Cwm LLC Trims Stake in Ringcentral, Inc. (NYSE:RNG)

Key Points

• Cwm LLC significantly reduced its holdings in Ringcentral, Inc. by 87.8%, selling 16,663 shares, and now owns only 2,308 shares valued at approximately $57,000.
• Insiders, including CFO Vaibhav Agarwal and COO Kira Makagon, have sold a substantial number of shares, with insiders collectively selling 244,647 shares worth over $6.5 million last quarter.
• Analysts have lowered their price targets for Ringcentral, with Wells Fargo reducing it from $30 to $22, while other analysts maintained or adjusted their ratings, resulting in an average rating of "Hold" for the stock.

CWM LLC trimmed its stake in Ringcentral, Inc. (NYSE:RNG - Free Report) by 87.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,308 shares of the software maker's stock after selling 16,663 shares during the period. CWM LLC's holdings in Ringcentral were worth $57,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. LPL Financial LLC grew its holdings in shares of Ringcentral by 19.7% during the fourth quarter. LPL Financial LLC now owns 68,429 shares of the software maker's stock worth $2,396,000 after purchasing an additional 11,270 shares during the last quarter. Norges Bank bought a new stake in shares of Ringcentral during the fourth quarter worth $11,554,000. Wellington Management Group LLP bought a new stake in shares of Ringcentral during the fourth quarter worth $15,630,000. Alliancebernstein L.P. boosted its holdings in Ringcentral by 128.2% in the fourth quarter. Alliancebernstein L.P. now owns 45,376 shares of the software maker's stock valued at $1,589,000 after acquiring an additional 25,495 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Ringcentral by 4.6% in the fourth quarter. Geode Capital Management LLC now owns 1,349,667 shares of the software maker's stock valued at $47,267,000 after acquiring an additional 58,814 shares during the last quarter. 98.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Morgan Stanley cut their price objective on Ringcentral from $40.00 to $29.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 16th. Needham & Company LLC assumed coverage on Ringcentral in a report on Friday, May 9th. They set a "buy" rating and a $36.00 price objective on the stock. Oppenheimer upgraded Ringcentral from a "market perform" rating to an "outperform" rating and set a $35.00 price objective on the stock in a report on Wednesday. Wells Fargo & Company cut their price objective on Ringcentral from $30.00 to $22.00 and set an "underweight" rating on the stock in a report on Tuesday, April 22nd. Finally, Wedbush dropped their target price on Ringcentral from $38.00 to $30.00 and set a "neutral" rating on the stock in a research report on Friday, May 9th. One analyst has rated the stock with a sell rating, eight have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $31.85.

Ringcentral Stock Performance

Shares of RNG stock traded up $5.69 on Wednesday, hitting $29.31. The company had a trading volume of 3,855,636 shares, compared to its average volume of 1,403,260. The stock's 50-day moving average is $27.07 and its two-hundred day moving average is $27.74. Ringcentral, Inc. has a twelve month low of $20.58 and a twelve month high of $42.19. The firm has a market cap of $2.64 billion, a P/E ratio of -66.62, a P/E/G ratio of 0.76 and a beta of 1.28.

Ringcentral (NYSE:RNG - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The software maker reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.04. Ringcentral had a negative return on equity of 15.63% and a negative net margin of 1.65%. The business had revenue of $620.40 million for the quarter, compared to analyst estimates of $617.90 million. During the same quarter in the prior year, the company earned $0.91 earnings per share. The company's quarterly revenue was up 4.6% on a year-over-year basis. Equities research analysts predict that Ringcentral, Inc. will post 1.29 EPS for the current year.

Insider Buying and Selling at Ringcentral

In other news, COO Kira Makagon sold 21,185 shares of Ringcentral stock in a transaction on Friday, June 27th. The stock was sold at an average price of $27.69, for a total value of $586,612.65. Following the completion of the transaction, the chief operating officer directly owned 413,131 shares in the company, valued at approximately $11,439,597.39. The trade was a 4.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Vladimir Shmunis sold 54,899 shares of Ringcentral stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $26.44, for a total value of $1,451,529.56. Following the completion of the transaction, the chief executive officer owned 552,820 shares of the company's stock, valued at approximately $14,616,560.80. This trade represents a 9.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 244,647 shares of company stock valued at $6,531,804 in the last ninety days. 6.97% of the stock is owned by corporate insiders.

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.