RingCentral, Inc. (NYSE:RNG) Shares Sold by Sunbelt Securities Inc.

Sunbelt Securities Inc. decreased its position in shares of RingCentral, Inc. (NYSE:RNG) by 35.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,000 shares of the software maker’s stock after selling 550 shares during the period. Sunbelt Securities Inc.’s holdings in RingCentral were worth $32,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Lecap Asset Management Ltd. lifted its position in shares of RingCentral by 3.0% during the second quarter. Lecap Asset Management Ltd. now owns 34,325 shares of the software maker’s stock worth $968,000 after purchasing an additional 1,001 shares in the last quarter. Panagora Asset Management Inc. acquired a new stake in RingCentral during the 2nd quarter worth approximately $1,859,000. Commonwealth Equity Services LLC boosted its position in RingCentral by 19.5% in the 2nd quarter. Commonwealth Equity Services LLC now owns 8,378 shares of the software maker’s stock valued at $236,000 after buying an additional 1,366 shares during the period. Versor Investments LP acquired a new position in shares of RingCentral in the second quarter worth $657,000. Finally, Victory Capital Management Inc. increased its position in shares of RingCentral by 35.0% during the second quarter. Victory Capital Management Inc. now owns 116,300 shares of the software maker’s stock worth $3,280,000 after acquiring an additional 30,138 shares during the period. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at RingCentral

In other news, CEO Vladimir Shmunis sold 66,451 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 479,468 shares of the company’s stock, valued at approximately $16,762,201.28. This represents a 12.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 value of $62,329.00. Following the transaction, the chief financial officer now directly owns 135,560 shares in the company, valued at approximately $4,256,584. This 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 in the last 90 days. 6.76% of the stock is owned by insiders.

RingCentral Stock Performance

RNG opened at $39.05 on Monday. RingCentral, Inc. has a one year low of $26.98 and a one year high of $42.19. The stock has a market capitalization of $3.53 billion, a P/E ratio of -36.84, a price-to-earnings-growth ratio of 2.48 and a beta of 0.99. The business’s 50-day simple moving average is $36.07 and its 200-day simple moving average is $33.01.

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

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Rosenblatt Securities reissued a “buy” rating and set a $45.00 target price on shares of RingCentral in a research note on Friday, November 8th. Raymond James lowered their price objective on RingCentral from $52.00 to $50.00 and set a “strong-buy” rating for the company in a research report on Friday, November 8th. Piper Sandler raised their target price on shares of RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, November 8th. StockNews.com upgraded shares of RingCentral from a “buy” rating to a “strong-buy” rating in a report on Monday, November 11th. Finally, Needham & Company LLC reissued 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, five have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, RingCentral currently has an average rating of “Moderate Buy” and a consensus price target of $41.43.

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.