NFJ Investment Group LLC Sells 4,183 Shares of RingCentral, Inc. (NYSE:RNG)

NFJ Investment Group LLC cut its holdings in RingCentral, Inc. (NYSE:RNG) by 4.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 90,744 shares of the software maker’s stock after selling 4,183 shares during the period. NFJ Investment Group LLC owned approximately 0.10% of RingCentral worth $2,870,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Point72 DIFC Ltd bought a new stake in shares of RingCentral in the 2nd quarter valued at about $39,000. Venturi Wealth Management LLC lifted its position 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 purchasing an additional 1,119 shares during the last quarter. KBC Group NV lifted its position in RingCentral by 38.9% in the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after purchasing an additional 744 shares during the last quarter. Central Pacific Bank Trust Division purchased a new stake in shares of RingCentral during the third quarter valued at approximately $121,000. Finally, CWM LLC grew its holdings in shares of RingCentral by 595.9% in the third quarter. CWM LLC now owns 4,746 shares of the software maker’s stock worth $150,000 after purchasing an additional 4,064 shares during the last quarter. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other RingCentral news, CFO Vaibhav Agarwal sold 1,985 shares of RingCentral stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total value of $62,329.00. Following the completion of the transaction, the chief financial officer now directly owns 135,560 shares of the company’s stock, valued at approximately $4,256,584. The trade was a 1.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Vladimir Shmunis sold 66,451 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 $2,323,126.96. Following the completion of the transaction, the chief executive officer now owns 479,468 shares in the company, valued at approximately $16,762,201.28. This represents a 12.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 104,082 shares of company stock worth $3,632,417 in the last 90 days. Insiders own 6.76% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. StockNews.com upgraded shares of RingCentral from a “buy” rating to a “strong-buy” rating in a report on Monday, November 11th. Raymond James dropped their target price on shares of RingCentral from $52.00 to $50.00 and set a “strong-buy” rating for the company in a report on Friday, November 8th. Wedbush boosted their price target on RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Rosenblatt Securities reiterated a “buy” rating and issued a $45.00 price objective on shares of RingCentral in a report on Friday, November 8th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $42.00 price objective on shares of RingCentral in a research report on Monday, November 11th. Eight analysts have rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, RingCentral currently has an average rating of “Moderate Buy” and an average price target of $40.73.

RingCentral Trading Down 1.9 %

Shares of RingCentral stock opened at $37.04 on Wednesday. The business has a fifty day simple moving average of $34.42 and a two-hundred day simple moving average of $32.71. The firm has a market capitalization of $3.35 billion, a P/E ratio of -34.94, a P/E/G ratio of 2.40 and a beta of 0.99. RingCentral, Inc. has a 12 month low of $26.98 and a 12 month high of $40.98.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, topping the consensus estimate 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 business had revenue of $608.77 million for the quarter, compared to analyst estimates of $601.91 million. Analysts predict that RingCentral, Inc. will post 0.84 earnings per share for the current year.

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.