Barclays PLC Sells 1,330,482 Shares of RingCentral, Inc. (NYSE:RNG)

Barclays PLC lowered its stake in shares of RingCentral, Inc. (NYSE:RNG) by 93.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 89,824 shares of the software maker’s stock after selling 1,330,482 shares during the period. Barclays PLC owned approximately 0.10% of RingCentral worth $2,841,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in RNG. Y Intercept Hong Kong Ltd acquired a new position in RingCentral during the 3rd quarter worth approximately $1,132,000. Stifel Financial Corp increased its holdings in shares of RingCentral by 3.5% during the third quarter. Stifel Financial Corp now owns 51,924 shares of the software maker’s stock valued at $1,642,000 after acquiring an additional 1,752 shares in the last quarter. Quantinno Capital Management LP raised its position in shares of RingCentral by 59.1% during the third quarter. Quantinno Capital Management LP now owns 135,474 shares of the software maker’s stock worth $4,285,000 after purchasing an additional 50,329 shares during the period. Quarry LP lifted its holdings in shares of RingCentral by 106.7% in the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after purchasing an additional 982 shares in the last quarter. Finally, RBF Capital LLC acquired a new stake in RingCentral in the 3rd quarter valued at $474,000. Institutional investors own 98.61% of the company’s stock.

Insider Transactions at RingCentral

In related news, Director Ned D. Segal sold 2,914 shares of RingCentral 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. The trade was a 21.51 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert I. Theis sold 1,457 shares of the stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $37.79, for a total value of $55,060.03. Following the sale, the director now owns 28,690 shares in the company, valued at approximately $1,084,195.10. This represents a 4.83 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 117,173 shares of company stock worth $4,175,376. 6.97% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

RNG has been the topic of several research reports. Raymond James lowered their price objective on shares of RingCentral from $52.00 to $50.00 and set a “strong-buy” rating on the stock in a report on Friday, November 8th. Piper Sandler raised their price target on shares of RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Needham & Company LLC reissued a “buy” rating and issued a $42.00 price objective on shares of RingCentral in a research note on Monday, November 11th. Morgan Stanley lifted their target price on RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 18th. Finally, Wedbush increased their price target on RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Eight investment analysts have rated the stock with a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $42.00.

RingCentral Stock Performance

Shares of RNG stock opened at $36.99 on Wednesday. The firm has a market cap of $3.35 billion, a price-to-earnings ratio of -34.90, a P/E/G ratio of 2.48 and a beta of 0.99. RingCentral, Inc. has a 52 week low of $26.98 and a 52 week high of $42.19. The firm’s 50-day simple moving average is $36.99 and its two-hundred day simple moving average is $33.18.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 EPS 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 business had revenue of $608.77 million for the quarter, compared to the consensus estimate of $601.91 million. Analysts forecast that RingCentral, Inc. will post 0.84 earnings per share for the current 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.