Virtu Financial LLC Trims Stock Holdings in RingCentral, Inc. (NYSE:RNG)

Virtu Financial LLC decreased its holdings in RingCentral, Inc. (NYSE:RNG) by 40.2% in the 3rd quarter, Holdings Channel.com reports. The firm owned 17,272 shares of the software maker’s stock after selling 11,603 shares during the period. Virtu Financial LLC’s holdings in RingCentral were worth $546,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently modified their holdings of RNG. Point72 DIFC Ltd bought a new stake in RingCentral during the second quarter valued at approximately $39,000. Venturi Wealth Management LLC lifted its holdings in shares of RingCentral by 150.4% in the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock worth $59,000 after acquiring an additional 1,119 shares during the last quarter. Quarry LP increased its stake in shares of RingCentral by 106.7% in the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after buying an additional 982 shares during the period. KBC Group NV increased its stake in shares of RingCentral by 38.9% in the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after buying an additional 744 shares during the period. Finally, Central Pacific Bank Trust Division purchased a new position in shares of RingCentral in the third quarter worth $121,000. Hedge funds and other institutional investors own 98.61% of the company’s stock.

Insider Activity at RingCentral

In related news, Director Robert I. Theis sold 1,457 shares of the stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $37.79, for a total transaction of $55,060.03. Following the sale, the director now directly owns 28,690 shares of the company’s stock, valued at approximately $1,084,195.10. This represents a 4.83 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Vaibhav Agarwal sold 1,985 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total transaction of $62,329.00. Following the sale, the chief financial officer now directly owns 135,560 shares in the company, valued at $4,256,584. This trade represents a 1.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 117,173 shares of company stock valued at $4,175,376. 6.76% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research analysts recently commented on RNG shares. Wedbush lifted their target price on shares of RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Monday, November 11th. Raymond James reduced their price objective on shares of RingCentral from $52.00 to $50.00 and set a “strong-buy” rating on the stock in a research report on Friday, November 8th. Robert W. Baird boosted their price objective on shares of RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a research report on Monday, November 11th. Finally, Needham & Company LLC reissued a “buy” rating and set 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 issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, RingCentral has a consensus rating of “Moderate Buy” and an average price target of $41.43.

RingCentral Price Performance

NYSE:RNG opened at $39.05 on Monday. The firm’s 50-day moving average price is $36.07 and its 200-day moving average price is $33.01. The company has a market capitalization of $3.53 billion, a PE ratio of -36.84, a P/E/G ratio of 2.48 and a beta of 0.99. RingCentral, Inc. has a 1-year low of $26.98 and a 1-year high of $42.19.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, beating 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 company had revenue of $608.77 million for the quarter, compared to the consensus estimate of $601.91 million. Equities analysts anticipate that RingCentral, Inc. will post 0.84 EPS for the current fiscal year.

RingCentral Company 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.