SG Americas Securities LLC Sells 69,559 Shares of RingCentral, Inc. (NYSE:RNG)

SG Americas Securities LLC lessened its stake in shares of RingCentral, Inc. (NYSE:RNG) by 88.2% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 9,277 shares of the software maker’s stock after selling 69,559 shares during the period. SG Americas Securities LLC’s holdings in RingCentral were worth $293,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Versant Capital Management Inc raised its stake in RingCentral by 138.3% in the second quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock valued at $32,000 after buying an additional 664 shares during the period. Point72 DIFC Ltd bought a new stake in RingCentral in the second quarter valued at approximately $39,000. Hexagon Capital Partners LLC raised its stake in RingCentral by 44.1% in the first quarter. Hexagon Capital Partners LLC now owns 1,340 shares of the software maker’s stock valued at $47,000 after buying an additional 410 shares during the period. Central Pacific Bank Trust Division bought a new stake in RingCentral in the third quarter valued at approximately $121,000. Finally, PNC Financial Services Group Inc. raised its stake in RingCentral by 13.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 4,522 shares of the software maker’s stock valued at $154,000 after buying an additional 540 shares during the period. Institutional investors own 98.61% of the company’s stock.

Insider Buying and Selling at RingCentral

In other RingCentral news, CFO Vaibhav Agarwal sold 10,184 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $32.88, for a total value of $334,849.92. Following the sale, the chief financial officer now owns 137,545 shares of the company’s stock, valued at approximately $4,522,479.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CFO Vaibhav Agarwal sold 10,184 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $32.88, for a total value of $334,849.92. Following the completion of the transaction, the chief financial officer now directly owns 137,545 shares in the company, valued at approximately $4,522,479.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Vladimir Shmunis sold 62,244 shares of the stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $32.51, for a total value of $2,023,552.44. Following the completion of the transaction, the chief executive officer now owns 573,725 shares of the company’s stock, valued at $18,651,799.75. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 103,824 shares of company stock valued at $3,386,396. 6.76% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on RNG. Wedbush upgraded RingCentral to a “hold” rating in a research note on Thursday. Northland Securities increased their target price on RingCentral from $43.00 to $50.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Deutsche Bank Aktiengesellschaft increased their target price on RingCentral from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, August 6th. Piper Sandler lowered their target price on RingCentral from $32.00 to $31.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. Finally, Robert W. Baird increased their target price on RingCentral from $35.00 to $36.00 and gave the stock a “neutral” rating in a research note on Monday, August 5th. Eight investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, RingCentral has an average rating of “Moderate Buy” and an average price target of $40.07.

RingCentral Stock Performance

Shares of RNG stock opened at $33.93 on Monday. The stock’s fifty day moving average price is $31.49 and its two-hundred day moving average price is $31.82. The company has a market cap of $3.13 billion, a PE ratio of -22.77, a P/E/G ratio of 2.55 and a beta of 1.03. RingCentral, Inc. has a fifty-two week low of $25.08 and a fifty-two week high of $38.35.

RingCentral (NYSE:RNG) last issued its earnings results on Thursday, August 1st. The software maker reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The business had revenue of $592.91 million during the quarter, compared to analyst estimates of $586.39 million. The company’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.03) EPS. On average, equities analysts predict that RingCentral, Inc. will post 0.63 EPS for the current fiscal year.

RingCentral Company 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.