RingCentral, Inc. (NYSE:RNG) Shares Sold by Bank of America Corp DE

Bank of America Corp DE decreased its position in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 81.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 418,851 shares of the software maker's stock after selling 1,861,219 shares during the period. Bank of America Corp DE owned approximately 0.46% of RingCentral worth $14,664,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of RNG. Gagnon Securities LLC boosted its stake in shares of RingCentral by 5.6% during the 4th quarter. Gagnon Securities LLC now owns 7,703 shares of the software maker's stock worth $270,000 after purchasing an additional 407 shares during the period. Xponance Inc. lifted its stake in RingCentral by 4.2% in the fourth quarter. Xponance Inc. now owns 10,664 shares of the software maker's stock worth $373,000 after purchasing an additional 426 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of RingCentral by 10.4% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker's stock valued at $176,000 after buying an additional 468 shares during the period. Private Advisor Group LLC grew its stake in shares of RingCentral by 9.6% during the fourth quarter. Private Advisor Group LLC now owns 8,896 shares of the software maker's stock valued at $311,000 after buying an additional 777 shares during the last quarter. Finally, KBC Group NV raised its holdings in shares of RingCentral by 30.8% in the fourth quarter. KBC Group NV now owns 3,478 shares of the software maker's stock worth $122,000 after buying an additional 819 shares during the period. Institutional investors own 98.61% of the company's stock.

Insider Buying and Selling at RingCentral

In other news, CEO Vladimir Shmunis sold 94,956 shares of the stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $26.56, for a total transaction of $2,522,031.36. Following the completion of the sale, the chief executive officer now owns 607,719 shares in the company, valued at approximately $16,141,016.64. This represents a 13.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Vaibhav Agarwal sold 2,247 shares of the firm's stock in a transaction on 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 directly owns 120,982 shares of the company's stock, valued at $3,383,866.54. The trade was a 1.82% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 215,686 shares of company stock worth $5,727,463 over the last quarter. Insiders own 6.97% of the company's stock.

Analysts Set New Price Targets

RNG has been the topic of several research analyst reports. Barclays cut their price objective on RingCentral from $37.00 to $31.00 and set an "equal weight" rating on the stock in a research report on Friday, February 21st. Raymond James cut their price target on shares of RingCentral from $40.00 to $35.00 and set an "outperform" rating on the stock in a report on Friday, May 9th. Piper Sandler raised their price target on shares of RingCentral from $25.00 to $28.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. Wall Street Zen raised shares of RingCentral from a "buy" rating to a "strong-buy" rating in a research report on Tuesday, May 13th. Finally, Wedbush dropped their target price on shares of RingCentral from $38.00 to $30.00 and set a "neutral" rating on the stock in a research note on Friday, May 9th. One analyst has rated the stock with a sell rating, seven have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, RingCentral currently has a consensus rating of "Hold" and a consensus price target of $33.08.

RingCentral Stock Performance

NYSE:RNG traded up $0.47 during trading hours on Tuesday, reaching $26.40. The company's stock had a trading volume of 749,265 shares, compared to its average volume of 1,338,634. The stock has a 50 day moving average price of $25.27 and a two-hundred day moving average price of $31.12. The company has a market capitalization of $2.37 billion, a P/E ratio of -41.25, a price-to-earnings-growth ratio of 1.27 and a beta of 1.33. RingCentral, Inc. has a 12 month low of $20.59 and a 12 month high of $42.19.

RingCentral (NYSE:RNG - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The software maker reported $1.00 EPS for the quarter, topping the consensus estimate of $0.96 by $0.04. The firm had revenue of $612.06 million during the quarter, compared to analyst estimates of $610.53 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. The business's revenue for the quarter was up 4.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.87 EPS. As a group, analysts predict that RingCentral, Inc. will post 1.29 EPS for the current fiscal year.

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.