Cornercap Investment Counsel Inc. Sells 9,547 Shares of RingCentral, Inc. (NYSE:RNG)

Cornercap Investment Counsel Inc. cut its position in RingCentral, Inc. (NYSE:RNG) by 51.9% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 8,854 shares of the software maker’s stock after selling 9,547 shares during the period. Cornercap Investment Counsel Inc.’s holdings in RingCentral were worth $280,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in RNG. Intellectus Partners LLC boosted its stake in shares of RingCentral by 21.9% during the 3rd quarter. Intellectus Partners LLC now owns 23,900 shares of the software maker’s stock worth $756,000 after buying an additional 4,300 shares during the last quarter. KBC Group NV increased its stake in shares of RingCentral by 38.9% during the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after purchasing an additional 744 shares during the last quarter. Victory Capital Management Inc. lifted its stake in RingCentral by 14.8% in the 3rd quarter. Victory Capital Management Inc. now owns 133,515 shares of the software maker’s stock valued at $4,223,000 after purchasing an additional 17,215 shares during the last quarter. Venturi Wealth Management LLC raised its stake in RingCentral by 150.4% in the third quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after buying an additional 1,119 shares during the period. Finally, State of New Jersey Common Pension Fund D raised its stake in RingCentral by 9.4% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 58,947 shares of the software maker’s stock valued at $1,864,000 after acquiring an additional 5,085 shares during the period. 98.61% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at RingCentral

In other RingCentral news, CFO Vaibhav Agarwal sold 10,184 shares of the firm’s stock in a transaction dated 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 sale, the chief financial officer now directly owns 137,545 shares in the company, valued at $4,522,479.60. This trade represents a 6.89 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Sonalee Elizabeth Parekh sold 9,913 shares of RingCentral stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $33.45, for a total transaction of $331,589.85. Following the transaction, the chief financial officer now owns 358,622 shares of the company’s stock, valued at $11,995,905.90. The trade was a 2.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 103,824 shares of company stock valued at $3,386,396 over the last 90 days. 6.76% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

RNG has been the subject of several research reports. Wells Fargo & Company lifted their price target on RingCentral from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Needham & Company LLC restated a “buy” rating and set a $42.00 price objective on shares of RingCentral in a research report on Monday, November 11th. Raymond James reduced their price objective on RingCentral from $52.00 to $50.00 and set a “strong-buy” rating on the stock in a research report on Friday, November 8th. Deutsche Bank Aktiengesellschaft boosted their price objective on RingCentral from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, August 6th. Finally, Wedbush lifted their target price on RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Eight research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $40.73.

RingCentral Price Performance

NYSE:RNG opened at $35.78 on Monday. The company has a market cap of $3.29 billion, a P/E ratio of -33.75, a P/E/G ratio of 2.27 and a beta of 0.99. The stock’s fifty day moving average price is $32.75 and its two-hundred day moving average price is $32.49. RingCentral, Inc. has a 1 year low of $26.98 and a 1 year high of $40.98.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) for the quarter, topping 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 company had revenue of $608.77 million for the quarter, compared to the consensus estimate of $601.91 million. On average, analysts expect that RingCentral, Inc. will post 0.84 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.