PFG Investments LLC Sells 8,467 Shares of RingCentral, Inc. (NYSE:RNG)

PFG Investments LLC lowered its holdings in RingCentral, Inc. (NYSE:RNG) by 33.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,910 shares of the software maker’s stock after selling 8,467 shares during the period. PFG Investments LLC’s holdings in RingCentral were worth $592,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Hennessy Advisors Inc. bought a new position in RingCentral in the fourth quarter valued at approximately $59,055,000. Pacer Advisors Inc. grew its stake in shares of RingCentral by 45.3% in the third quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock valued at $83,483,000 after buying an additional 822,892 shares in the last quarter. Foundry Partners LLC acquired a new position in RingCentral during the third quarter worth $8,886,000. Connor Clark & Lunn Investment Management Ltd. raised its position in RingCentral by 65.9% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 381,178 shares of the software maker’s stock worth $12,057,000 after acquiring an additional 151,433 shares in the last quarter. Finally, Algert Global LLC lifted its stake in RingCentral by 80.8% in the third quarter. Algert Global LLC now owns 317,734 shares of the software maker’s stock valued at $10,050,000 after acquiring an additional 141,999 shares during the last quarter. 98.61% of the stock is currently owned by institutional investors and hedge funds.

RingCentral Trading Down 2.5 %

Shares of RNG stock opened at $35.38 on Thursday. The stock has a 50 day simple moving average of $36.58 and a 200 day simple moving average of $34.21. RingCentral, Inc. has a 1 year low of $26.98 and a 1 year high of $42.19. The stock has a market cap of $3.20 billion, a P/E ratio of -33.37, a price-to-earnings-growth ratio of 1.40 and a beta of 0.99.

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on RNG shares. Barclays cut shares of RingCentral from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $45.00 to $37.00 in a report on Monday. Needham & Company LLC reiterated a “buy” rating and set a $42.00 target price on shares of RingCentral in a research note on Monday, November 11th. Raymond James restated an “outperform” rating and issued a $45.00 price target (down previously from $50.00) on shares of RingCentral in a research note on Friday, January 3rd. Wells Fargo & Company reaffirmed an “underweight” rating and set a $30.00 price objective (down from $38.00) on shares of RingCentral in a research report on Tuesday, January 7th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $45.00 price objective on shares of RingCentral in a research report on Friday, November 8th. One analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, RingCentral currently has a consensus rating of “Hold” and an average target price of $41.00.

Insider Buying and Selling

In other news, CEO Vladimir Shmunis sold 66,451 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $34.96, for a total value of $2,323,126.96. Following the sale, the chief executive officer now directly owns 479,468 shares in the company, valued at approximately $16,762,201.28. This trade represents a 12.17 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP John H. Marlow sold 23,284 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $34.96, for a total transaction of $814,008.64. Following the transaction, the senior vice president now owns 357,818 shares of the company’s stock, valued at approximately $12,509,317.28. This represents a 6.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 115,188 shares of company stock worth $4,113,047. Corporate insiders own 6.97% of the company’s stock.

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.