RingCentral, Inc. (NYSE:RNG) Shares Sold by Point72 Asset Management L.P.

Point72 Asset Management L.P. reduced its holdings in RingCentral, Inc. (NYSE:RNG) by 51.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 118,541 shares of the software maker’s stock after selling 126,998 shares during the quarter. Point72 Asset Management L.P.’s holdings in RingCentral were worth $35,311,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the stock. Penserra Capital Management LLC increased its stake in RingCentral by 18.4% in the fourth quarter. Penserra Capital Management LLC now owns 161 shares of the software maker’s stock valued at $61,000 after purchasing an additional 25 shares during the last quarter. Captrust Financial Advisors grew its position in RingCentral by 1.7% during the fourth quarter. Captrust Financial Advisors now owns 1,808 shares of the software maker’s stock valued at $685,000 after acquiring an additional 31 shares during the period. Main Street Financial Solutions LLC grew its position in RingCentral by 3.4% during the first quarter. Main Street Financial Solutions LLC now owns 1,383 shares of the software maker’s stock valued at $412,000 after acquiring an additional 45 shares during the period. Berman Capital Advisors LLC grew its position in RingCentral by 21.8% during the fourth quarter. Berman Capital Advisors LLC now owns 274 shares of the software maker’s stock valued at $102,000 after acquiring an additional 49 shares during the period. Finally, Castle Rock Wealth Management LLC grew its position in RingCentral by 6.3% during the first quarter. Castle Rock Wealth Management LLC now owns 850 shares of the software maker’s stock valued at $279,000 after acquiring an additional 50 shares during the period. Hedge funds and other institutional investors own 84.36% of the company’s stock.

In other RingCentral news, insider Praful Shah sold 157 shares of the company’s stock in a transaction that occurred on Friday, June 11th. The stock was sold at an average price of $266.63, for a total transaction of $41,860.91. Following the sale, the insider now owns 198,578 shares in the company, valued at $52,946,852.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO John H. Marlow sold 1,600 shares of the company’s stock in a transaction that occurred on Tuesday, May 11th. The shares were sold at an average price of $266.92, for a total value of $427,072.00. Following the sale, the chief accounting officer now owns 215,493 shares in the company, valued at approximately $57,519,391.56. The disclosure for this sale can be found here. Insiders sold 35,683 shares of company stock valued at $9,262,038 in the last three months. 7.35% of the stock is currently owned by company insiders.

A number of equities research analysts have issued reports on the company. UBS Group assumed coverage on RingCentral in a research report on Thursday, May 27th. They set a “neutral” rating and a $275.00 price target for the company. Needham & Company LLC assumed coverage on RingCentral in a research report on Monday, June 21st. They set a “buy” rating and a $360.00 price target for the company. Raymond James lowered their price target on RingCentral from $515.00 to $410.00 and set a “strong-buy” rating for the company in a research report on Wednesday, May 5th. Bank of America began coverage on RingCentral in a research report on Tuesday, April 20th. They set a “buy” rating and a $450.00 price target for the company. Finally, Morgan Stanley decreased their target price on RingCentral from $455.00 to $390.00 and set an “overweight” rating for the company in a research report on Friday, May 14th. Three equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $427.00.

Shares of RNG opened at $268.74 on Thursday. The stock has a market capitalization of $24.42 billion, a P/E ratio of -1,071.00 and a beta of 0.70. RingCentral, Inc. has a one year low of $229.00 and a one year high of $449.00. The company has a debt-to-equity ratio of 6.22, a current ratio of 1.67 and a quick ratio of 1.67. The company has a 50-day simple moving average of $271.60.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Tuesday, May 4th. The software maker reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.02. The firm had revenue of $352.36 million during the quarter, compared to the consensus estimate of $339.43 million. RingCentral had a negative return on equity of 27.38% and a negative net margin of 1.77%. RingCentral’s revenue for the quarter was up 31.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.19 earnings per share. Sell-side analysts anticipate that RingCentral, Inc. will post -2.13 earnings per share for the current year.

RingCentral Profile

RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect in North America. Its products include RingCentral Office that provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers omni-channel; and RingCentral Engage Digital, a digital customer engagement platform that allows enterprises to interact with their customers.

Read More: What is Cost of Goods Sold (COGS)?

Want to see what other hedge funds are holding RNG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for RingCentral, Inc. (NYSE:RNG).

Institutional Ownership by Quarter for RingCentral (NYSE:RNG)

Receive News & Ratings for RingCentral Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RingCentral and related companies with MarketBeat.com's FREE daily email newsletter.