RingCentral, Inc. (NYSE:RNG) Shares Sold by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. reduced its position in shares of RingCentral, Inc. (NYSE:RNG) by 0.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 178,243 shares of the software maker’s stock after selling 1,635 shares during the period. Assenagon Asset Management S.A. owned 0.20% of RingCentral worth $6,240,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Oak Thistle LLC acquired a new stake in shares of RingCentral in the fourth quarter worth approximately $543,000. Sovereign Financial Group Inc. raised its stake in RingCentral by 4.0% during the fourth quarter. Sovereign Financial Group Inc. now owns 10,079 shares of the software maker’s stock worth $353,000 after purchasing an additional 386 shares during the period. Diversified Trust Co boosted its holdings in shares of RingCentral by 89.9% in the 4th quarter. Diversified Trust Co now owns 28,499 shares of the software maker’s stock valued at $998,000 after purchasing an additional 13,491 shares during the last quarter. Central Pacific Bank Trust Division grew its stake in shares of RingCentral by 31.1% during the 4th quarter. Central Pacific Bank Trust Division now owns 5,033 shares of the software maker’s stock valued at $176,000 after buying an additional 1,194 shares during the period. Finally, Principal Financial Group Inc. purchased a new stake in shares of RingCentral during the 3rd quarter valued at $233,000. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

RingCentral Trading Up 0.7 %

Shares of NYSE:RNG opened at $33.76 on Monday. The firm’s 50 day moving average is $36.80 and its two-hundred day moving average is $33.91. The firm has a market capitalization of $3.05 billion, a P/E ratio of -31.85, a PEG ratio of 1.36 and a beta of 0.99. RingCentral, Inc. has a 52 week low of $26.98 and a 52 week high of $42.19.

RingCentral (NYSE:RNG) last announced its earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.10. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. The firm had revenue of $608.77 million for the quarter, compared to the consensus estimate of $601.91 million. Analysts predict that RingCentral, Inc. will post 0.84 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Mizuho reiterated a “neutral” rating and issued a $42.00 price target on shares of RingCentral in a report on Friday, December 13th. Piper Sandler boosted their price target on RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Wedbush raised their price objective on RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. StockNews.com raised RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Monday, November 11th. Finally, Needham & Company LLC restated a “buy” rating and issued a $42.00 target price on shares of RingCentral in a research note on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, RingCentral presently has a consensus rating of “Hold” and an average price target of $41.29.

Insider Activity at RingCentral

In related news, Director Ned D. Segal sold 2,914 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $41.60, for a total value of $121,222.40. Following the sale, the director now directly owns 10,633 shares in the company, valued at $442,332.80. The trade was a 21.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP John H. Marlow sold 23,284 shares of RingCentral stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $34.96, for a total transaction of $814,008.64. Following the completion of the transaction, the senior vice president now owns 357,818 shares in the company, valued at approximately $12,509,317.28. This trade represents a 6.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 115,188 shares of company stock worth $4,113,047 over the last quarter. 6.97% of the stock is currently owned by company insiders.

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.