Virtu Financial LLC Has $546,000 Stock Position in RingCentral, Inc. (NYSE:RNG)

Virtu Financial LLC reduced its holdings in RingCentral, Inc. (NYSE:RNG) by 40.2% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 17,272 shares of the software maker’s stock after selling 11,603 shares during the quarter. Virtu Financial LLC’s holdings in RingCentral were worth $546,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Neo Ivy Capital Management bought a new stake in shares of RingCentral in the 3rd quarter valued at $708,000. MidWestOne Financial Group Inc. bought a new stake in shares of RingCentral in the 3rd quarter valued at $210,000. Y Intercept Hong Kong Ltd bought a new stake in shares of RingCentral in the 3rd quarter valued at $1,132,000. Stifel Financial Corp boosted its stake in shares of RingCentral by 3.5% in the 3rd quarter. Stifel Financial Corp now owns 51,924 shares of the software maker’s stock valued at $1,642,000 after purchasing an additional 1,752 shares during the last quarter. Finally, Quantinno Capital Management LP boosted its stake in shares of RingCentral by 59.1% in the 3rd quarter. Quantinno Capital Management LP now owns 135,474 shares of the software maker’s stock valued at $4,285,000 after purchasing an additional 50,329 shares during the last quarter. 98.61% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Vladimir Shmunis sold 66,451 shares of the firm’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $34.96, for a total transaction of $2,323,126.96. Following the completion of the sale, the chief executive officer now owns 479,468 shares in the company, valued at approximately $16,762,201.28. This trade represents a 12.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Vaibhav Agarwal sold 1,985 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $31.40, for a total transaction of $62,329.00. Following the sale, the chief financial officer now owns 135,560 shares of the company’s stock, valued at $4,256,584. This trade represents a 1.44 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 117,173 shares of company stock worth $4,175,376 over the last quarter. Insiders own 6.76% of the company’s stock.

RingCentral Trading Down 5.6 %

RingCentral stock opened at $39.05 on Monday. RingCentral, Inc. has a 1-year low of $26.98 and a 1-year high of $42.19. The firm has a market capitalization of $3.53 billion, a price-to-earnings ratio of -36.84, a price-to-earnings-growth ratio of 2.48 and a beta of 0.99. The firm’s fifty day moving average price is $36.07 and its two-hundred day moving average price is $33.01.

RingCentral (NYSE:RNG) last released its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.10. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. The firm had revenue of $608.77 million for the quarter, compared to analyst estimates of $601.91 million. On average, research analysts forecast that RingCentral, Inc. will post 0.84 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have recently commented on RNG. Needham & Company LLC reaffirmed a “buy” rating and issued a $42.00 price objective on shares of RingCentral in a research note on Monday, November 11th. Mizuho reissued a “neutral” rating and set a $42.00 target price on shares of RingCentral in a research note on Friday. Wedbush increased their target price on shares of RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Robert W. Baird increased their target price on shares of RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a research note on Monday, November 11th. Finally, Raymond James cut their target price on shares of RingCentral from $52.00 to $50.00 and set a “strong-buy” rating on the stock in a research note on Friday, November 8th. Eight equities research analysts have rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, RingCentral currently has an average rating of “Moderate Buy” and an average target price of $41.43.

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.