Nisa Investment Advisors LLC Sells 6,020 Shares of RingCentral, Inc. (NYSE:RNG)

Nisa Investment Advisors LLC lessened its stake in RingCentral, Inc. (NYSE:RNG) by 85.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,000 shares of the software maker’s stock after selling 6,020 shares during the quarter. Nisa Investment Advisors LLC’s holdings in RingCentral were worth $28,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Intellectus Partners LLC grew its position in shares of RingCentral by 4.3% during the 4th quarter. Intellectus Partners LLC now owns 8,550 shares of the software maker’s stock worth $290,000 after buying an additional 350 shares during the period. Treasurer of the State of North Carolina grew its holdings in RingCentral by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 37,832 shares of the software maker’s stock valued at $1,284,000 after purchasing an additional 360 shares during the period. 1492 Capital Management LLC increased its stake in RingCentral by 1.0% in the fourth quarter. 1492 Capital Management LLC now owns 36,751 shares of the software maker’s stock valued at $1,248,000 after purchasing an additional 363 shares in the last quarter. Hexagon Capital Partners LLC raised its holdings in RingCentral by 44.1% in the first quarter. Hexagon Capital Partners LLC now owns 1,340 shares of the software maker’s stock worth $47,000 after purchasing an additional 410 shares during the period. Finally, Sovereign Financial Group Inc. boosted its position in shares of RingCentral by 6.0% during the first quarter. Sovereign Financial Group Inc. now owns 8,927 shares of the software maker’s stock worth $310,000 after purchasing an additional 507 shares in the last quarter. Institutional investors and hedge funds own 98.61% of the company’s stock.

Insider Transactions at RingCentral

In related news, CFO Vaibhav Agarwal sold 1,985 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $28.20, for a total value of $55,977.00. Following the completion of the transaction, the chief financial officer now directly owns 156,799 shares of the company’s stock, valued at $4,421,731.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CFO Vaibhav Agarwal sold 1,985 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $28.20, for a total value of $55,977.00. Following the completion of the sale, the chief financial officer now directly owns 156,799 shares in the company, valued at approximately $4,421,731.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Vladimir Shmunis sold 62,244 shares of RingCentral stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $32.51, for a total value of $2,023,552.44. Following the transaction, the chief executive officer now owns 573,725 shares of the company’s stock, valued at approximately $18,651,799.75. The disclosure for this sale can be found here. Insiders have sold a total of 103,824 shares of company stock worth $3,380,044 in the last 90 days. Corporate insiders own 6.76% of the company’s stock.

RingCentral Price Performance

RingCentral stock opened at $33.65 on Tuesday. The company has a market cap of $3.10 billion, a price-to-earnings ratio of -22.58, a P/E/G ratio of 2.63 and a beta of 1.03. The firm has a 50-day moving average of $31.37 and a 200-day moving average of $32.53. RingCentral, Inc. has a one year low of $25.08 and a one year high of $38.35.

RingCentral (NYSE:RNG) last released its earnings results on Thursday, August 1st. The software maker reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.03. The company had revenue of $592.91 million for the quarter, compared to the consensus estimate of $586.39 million. The business’s revenue was up 9.9% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.03) EPS. As a group, sell-side analysts expect that RingCentral, Inc. will post 0.63 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Rosenblatt Securities upgraded shares of RingCentral from a “neutral” rating to a “buy” rating and upped their price objective for the company from $35.00 to $45.00 in a research report on Friday, August 2nd. Northland Securities raised their price target on RingCentral from $43.00 to $50.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Piper Sandler decreased their price objective on RingCentral from $32.00 to $31.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. StockNews.com upgraded shares of RingCentral from a “buy” rating to a “strong-buy” rating in a report on Monday, August 5th. Finally, UBS Group upped their price target on shares of RingCentral from $37.00 to $40.00 and gave the company a “neutral” rating in a report on Wednesday, May 8th. Eight investment analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $40.07.

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.