Barclays PLC Lowers Holdings in RingCentral, Inc. (NYSE:RNG)

Barclays PLC reduced its position in shares of RingCentral, Inc. (NYSE:RNG) by 93.7% in the third quarter, Holdings Channel reports. The firm owned 89,824 shares of the software maker’s stock after selling 1,330,482 shares during the period. Barclays PLC’s holdings in RingCentral were worth $2,841,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Y Intercept Hong Kong Ltd bought a new stake in RingCentral during the third quarter valued at $1,132,000. Stifel Financial Corp raised its holdings in shares of RingCentral by 3.5% in the 3rd quarter. Stifel Financial Corp now owns 51,924 shares of the software maker’s stock valued at $1,642,000 after acquiring an additional 1,752 shares in the last quarter. Quantinno Capital Management LP boosted its position in shares of RingCentral by 59.1% during the 3rd quarter. Quantinno Capital Management LP now owns 135,474 shares of the software maker’s stock valued at $4,285,000 after acquiring an additional 50,329 shares during the last quarter. Quarry LP grew its holdings in shares of 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 purchasing an additional 982 shares in the last quarter. Finally, RBF Capital LLC bought a new position in shares of RingCentral in the third quarter worth approximately $474,000. Institutional investors own 98.61% of the company’s stock.

RingCentral Stock Down 1.0 %

Shares of NYSE RNG opened at $36.99 on Wednesday. The company has a market cap of $3.35 billion, a price-to-earnings ratio of -34.90, a PEG ratio of 2.48 and a beta of 0.99. The firm’s fifty day moving average is $36.99 and its 200 day moving average is $33.18. RingCentral, Inc. has a 52 week low of $26.98 and a 52 week high of $42.19.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, beating 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 firm had revenue of $608.77 million during the quarter, compared to the consensus estimate of $601.91 million. Equities research analysts anticipate that RingCentral, Inc. will post 0.84 earnings per share for the current year.

Insider Transactions at RingCentral

In other news, Director Robert I. Theis sold 1,457 shares of the firm’s stock in a transaction dated 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 trade represents a 4.83 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Vladimir Shmunis sold 66,451 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $34.96, for a total transaction of $2,323,126.96. Following the transaction, the chief executive officer now owns 479,468 shares in the company, valued at $16,762,201.28. This represents a 12.17 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 117,173 shares of company stock worth $4,175,376. 6.97% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on RNG. Piper Sandler lifted their target price on shares of RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Robert W. Baird upped their target price on shares of RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a research report on Monday, November 11th. Wedbush raised their price target on RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Rosenblatt Securities reiterated a “buy” rating and issued a $45.00 price objective on shares of RingCentral in a report on Friday, November 8th. Finally, Needham & Company LLC reissued a “buy” rating and set a $42.00 price objective on shares of RingCentral in a report on Monday, November 11th. Eight equities research analysts have rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, RingCentral currently has an average rating of “Moderate Buy” and a consensus target price of $42.00.

RingCentral 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.