GSA Capital Partners LLP Sells 52,381 Shares of RingCentral, Inc. (NYSE:RNG)

GSA Capital Partners LLP cut its holdings in shares of RingCentral, Inc. (NYSE:RNG) by 82.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,533 shares of the software maker’s stock after selling 52,381 shares during the quarter. GSA Capital Partners LLP’s holdings in RingCentral were worth $365,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Venturi Wealth Management LLC raised its holdings in shares of RingCentral by 150.4% in the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after purchasing an additional 1,119 shares during the period. State of New Jersey Common Pension Fund D raised its holdings in shares of RingCentral by 9.4% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 58,947 shares of the software maker’s stock valued at $1,864,000 after purchasing an additional 5,085 shares during the period. Principal Financial Group Inc. bought a new stake in shares of RingCentral in the 3rd quarter valued at about $233,000. Olympiad Research LP bought a new stake in shares of RingCentral in the 3rd quarter valued at about $483,000. Finally, Heritage Investors Management Corp raised its holdings in shares of RingCentral by 0.9% in the 3rd quarter. Heritage Investors Management Corp now owns 159,462 shares of the software maker’s stock valued at $5,044,000 after purchasing an additional 1,484 shares during the period. 98.61% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on RNG shares. Northland Securities upped their target price on shares of RingCentral from $43.00 to $50.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Robert W. Baird upped their price target 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. Needham & Company LLC reiterated a “buy” rating and issued a $42.00 price target on shares of RingCentral in a research note on Monday, November 11th. Piper Sandler upped their price target on shares of RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on shares of RingCentral from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, August 6th. Eight equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $40.73.

RingCentral Trading Down 0.5 %

Shares of RingCentral stock opened at $34.87 on Friday. The company has a 50 day moving average of $33.32 and a 200-day moving average of $32.59. RingCentral, Inc. has a 1-year low of $26.98 and a 1-year high of $40.98. The company has a market cap of $3.15 billion, a PE ratio of -32.90, a price-to-earnings-growth ratio of 2.26 and a beta of 0.99.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates 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. Research analysts forecast that RingCentral, Inc. will post 0.84 earnings per share for the current year.

Insider Transactions at RingCentral

In related news, CFO Vaibhav Agarwal sold 2,178 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $35.27, for a total value of $76,818.06. Following the completion of the transaction, the chief financial officer now owns 135,560 shares of the company’s stock, valued at $4,781,201.20. This represents a 1.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 6.76% of the stock is currently owned by insiders.

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.