RiverPark Advisors LLC Reduces Stock Holdings in RingCentral, Inc. (NYSE:RNG)

RiverPark Advisors LLC decreased its stake in RingCentral, Inc. (NYSE:RNG) by 5.0% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 11,926 shares of the software maker’s stock after selling 628 shares during the quarter. RiverPark Advisors LLC’s holdings in RingCentral were worth $414,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Janney Montgomery Scott LLC purchased a new position in shares of RingCentral in the 4th quarter worth approximately $938,000. Panagora Asset Management Inc. boosted its holdings in RingCentral by 24.0% during the 4th quarter. Panagora Asset Management Inc. now owns 119,844 shares of the software maker’s stock valued at $4,069,000 after acquiring an additional 23,184 shares during the period. Monaco Asset Management SAM purchased a new position in RingCentral during the 4th quarter valued at $1,358,000. Readystate Asset Management LP boosted its holdings in RingCentral by 68.9% during the 4th quarter. Readystate Asset Management LP now owns 228,810 shares of the software maker’s stock valued at $7,768,000 after acquiring an additional 93,361 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in RingCentral by 3.8% during the 4th quarter. Vanguard Group Inc. now owns 10,371,224 shares of the software maker’s stock valued at $352,103,000 after acquiring an additional 382,343 shares during the period. Hedge funds and other institutional investors own 98.61% of the company’s stock.

RingCentral Trading Down 1.6 %

Shares of RNG traded down $0.44 during trading hours on Tuesday, hitting $27.81. The company had a trading volume of 1,323,148 shares, compared to its average volume of 1,177,458. The company has a market capitalization of $2.56 billion, a PE ratio of -18.66, a price-to-earnings-growth ratio of 2.41 and a beta of 1.03. RingCentral, Inc. has a one year low of $25.08 and a one year high of $43.28. The company’s fifty day moving average price is $31.95 and its two-hundred day moving average price is $32.71.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Tuesday, May 7th. The software maker reported $0.06 EPS for the quarter, topping the consensus estimate of $0.01 by $0.05. The company had revenue of $584.21 million during the quarter, compared to the consensus estimate of $577.81 million. Analysts forecast that RingCentral, Inc. will post 0.54 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on RNG. Wedbush restated a “neutral” rating and set a $40.00 price objective on shares of RingCentral in a report on Thursday, May 9th. Piper Sandler boosted their price objective on RingCentral from $31.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, May 8th. Deutsche Bank Aktiengesellschaft boosted their price objective on RingCentral from $38.00 to $42.00 and gave the company a “buy” rating in a report on Thursday, May 9th. StockNews.com raised RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Thursday, May 9th. Finally, Robert W. Baird lifted their target price on RingCentral from $32.00 to $35.00 and gave the company a “neutral” rating in a research report on Thursday, May 9th. Ten analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.00.

Insider Activity at RingCentral

In related news, CFO Vaibhav Agarwal sold 1,985 shares of the company’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $28.20, for a total transaction of $55,977.00. Following the transaction, the chief financial officer now directly owns 156,799 shares of the company’s stock, valued at approximately $4,421,731.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CFO Sonalee Elizabeth Parekh sold 8,478 shares of the company’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $34.85, for a total transaction of $295,458.30. Following the transaction, the chief financial officer now directly owns 388,919 shares of the company’s stock, valued at approximately $13,553,827.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Vaibhav Agarwal sold 1,985 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $28.20, for a total value of $55,977.00. Following the sale, the chief financial officer now owns 156,799 shares in the company, valued at approximately $4,421,731.80. The disclosure for this sale can be found here. Insiders have sold 21,869 shares of company stock valued at $762,165 in the last ninety days. Corporate insiders own 6.76% of the company’s stock.

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.