RingCentral, Inc. (NYSE:RNG) Shares Sold by Fox Run Management L.L.C.

Fox Run Management L.L.C. decreased its stake in RingCentral, Inc. (NYSE:RNG) by 10.1% during the 4th quarter, Holdings Channel reports. The firm owned 16,769 shares of the software maker’s stock after selling 1,886 shares during the quarter. Fox Run Management L.L.C.’s holdings in RingCentral were worth $587,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Fort Washington Investment Advisors Inc. OH lifted its stake in RingCentral by 32.5% in the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 550,304 shares of the software maker’s stock valued at $19,266,000 after buying an additional 134,928 shares in the last quarter. Hennessy Advisors Inc. purchased a new position in shares of RingCentral in the fourth quarter valued at approximately $59,055,000. Beaumont Financial Advisors LLC acquired a new stake in shares of RingCentral in the fourth quarter worth approximately $262,000. Intech Investment Management LLC purchased a new stake in shares of RingCentral during the third quarter worth approximately $1,152,000. Finally, 272 Capital LP purchased a new stake in shares of RingCentral during the third quarter worth approximately $436,000. Hedge funds and other institutional investors own 98.61% of the company’s stock.

RingCentral Stock Up 4.4 %

RNG stock opened at $28.09 on Tuesday. RingCentral, Inc. has a 52-week low of $26.22 and a 52-week high of $42.19. The stock has a market cap of $2.55 billion, a price-to-earnings ratio of -43.90, a price-to-earnings-growth ratio of 1.27 and a beta of 1.20. The business has a fifty day moving average of $31.32 and a two-hundred day moving average of $33.48.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.73). RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. The business had revenue of $614.51 million for the quarter, compared to analyst estimates of $612.37 million. As a group, sell-side analysts anticipate that RingCentral, Inc. will post 1.29 EPS for the current year.

Insider Activity

In other RingCentral news, CEO Vladimir Shmunis sold 66,112 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $28.83, for a total value of $1,906,008.96. Following the sale, the chief executive officer now owns 568,300 shares of the company’s stock, valued at $16,384,089. The trade was a 10.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP John H. Marlow sold 35,089 shares of the firm’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $28.56, for a total value of $1,002,141.84. Following the transaction, the senior vice president now owns 313,510 shares of the company’s stock, valued at approximately $8,953,845.60. This represents a 10.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 247,740 shares of company stock valued at $7,099,279. Company insiders own 6.97% of the company’s stock.

Analysts Set New Price Targets

RNG has been the topic of several recent research reports. Wells Fargo & Company reaffirmed an “underweight” rating and set a $30.00 target price (down previously from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th. Rosenblatt Securities lowered their price target on shares of RingCentral from $45.00 to $40.00 and set a “buy” rating on the stock in a research report on Friday, February 21st. Piper Sandler dropped their price objective on shares of RingCentral from $38.00 to $31.00 and set a “neutral” rating for the company in a research note on Friday, February 21st. Needham & Company LLC decreased their target price on shares of RingCentral from $42.00 to $36.00 and set a “buy” rating on the stock in a research note on Friday, February 21st. Finally, Morgan Stanley upped their price target on RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, RingCentral presently has an average rating of “Hold” and a consensus target price of $37.69.

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.