growth ratio of 1.27 and a beta of 1.01. The stock has a 50 day simple moving average of $34.82 and a 200-day simple moving average of $34.25. RingCentral, Inc. has a 12-month low of $26.98 and a 12-month high of $42.19.

RingCentral (NYSE:RNG) last issued its earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.73). The business had revenue of $614.51 million for the quarter, compared to analysts’ expectations of $612.37 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. On average, equities analysts forecast that RingCentral, Inc. will post 1.29 earnings per share for the current fiscal year.

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.