Sunbelt Securities Inc. Trims Stake in RingCentral, Inc. (NYSE:RNG)

Sunbelt Securities Inc. lowered its holdings in RingCentral, Inc. (NYSE:RNG) by 70.1% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,550 shares of the software maker’s stock after selling 3,635 shares during the period. Sunbelt Securities Inc.’s holdings in RingCentral were worth $54,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. GAMMA Investing LLC purchased a new stake in RingCentral in the fourth quarter valued at approximately $26,000. Hexagon Capital Partners LLC lifted its holdings in shares of RingCentral by 116.8% during the 4th quarter. Hexagon Capital Partners LLC now owns 930 shares of the software maker’s stock worth $32,000 after acquiring an additional 501 shares during the last quarter. Tennessee Valley Asset Management Partners purchased a new position in RingCentral in the fourth quarter worth $33,000. Nisa Investment Advisors LLC increased its stake in RingCentral by 100.0% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the software maker’s stock valued at $34,000 after acquiring an additional 500 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. raised its position in RingCentral by 438.1% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 1,200 shares of the software maker’s stock valued at $41,000 after purchasing an additional 977 shares in the last quarter. Hedge funds and other institutional investors own 98.61% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on RNG. UBS Group upped their price objective on RingCentral from $37.00 to $40.00 and gave the stock a “neutral” rating in a report on Wednesday, May 8th. Deutsche Bank Aktiengesellschaft increased their price target on shares of RingCentral from $38.00 to $42.00 and gave the company a “buy” rating in a research report on Thursday, May 9th. Piper Sandler boosted their price objective on shares of RingCentral from $31.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, May 8th. Mizuho increased their target price on shares of RingCentral from $36.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. Finally, Morgan Stanley lowered their price target on shares of RingCentral from $35.00 to $32.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 17th. Ten analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, RingCentral currently has a consensus rating of “Moderate Buy” and a consensus price target of $39.00.

Insiders Place Their Bets

In other news, CFO Sonalee Elizabeth Parekh sold 8,478 shares of the business’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $34.85, for a total transaction of $295,458.30. Following the sale, the chief financial officer now owns 388,919 shares in the company, valued at approximately $13,553,827.15. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CFO Sonalee Elizabeth Parekh sold 8,478 shares of RingCentral stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $34.85, for a total transaction of $295,458.30. Following the completion of the transaction, the chief financial officer now directly owns 388,919 shares in the company, valued at $13,553,827.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Vaibhav Agarwal sold 11,406 shares of the company’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $36.01, for a total value of $410,730.06. Following the completion of the sale, the chief financial officer now owns 158,784 shares in the company, valued at approximately $5,717,811.84. The disclosure for this sale can be found here. 6.76% of the stock is owned by corporate insiders.

RingCentral Trading Up 1.5 %

Shares of RNG opened at $28.20 on Monday. RingCentral, Inc. has a 1-year low of $25.08 and a 1-year high of $43.28. The firm’s 50-day moving average price is $32.20 and its 200-day moving average price is $32.98. The firm has a market capitalization of $2.60 billion, a price-to-earnings ratio of -18.93, a PEG ratio of 2.44 and a beta of 1.02.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Tuesday, May 7th. The software maker reported $0.06 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.05. The firm had revenue of $584.21 million for the quarter, compared to the consensus estimate of $577.81 million. On average, research analysts forecast that RingCentral, Inc. will post 0.54 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.