RingCentral, Inc. (NYSE:RNG) Stock Holdings Lessened by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. reduced its holdings in RingCentral, Inc. (NYSE:RNG) by 26.8% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 858 shares of the software maker’s stock after selling 314 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in RingCentral were worth $31,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of RNG. Venturi Wealth Management LLC lifted its position in 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 last quarter. Quarry LP lifted its position in RingCentral by 106.7% in the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after purchasing an additional 982 shares during the last quarter. KBC Group NV lifted its position in RingCentral by 38.9% in the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after purchasing an additional 744 shares during the last quarter. CWM LLC lifted its position in RingCentral by 595.9% in the 3rd quarter. CWM LLC now owns 4,746 shares of the software maker’s stock valued at $150,000 after purchasing an additional 4,064 shares during the last quarter. Finally, Point72 DIFC Ltd lifted its position in RingCentral by 301.1% in the 3rd quarter. Point72 DIFC Ltd now owns 5,535 shares of the software maker’s stock valued at $175,000 after purchasing an additional 4,155 shares during the last quarter. 98.61% of the stock is currently owned by institutional investors.

Insider Activity

In other RingCentral news, SVP John H. Marlow sold 23,284 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $34.96, for a total value of $814,008.64. Following the transaction, the senior vice president now directly owns 357,818 shares of the company’s stock, valued at approximately $12,509,317.28. The trade was a 6.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 completion of the transaction, the director now directly owns 10,633 shares in the company, valued at approximately $442,332.80. This trade represents a 21.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 115,188 shares of company stock valued at $4,113,047. 6.97% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have commented on RNG. Rosenblatt Securities reissued a “buy” rating and set a $45.00 target price on shares of RingCentral in a research note on Friday, November 8th. Barclays cut shares of RingCentral from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $45.00 to $37.00 in a research note on Monday, January 27th. Mizuho lowered their price objective on shares of RingCentral from $42.00 to $36.00 and set a “neutral” rating on the stock in a research note on Monday, February 10th. Raymond James reaffirmed an “outperform” rating and issued a $45.00 price objective (down previously from $50.00) on shares of RingCentral in a research note on Friday, January 3rd. Finally, StockNews.com cut shares of RingCentral from a “strong-buy” rating to a “buy” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $40.60.

RingCentral Price Performance

RNG stock opened at $33.75 on Friday. The stock has a market capitalization of $3.05 billion, a price-to-earnings ratio of -31.84, a PEG ratio of 1.43 and a beta of 1.01. The business’s fifty day moving average price is $35.74 and its two-hundred day moving average price is $34.35. RingCentral, Inc. has a fifty-two week low of $26.98 and a fifty-two week high of $42.19.

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.