CANADA LIFE ASSURANCE Co Lowers Stock Holdings in RingCentral, Inc. (NYSE:RNG)

CANADA LIFE ASSURANCE Co lessened its position in RingCentral, Inc. (NYSE:RNG - Free Report) by 16.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 132,356 shares of the software maker's stock after selling 26,516 shares during the quarter. CANADA LIFE ASSURANCE Co owned approximately 0.15% of RingCentral worth $4,632,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of RNG. Sanctuary Advisors LLC purchased a new position in RingCentral in the third quarter valued at $178,000. 272 Capital LP purchased a new stake in shares of RingCentral during the third quarter worth approximately $436,000. Principal Financial Group Inc. purchased a new position in RingCentral in the third quarter worth approximately $233,000. Central Pacific Bank Trust Division lifted its stake in RingCentral by 31.1% in the fourth quarter. Central Pacific Bank Trust Division now owns 5,033 shares of the software maker's stock worth $176,000 after acquiring an additional 1,194 shares during the last quarter. Finally, Diversified Trust Co increased its position 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. Institutional investors and hedge funds own 98.61% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Mizuho decreased their price target on RingCentral from $32.00 to $25.00 and set a "neutral" rating for the company in a report on Tuesday, April 15th. Morgan Stanley cut their price objective on shares of RingCentral from $40.00 to $29.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 16th. Barclays lowered their target price on shares of RingCentral from $37.00 to $31.00 and set an "equal weight" rating for the company in a report on Friday, February 21st. Needham & Company LLC cut their price target 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, Raymond James decreased their price objective on shares of RingCentral from $45.00 to $40.00 and set an "outperform" rating for the company in a research note on Friday, February 21st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $34.46.

RingCentral Trading Up 0.8 %

Shares of NYSE:RNG traded up $0.20 during midday trading on Wednesday, hitting $25.48. The stock had a trading volume of 1,086,158 shares, compared to its average volume of 1,340,268. RingCentral, Inc. has a 1 year low of $20.59 and a 1 year high of $42.19. The stock has a 50 day moving average price of $25.58 and a two-hundred day moving average price of $32.20. The company has a market capitalization of $2.31 billion, a PE ratio of -39.81, a P/E/G ratio of 1.27 and a beta of 1.30.

RingCentral (NYSE:RNG - Get Free Report) last announced its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 earnings per share 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, equities analysts expect that RingCentral, Inc. will post 1.29 EPS for the current year.

Insider Activity at RingCentral

In related news, SVP John H. Marlow sold 35,089 shares of the company's stock in a transaction that occurred 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 sale, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Vladimir Shmunis sold 123,560 shares of the stock in a transaction on Monday, February 24th. The shares were sold at an average price of $28.56, for a total value of $3,528,873.60. Following the sale, the chief executive officer now owns 444,740 shares in the company, valued at approximately $12,701,774.40. This trade represents a 21.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 247,740 shares of company stock valued at $7,099,279 in the last ninety days. Corporate insiders own 6.97% of the company's stock.

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.