RingCentral, Inc. (NYSE:RNG) Shares Sold by Geode Capital Management LLC

Geode Capital Management LLC cut its position in RingCentral, Inc. (NYSE:RNG) by 4.4% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,290,853 shares of the software maker’s stock after selling 59,659 shares during the period. Geode Capital Management LLC owned 1.41% of RingCentral worth $40,841,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Pacer Advisors Inc. increased its holdings in RingCentral by 45.3% in the third quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock valued at $83,483,000 after buying an additional 822,892 shares during the last quarter. Foundry Partners LLC purchased a new position in shares of RingCentral in the 3rd quarter valued at about $8,886,000. Cubist Systematic Strategies LLC lifted its stake in RingCentral by 130.1% during the second quarter. Cubist Systematic Strategies LLC now owns 414,347 shares of the software maker’s stock worth $11,685,000 after purchasing an additional 234,238 shares during the last quarter. Jupiter Asset Management Ltd. boosted its holdings in RingCentral by 404.2% in the second quarter. Jupiter Asset Management Ltd. now owns 219,187 shares of the software maker’s stock valued at $6,181,000 after purchasing an additional 175,715 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new position in RingCentral in the second quarter valued at approximately $4,801,000. 98.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Rosenblatt Securities restated a “buy” rating and set a $45.00 price objective on shares of RingCentral in a research report on Friday, November 8th. Needham & Company LLC restated 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 stock an “equal weight” rating in a research report on Wednesday, December 18th. StockNews.com raised RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Monday, November 11th. Finally, Robert W. Baird lifted their price target on RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a research report on Monday, November 11th. Eight research analysts have rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, RingCentral has an average rating of “Moderate Buy” and an average target price of $42.00.

RingCentral Stock Performance

RNG stock opened at $36.99 on Wednesday. RingCentral, Inc. has a one year low of $26.98 and a one year high of $42.19. The company has a fifty day moving average of $36.99 and a 200-day moving average of $33.18. The stock has a market capitalization of $3.35 billion, a PE ratio of -34.90, a price-to-earnings-growth ratio of 2.48 and a beta of 0.99.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.10. The company had revenue of $608.77 million for the quarter, compared to analyst estimates of $601.91 million. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. Equities analysts forecast that RingCentral, Inc. will post 0.84 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, SVP John H. Marlow sold 23,284 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $34.96, for a total transaction of $814,008.64. Following the sale, the senior vice president now 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Vladimir Shmunis sold 66,451 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $34.96, for a total transaction of $2,323,126.96. Following the completion of the transaction, the chief executive officer now directly owns 479,468 shares of the company’s stock, valued at approximately $16,762,201.28. This trade represents a 12.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 117,173 shares of company stock valued at $4,175,376 over the last quarter. Company insiders own 6.97% of the company’s stock.

RingCentral 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.