RingCentral, Inc. (NYSE:RNG) Shares Sold by Arizona State Retirement System

Arizona State Retirement System lessened its stake in RingCentral, Inc. (NYSE:RNG) by 2.9% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 21,325 shares of the software maker’s stock after selling 631 shares during the quarter. Arizona State Retirement System’s holdings in RingCentral were worth $724,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of RNG. Sylebra Capital LLC acquired a new position in RingCentral in the third quarter valued at approximately $242,462,000. Ameriprise Financial Inc. increased its holdings in RingCentral by 515.7% in the third quarter. Ameriprise Financial Inc. now owns 2,716,470 shares of the software maker’s stock valued at $80,489,000 after buying an additional 2,275,245 shares in the last quarter. Norges Bank acquired a new position in shares of RingCentral in the fourth quarter worth about $31,316,000. Sylebra Capital Ltd purchased a new stake in shares of RingCentral during the 1st quarter worth about $24,952,000. Finally, Renaissance Technologies LLC acquired a new stake in shares of RingCentral during the 1st quarter valued at about $83,500,000. Hedge funds and other institutional investors own 98.61% of the company’s stock.

RingCentral Price Performance

RNG stock opened at $29.24 on Friday. RingCentral, Inc. has a 1 year low of $25.08 and a 1 year high of $43.28. The firm has a market capitalization of $2.70 billion, a PE ratio of -16.71, a price-to-earnings-growth ratio of 3.22 and a beta of 0.92. The business has a 50 day simple moving average of $33.19 and a 200-day simple moving average of $31.80.

RingCentral (NYSE:RNG) last released its quarterly earnings data on Tuesday, February 20th. The software maker reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.31). The business had revenue of $571.27 million during the quarter, compared to the consensus estimate of $569.65 million. On average, equities research analysts expect that RingCentral, Inc. will post 0.45 EPS for the current year.

Analyst Ratings Changes

RNG has been the subject of a number of analyst reports. KeyCorp reduced their price target on RingCentral from $50.00 to $48.00 and set an “overweight” rating for the company in a report on Wednesday, February 21st. Piper Sandler dropped their price target on shares of RingCentral from $34.00 to $31.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 21st. The Goldman Sachs Group reduced their price objective on shares of RingCentral from $38.00 to $34.00 and set a “neutral” rating for the company in a research report on Wednesday, February 21st. Wedbush reiterated a “neutral” rating and issued a $40.00 target price on shares of RingCentral in a research report on Friday, February 16th. Finally, Mizuho cut their target price on shares of RingCentral from $40.00 to $36.00 and set a “buy” rating for the company in a research note on Wednesday, February 21st. Eight analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $38.56.

Insider Activity at RingCentral

In other RingCentral news, Director Kenneth A. Goldman sold 1,287 shares of the business’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $34.47, for a total value of $44,362.89. Following the transaction, the director now directly owns 23,688 shares in the company, valued at approximately $816,525.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Vaibhav Agarwal sold 14,113 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $34.84, for a total transaction of $491,696.92. Following the completion of the transaction, the chief financial officer now directly owns 116,640 shares in the company, valued at approximately $4,063,737.60. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Kenneth A. Goldman sold 1,287 shares of the firm’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $34.47, for a total value of $44,362.89. Following the sale, the director now directly owns 23,688 shares of the company’s stock, valued at $816,525.36. The disclosure for this sale can be found here. Over the last quarter, insiders sold 23,608 shares of company stock valued at $800,974. 6.76% of the stock is owned by company insiders.

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.