Man Group plc Sells 123,452 Shares of RingCentral, Inc. (NYSE:RNG)

Man Group plc decreased its holdings in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 60.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 79,767 shares of the software maker's stock after selling 123,452 shares during the quarter. Man Group plc owned about 0.09% of RingCentral worth $2,793,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Clark Capital Management Group Inc. acquired a new stake in shares of RingCentral in the fourth quarter worth $3,991,000. Deutsche Bank AG grew its position in RingCentral by 18.8% in the 4th quarter. Deutsche Bank AG now owns 75,154 shares of the software maker's stock worth $2,631,000 after purchasing an additional 11,902 shares during the last quarter. Diker Management LLC acquired a new stake in RingCentral in the 4th quarter worth $1,225,000. Centiva Capital LP increased its holdings in shares of RingCentral by 22.4% during the 4th quarter. Centiva Capital LP now owns 15,629 shares of the software maker's stock worth $547,000 after purchasing an additional 2,858 shares during the period. Finally, Brevan Howard Capital Management LP raised its position in shares of RingCentral by 96.2% during the fourth quarter. Brevan Howard Capital Management LP now owns 34,159 shares of the software maker's stock valued at $1,196,000 after buying an additional 16,750 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 research firms recently weighed in on RNG. Rosenblatt Securities reissued a "buy" rating and set a $32.00 target price on shares of RingCentral in a research report on Monday, May 19th. Mizuho lifted their price objective on RingCentral from $25.00 to $27.00 and gave the stock a "neutral" rating in a report on Monday, May 12th. UBS Group cut their target price on RingCentral from $38.00 to $33.00 and set a "neutral" rating for the company in a research note on Friday, May 9th. Needham & Company LLC started coverage on RingCentral in a research report on Friday, May 9th. They issued a "buy" rating and a $36.00 target price for the company. Finally, Robert W. Baird lowered their price target on shares of RingCentral from $38.00 to $32.00 and set a "neutral" rating on the stock in a report on Tuesday, February 25th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $33.08.

Insider Activity

In other RingCentral news, CFO Vaibhav Agarwal sold 2,247 shares of the business's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $27.97, for a total value of $62,848.59. Following the completion of the transaction, the chief financial officer now directly 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Vladimir Shmunis sold 94,956 shares of the stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $26.56, for a total transaction of $2,522,031.36. Following the sale, the chief executive officer now directly owns 607,719 shares in the company, valued at $16,141,016.64. This trade represents a 13.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 215,686 shares of company stock worth $5,727,463. 6.97% of the stock is owned by corporate insiders.

RingCentral Stock Performance

Shares of NYSE RNG traded down $0.42 during midday trading on Wednesday, reaching $25.97. 113,778 shares of the company traded hands, compared to its average volume of 1,403,879. RingCentral, Inc. has a 12 month low of $20.58 and a 12 month high of $42.19. The stock's 50-day simple moving average is $25.27 and its 200-day simple moving average is $31.12. The firm has a market cap of $2.34 billion, a PE ratio of -40.64, a PEG ratio of 1.27 and a beta of 1.33.

RingCentral (NYSE:RNG - Get Free Report) last announced its 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. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. The business had revenue of $612.06 million for the quarter, compared to the consensus estimate of $610.53 million. During the same period in the previous year, the business earned $0.87 EPS. RingCentral's revenue was up 4.8% compared to the same quarter last year. On average, equities research 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.