RingCentral, Inc. (NYSE:RNG) Shares Sold by Geode Capital Management LLC

Geode Capital Management LLC lessened its position in shares of RingCentral, Inc. (NYSE:RNG) by 4.4% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 1,290,853 shares of the software maker’s stock after selling 59,659 shares during the period. Geode Capital Management LLC’s holdings in RingCentral were worth $40,841,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Sovereign Financial Group Inc. raised its position in RingCentral by 6.9% during the third quarter. Sovereign Financial Group Inc. now owns 9,693 shares of the software maker’s stock worth $307,000 after acquiring an additional 625 shares during the last quarter. Xponance Inc. raised its position in shares of RingCentral by 6.8% during the 2nd quarter. Xponance Inc. now owns 11,122 shares of the software maker’s stock worth $314,000 after purchasing an additional 704 shares during the last quarter. KBC Group NV lifted its stake in RingCentral by 38.9% in the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after buying an additional 744 shares in the last quarter. Private Advisor Group LLC grew its holdings in RingCentral by 13.6% during the 3rd quarter. Private Advisor Group LLC now owns 8,119 shares of the software maker’s stock valued at $257,000 after buying an additional 971 shares during the last quarter. Finally, Quarry LP increased its position in RingCentral by 106.7% during the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after buying an additional 982 shares in the last quarter. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on RNG shares. Raymond James decreased their price objective on RingCentral from $52.00 to $50.00 and set a “strong-buy” rating on the stock in a research note on Friday, November 8th. StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research note on Monday, November 11th. Robert W. Baird upped their price objective on shares of RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a research note on Monday, November 11th. Mizuho reaffirmed a “neutral” rating and issued a $42.00 target price on shares of RingCentral in a research note on Friday, December 13th. Finally, Morgan Stanley increased their price target on RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 18th. Eight investment analysts have rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, RingCentral has a consensus rating of “Moderate Buy” and an average price target of $42.00.

Insider Activity at RingCentral

In other news, SVP John H. Marlow sold 23,284 shares of the stock in a transaction dated 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 in the company, valued at approximately $12,509,317.28. This trade represents a 6.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Vaibhav Agarwal sold 1,985 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total value of $62,329.00. Following the sale, the chief financial officer now owns 135,560 shares in the company, valued at approximately $4,256,584. The trade was a 1.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 117,173 shares of company stock worth $4,175,376. Corporate insiders own 6.97% of the company’s stock.

RingCentral Price Performance

NYSE RNG opened at $36.99 on Wednesday. The business’s 50-day simple moving average is $36.99 and its 200-day simple moving average is $33.18. The firm has a market capitalization of $3.35 billion, a P/E ratio of -34.90, a P/E/G ratio of 2.48 and a beta of 0.99. RingCentral, Inc. has a 1-year low of $26.98 and a 1-year high of $42.19.

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

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.