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

NFJ Investment Group LLC lowered its stake in shares of RingCentral, Inc. (NYSE:RNG) by 4.4% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 90,744 shares of the software maker’s stock after selling 4,183 shares during the period. NFJ Investment Group LLC’s holdings in RingCentral were worth $2,870,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in RNG. Point72 DIFC Ltd purchased a new position in shares of RingCentral during the second quarter valued at approximately $39,000. Venturi Wealth Management LLC grew its position in 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 purchasing an additional 1,119 shares during the period. KBC Group NV raised its stake in RingCentral by 38.9% during the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after buying an additional 744 shares during the last quarter. Central Pacific Bank Trust Division bought a new position in shares of RingCentral during the 3rd quarter valued at $121,000. Finally, CWM LLC boosted its stake in shares of RingCentral by 595.9% in the 3rd quarter. CWM LLC now owns 4,746 shares of the software maker’s stock worth $150,000 after buying an additional 4,064 shares during the last quarter. Hedge funds and other institutional investors own 98.61% of the company’s stock.

RingCentral Stock Performance

Shares of RNG stock opened at $37.04 on Wednesday. The stock has a fifty day simple moving average of $34.42 and a two-hundred day simple moving average of $32.71. RingCentral, Inc. has a 52-week low of $26.98 and a 52-week high of $40.98. The firm has a market capitalization of $3.35 billion, a PE ratio of -34.94, a PEG ratio of 2.40 and a beta of 0.99.

RingCentral (NYSE:RNG) last released its earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $608.77 million during the quarter, compared to analysts’ expectations of $601.91 million. On average, sell-side analysts forecast that RingCentral, Inc. will post 0.84 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on RNG. Wedbush increased their target price on RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Piper Sandler increased their price objective on shares of RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Robert W. Baird boosted their target price 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. Needham & Company LLC reaffirmed a “buy” rating and set a $42.00 target price on shares of RingCentral in a report on Monday, November 11th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $45.00 price target on shares of RingCentral in a research note on Friday, November 8th. Eight equities research analysts have rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, RingCentral currently has a consensus rating of “Moderate Buy” and an average price target of $40.73.

Insider Buying and Selling at RingCentral

In other RingCentral news, 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 completion of the transaction, the chief financial officer now owns 135,560 shares of the company’s stock, valued at $4,256,584. This represents a 1.44 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP John H. Marlow sold 23,284 shares of RingCentral stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $34.96, for a total value of $814,008.64. Following the completion of the sale, the senior vice president now directly owns 357,818 shares in the company, valued at $12,509,317.28. This trade represents a 6.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 104,082 shares of company stock valued at $3,632,417 in the last three months. 6.76% of the stock is currently owned by corporate insiders.

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.