Versor Investments LP Sells 5,288 Shares of RingCentral, Inc. (NYSE:RNG)

Versor Investments LP trimmed its holdings in RingCentral, Inc. (NYSE:RNG) by 22.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,012 shares of the software maker’s stock after selling 5,288 shares during the quarter. Versor Investments LP’s holdings in RingCentral were worth $570,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently bought and sold shares of the business. Capital World Investors grew its holdings in RingCentral by 7.3% in the first quarter. Capital World Investors now owns 12,139,394 shares of the software maker’s stock worth $421,723,000 after purchasing an additional 825,156 shares during the period. Vanguard Group Inc. grew its stake in shares of RingCentral by 5.2% in the 1st quarter. Vanguard Group Inc. now owns 10,909,549 shares of the software maker’s stock worth $378,998,000 after buying an additional 538,325 shares during the last quarter. Pacer Advisors Inc. increased its position in RingCentral by 25.2% during the 2nd quarter. Pacer Advisors Inc. now owns 1,816,464 shares of the software maker’s stock valued at $51,224,000 after buying an additional 365,738 shares in the last quarter. Cubist Systematic Strategies LLC raised its stake in RingCentral by 130.1% during the second quarter. Cubist Systematic Strategies LLC now owns 414,347 shares of the software maker’s stock valued at $11,685,000 after buying an additional 234,238 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its holdings in RingCentral by 163.1% in the first quarter. Jacobs Levy Equity Management Inc. now owns 310,991 shares of the software maker’s stock worth $10,804,000 after acquiring an additional 192,766 shares in the last quarter. 98.61% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

RNG has been the subject of several analyst reports. Robert W. Baird raised their price target on RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a report on Monday. Rosenblatt Securities restated a “buy” rating and set a $45.00 price objective on shares of RingCentral in a research note on Friday, November 8th. Raymond James dropped their target price on shares of RingCentral from $52.00 to $50.00 and set a “strong-buy” rating on the stock in a research note on Friday, November 8th. Piper Sandler increased their price target on shares of RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Finally, StockNews.com upgraded shares of RingCentral from a “buy” rating to a “strong-buy” rating in a report on Monday. Eight 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, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $40.73.

RingCentral Stock Up 4.6 %

NYSE RNG opened at $37.94 on Thursday. The company has a 50-day moving average price of $32.44 and a 200-day moving average price of $32.39. RingCentral, Inc. has a 52 week low of $26.63 and a 52 week high of $40.98. The firm has a market capitalization of $3.48 billion, a P/E ratio of -35.79, a PEG ratio of 2.30 and a beta of 0.99.

RingCentral (NYSE:RNG) last announced its earnings results on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.10. The business had revenue of $608.77 million during the quarter, compared to analysts’ expectations of $601.91 million. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. As a group, equities research analysts anticipate that RingCentral, Inc. will post 0.84 EPS for the current year.

Insider Activity at RingCentral

In other news, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $33.45, for a total value of $331,589.85. Following the transaction, the chief financial officer now owns 358,622 shares of the company’s stock, valued at $11,995,905.90. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other RingCentral news, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $33.45, for a total value of $331,589.85. Following the completion of the transaction, the chief financial officer now directly owns 358,622 shares in the company, valued at $11,995,905.90. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO John H. Marlow sold 19,498 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $32.52, for a total transaction of $634,074.96. Following the sale, the chief accounting officer now owns 391,542 shares in the company, valued at $12,732,945.84. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 103,824 shares of company stock worth $3,386,396. Corporate insiders own 6.76% of the company’s stock.

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.