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

Assenagon Asset Management S.A. reduced its holdings in shares of Ringcentral, Inc. (NYSE:RNG - Free Report) by 62.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 66,188 shares of the software maker's stock after selling 112,055 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.07% of Ringcentral worth $1,639,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Kayne Anderson Rudnick Investment Management LLC bought a new stake in Ringcentral during the fourth quarter worth $49,000. Venturi Wealth Management LLC lifted its holdings in 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 during the period. Quarry LP lifted its holdings in Ringcentral by 84.1% during the fourth quarter. Quarry LP now owns 3,501 shares of the software maker's stock worth $123,000 after acquiring an additional 1,599 shares during the period. GAMMA Investing LLC lifted its holdings in Ringcentral by 1,803.3% during the first quarter. GAMMA Investing LLC now owns 5,843 shares of the software maker's stock worth $145,000 after acquiring an additional 5,536 shares during the period. Finally, Harvest Fund Management Co. Ltd bought a new stake in shares of Ringcentral in the fourth quarter valued at $173,000. 98.61% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CFO Vaibhav Agarwal sold 2,247 shares of the business's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $27.97, for a total value of $62,848.59. Following the completion of the sale, the chief financial officer now owns 120,982 shares of the company's stock, valued at approximately $3,383,866.54. The trade was a 1.82% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP John H. Marlow sold 29,173 shares of the business's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $26.56, for a total value of $774,834.88. Following the completion of the sale, the senior vice president now directly owns 352,448 shares of the company's stock, valued at approximately $9,361,018.88. This trade represents a 7.64% 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 over the last 90 days. Insiders own 6.97% of the company's stock.

Ringcentral Price Performance

RNG stock traded up $0.28 during mid-day trading on Thursday, hitting $27.22. 1,603,798 shares of the stock were exchanged, compared to its average volume of 1,336,209. The business has a fifty day moving average price of $25.89 and a 200 day moving average price of $29.97. Ringcentral, Inc. has a 12 month low of $20.59 and a 12 month high of $42.19. The stock has a market capitalization of $2.45 billion, a price-to-earnings ratio of -61.85, a PEG ratio of 0.88 and a beta of 1.27.

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

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on RNG shares. Wall Street Zen cut Ringcentral from a "strong-buy" rating to a "buy" rating in a research report on Saturday, June 7th. Raymond James Financial reduced their price target on Ringcentral from $40.00 to $35.00 and set an "outperform" rating for the company in a research report on Friday, May 9th. Wells Fargo & Company reduced their target price on Ringcentral from $30.00 to $22.00 and set an "underweight" rating for the company in a research report on Tuesday, April 22nd. KeyCorp started coverage on Ringcentral in a research report on Friday, June 6th. They set a "sector weight" rating for the company. Finally, Barclays reduced their target price on Ringcentral from $37.00 to $31.00 and set an "equal weight" rating for the company in a research report on Friday, February 21st. One research analyst has rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $33.08.

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.