Assenagon Asset Management S.A. Sells 112,055 Shares of Ringcentral, Inc. (NYSE:RNG)

Assenagon Asset Management S.A. cut its position in Ringcentral, Inc. (NYSE:RNG - Free Report) by 62.9% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 66,188 shares of the software maker's stock after selling 112,055 shares during the period. Assenagon Asset Management S.A. owned about 0.07% of Ringcentral worth $1,639,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of RNG. Empowered Funds LLC acquired a new stake in Ringcentral in the fourth quarter worth $367,000. Savant Capital LLC bought a new stake in shares of Ringcentral during the fourth quarter worth $258,000. Sanctuary Advisors LLC increased its position in shares of Ringcentral by 457.2% during the fourth quarter. Sanctuary Advisors LLC now owns 31,412 shares of the software maker's stock worth $1,118,000 after acquiring an additional 25,775 shares in the last quarter. D.A. Davidson & CO. increased its position in shares of Ringcentral by 15.7% during the fourth quarter. D.A. Davidson & CO. now owns 12,263 shares of the software maker's stock worth $429,000 after acquiring an additional 1,664 shares in the last quarter. Finally, Venturi Wealth Management LLC increased its position in shares of Ringcentral by 55.2% during the fourth quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker's stock worth $101,000 after acquiring an additional 1,028 shares in the last quarter. 98.61% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Vladimir Shmunis sold 94,956 shares of Ringcentral stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $26.56, for a total value of $2,522,031.36. Following the completion of the transaction, the chief executive officer now owns 607,719 shares of the company's stock, valued at $16,141,016.64. This trade represents a 13.51% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP John H. Marlow sold 19,442 shares of Ringcentral stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $26.43, for a total transaction of $513,852.06. Following the completion of the transaction, the senior vice president now directly owns 333,006 shares of the company's stock, valued at approximately $8,801,348.58. This trade represents a 5.52% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 215,686 shares of company stock valued at $5,727,463 in the last quarter. Company insiders own 6.97% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on RNG. Morgan Stanley lowered their price objective on shares of Ringcentral from $40.00 to $29.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 16th. Robert W. Baird lowered their price objective on shares of Ringcentral from $38.00 to $32.00 and set a "neutral" rating for the company in a research report on Tuesday, February 25th. Needham & Company LLC began coverage on shares of Ringcentral in a research report on Friday, May 9th. They set a "buy" rating and a $36.00 price objective for the company. UBS Group lowered their price objective on shares of Ringcentral from $38.00 to $33.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. Finally, Raymond James Financial lowered their price objective on shares of Ringcentral from $40.00 to $35.00 and set an "outperform" rating for the company in a research report on Friday, May 9th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $33.08.

Ringcentral Stock Performance

Ringcentral stock traded down $0.48 during mid-day trading on Friday, reaching $26.73. The company's stock had a trading volume of 1,260,020 shares, compared to its average volume of 1,327,844. The company has a market capitalization of $2.40 billion, a price-to-earnings ratio of -60.74, a price-to-earnings-growth ratio of 0.86 and a beta of 1.27. Ringcentral, Inc. has a 12 month low of $20.59 and a 12 month high of $42.19. The business's 50 day simple moving average is $25.96 and its 200 day simple moving average is $29.83.

Ringcentral (NYSE:RNG - Get Free Report) last released its earnings results on Thursday, May 8th. The software maker reported $1.00 earnings per share for the quarter, beating analysts' consensus estimates of $0.96 by $0.04. The business had revenue of $612.06 million during the quarter, compared to the consensus estimate of $610.53 million. Ringcentral had a negative net margin of 1.65% and a negative return on equity of 15.63%. The firm's revenue for the quarter was up 4.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.87 earnings per share. As a group, sell-side analysts expect that Ringcentral, Inc. will post 1.29 EPS for the current year.

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.