Lmcg Investments LLC Cuts Position in RingCentral, Inc. (NYSE:RNG)

Lmcg Investments LLC trimmed its position in shares of RingCentral, Inc. (NYSE:RNG) by 7.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,155 shares of the software maker’s stock after selling 1,667 shares during the period. Lmcg Investments LLC’s holdings in RingCentral were worth $597,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Versant Capital Management Inc raised its stake in RingCentral by 138.3% during the second quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock valued at $32,000 after purchasing an additional 664 shares in the last quarter. Newbridge Financial Services Group Inc. raised its position in shares of RingCentral by 438.1% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 1,200 shares of the software maker’s stock valued at $41,000 after buying an additional 977 shares in the last quarter. Hexagon Capital Partners LLC lifted its holdings in shares of RingCentral by 44.1% in the 1st quarter. Hexagon Capital Partners LLC now owns 1,340 shares of the software maker’s stock valued at $47,000 after acquiring an additional 410 shares during the last quarter. PNC Financial Services Group Inc. grew its position in RingCentral by 13.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 4,522 shares of the software maker’s stock worth $154,000 after acquiring an additional 540 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in RingCentral by 18.0% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 5,726 shares of the software maker’s stock worth $178,000 after acquiring an additional 874 shares during the last quarter. 98.61% of the stock is currently owned by institutional investors.

RingCentral Stock Down 0.9 %

Shares of NYSE RNG opened at $30.04 on Wednesday. RingCentral, Inc. has a twelve month low of $25.08 and a twelve month high of $38.35. The firm has a market cap of $2.77 billion, a PE ratio of -20.16, a price-to-earnings-growth ratio of 2.21 and a beta of 1.03. The business has a fifty day simple moving average of $32.15 and a two-hundred day simple moving average of $32.39.

RingCentral (NYSE:RNG) last released its quarterly earnings data on Thursday, August 1st. The software maker reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.03. The firm had revenue of $592.91 million during the quarter, compared to the consensus estimate of $586.39 million. During the same quarter in the previous year, the firm earned ($0.03) earnings per share. The business’s revenue was up 9.9% compared to the same quarter last year. On average, research analysts expect that RingCentral, Inc. will post 0.63 earnings per share for the current year.

Insider Activity

In related news, CFO Vaibhav Agarwal sold 10,184 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $32.88, for a total value of $334,849.92. Following the completion of the transaction, the chief financial officer now owns 137,545 shares of the company’s stock, valued at $4,522,479.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Vladimir Shmunis sold 62,244 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $32.51, for a total transaction of $2,023,552.44. Following the sale, the chief executive officer now owns 573,725 shares of the company’s stock, valued at $18,651,799.75. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Vaibhav Agarwal sold 10,184 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $32.88, for a total transaction of $334,849.92. Following the completion of the transaction, the chief financial officer now owns 137,545 shares of the company’s stock, valued at $4,522,479.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 103,824 shares of company stock worth $3,380,044. Corporate insiders own 6.76% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on RNG. Rosenblatt Securities upgraded RingCentral from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $35.00 to $45.00 in a report on Friday, August 2nd. Piper Sandler dropped their price objective on shares of RingCentral from $32.00 to $31.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. Northland Securities increased their target price on shares of RingCentral from $43.00 to $50.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Robert W. Baird lifted their price target on shares of RingCentral from $35.00 to $36.00 and gave the stock a “neutral” rating in a research note on Monday, August 5th. Finally, Wells Fargo & Company upped their price target on shares of RingCentral from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Eight equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $40.07.

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.