Amalgamated Bank Sells 9,961 Shares of RingCentral, Inc. (NYSE:RNG)

Amalgamated Bank decreased its position in shares of RingCentral, Inc. (NYSE:RNG) by 63.9% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 5,620 shares of the software maker’s stock after selling 9,961 shares during the quarter. Amalgamated Bank’s holdings in RingCentral were worth $178,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. Versant Capital Management Inc increased its stake in shares of RingCentral by 138.3% in the 2nd quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock valued at $32,000 after acquiring an additional 664 shares in the last quarter. Point72 DIFC Ltd bought a new stake in shares of RingCentral in the 2nd quarter valued at $39,000. Central Pacific Bank Trust Division bought a new stake in shares of RingCentral in the 3rd quarter valued at $121,000. CWM LLC increased 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 valued at $150,000 after acquiring an additional 4,064 shares in the last quarter. Finally, nVerses Capital LLC increased its stake in shares of RingCentral by 916.7% in the 3rd quarter. nVerses Capital LLC now owns 6,100 shares of the software maker’s stock valued at $193,000 after acquiring an additional 5,500 shares in the last quarter. Institutional investors own 98.61% of the company’s stock.

RingCentral Stock Performance

Shares of RingCentral stock opened at $35.78 on Monday. RingCentral, Inc. has a 52-week low of $26.98 and a 52-week high of $40.98. The stock’s 50-day simple moving average is $32.75 and its 200 day simple moving average is $32.49. The stock has a market capitalization of $3.29 billion, a P/E ratio of -33.75, a P/E/G ratio of 2.27 and a beta of 0.99.

RingCentral (NYSE:RNG) last announced its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $601.91 million. Equities research analysts forecast that RingCentral, Inc. will post 0.84 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of RingCentral from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, August 6th. Rosenblatt Securities reissued a “buy” rating and issued a $45.00 price target on shares of RingCentral in a research report on Friday, November 8th. Raymond James reduced their price target on shares of RingCentral from $52.00 to $50.00 and set a “strong-buy” rating for the company in a research report on Friday, November 8th. Wells Fargo & Company lifted their price target on shares of RingCentral from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Finally, Wedbush lifted their price target on shares of RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. 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 stock. According to MarketBeat.com, RingCentral presently has an average rating of “Moderate Buy” and an average target price of $40.73.

Insider Activity

In related news, CAO John H. Marlow sold 19,498 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $32.52, for a total value of $634,074.96. Following the transaction, the chief accounting officer now directly owns 391,542 shares in the company, valued at approximately $12,732,945.84. This represents a 4.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Vaibhav Agarwal sold 1,985 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The stock was 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 in the company, valued at approximately $4,256,584. This trade represents a 1.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 103,824 shares of company stock worth $3,386,396 over the last ninety days. Company insiders own 6.76% of the company’s stock.

About RingCentral

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.