RingCentral, Inc. (NYSE:RNG) Shares Sold by Centiva Capital LP

Centiva Capital LP trimmed its stake in shares of RingCentral, Inc. (NYSE:RNG) by 77.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 12,771 shares of the software maker’s stock after selling 44,661 shares during the quarter. Centiva Capital LP’s holdings in RingCentral were worth $404,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in RNG. Comerica Bank lifted its position in RingCentral by 1,715.5% during the 1st quarter. Comerica Bank now owns 13,090 shares of the software maker’s stock worth $455,000 after acquiring an additional 12,369 shares during the period. SG Americas Securities LLC lifted its position in RingCentral by 782.0% during the 2nd quarter. SG Americas Securities LLC now owns 78,836 shares of the software maker’s stock worth $2,223,000 after acquiring an additional 69,898 shares during the period. Wedge Capital Management L L P NC lifted its position in RingCentral by 14.4% during the 2nd quarter. Wedge Capital Management L L P NC now owns 57,628 shares of the software maker’s stock worth $1,625,000 after acquiring an additional 7,251 shares during the period. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in RingCentral during the 2nd quarter worth approximately $2,476,000. Finally, Lecap Asset Management Ltd. lifted its position in RingCentral by 3.0% during the 2nd quarter. Lecap Asset Management Ltd. now owns 34,325 shares of the software maker’s stock worth $968,000 after acquiring an additional 1,001 shares during the period. 98.61% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, SVP John H. Marlow sold 23,284 shares of RingCentral stock in a transaction on 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 owns 357,818 shares of the company’s stock, valued at $12,509,317.28. The trade was a 6.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert I. Theis sold 1,457 shares of RingCentral stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $37.79, for a total value of $55,060.03. Following the completion of 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 disclosure for this sale can be found here. Insiders sold a total of 105,539 shares of company stock valued at $3,687,477 over the last quarter. Company insiders own 6.76% of the company’s stock.

RingCentral Stock Performance

RingCentral stock opened at $41.73 on Tuesday. The stock has a fifty day moving average of $35.28 and a two-hundred day moving average of $32.83. The company has a market capitalization of $3.77 billion, a price-to-earnings ratio of -39.37, a PEG ratio of 2.60 and a beta of 0.99. RingCentral, Inc. has a fifty-two week low of $26.98 and a fifty-two week high of $41.92.

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

Analyst Ratings Changes

RNG has been the subject of several recent analyst reports. Wedbush raised their price target on RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a report on Friday, November 8th. StockNews.com raised RingCentral from a “buy” rating to a “strong-buy” rating in a report on Monday, November 11th. 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, November 11th. Raymond James reduced their price target on RingCentral from $52.00 to $50.00 and set a “strong-buy” rating for the company in a report on Friday, November 8th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $42.00 price target on shares of RingCentral in a report on Monday, November 11th. Eight analysts have rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $40.73.

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.