Ringcentral, Inc. (NYSE:RNG) Shares Sold by Pacer Advisors Inc.

Key Points

• Pacer Advisors Inc. reduced its position in RingCentral, Inc. by 51.9% in the first quarter, owning approximately $25.67 million worth of shares post-sale.
• Several hedge funds have increased their stakes in RingCentral recently, with Capital World Investors boosting their holdings by 5.9%, now owning over $373 million in stock.
• RingCentral's stock is currently trading at $26.70, showing a 2.3% decline and having a market capital of $2.4 billion as of Friday.

Pacer Advisors Inc. lessened its stake in Ringcentral, Inc. (NYSE:RNG - Free Report) by 51.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,036,537 shares of the software maker's stock after selling 1,117,645 shares during the period. Pacer Advisors Inc. owned 1.14% of Ringcentral worth $25,665,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Cetera Investment Advisers purchased a new position in Ringcentral in the first quarter valued at about $256,000. Tempus Wealth Planning LLC purchased a new position in Ringcentral in the first quarter valued at about $344,000. Oak Thistle LLC grew its stake in Ringcentral by 186.7% in the first quarter. Oak Thistle LLC now owns 44,466 shares of the software maker's stock valued at $1,101,000 after purchasing an additional 28,959 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Ringcentral in the first quarter valued at about $1,670,000. Finally, Allianz Asset Management GmbH grew its stake in shares of Ringcentral by 4.0% during the first quarter. Allianz Asset Management GmbH now owns 34,200 shares of the software maker's stock worth $847,000 after acquiring an additional 1,300 shares during the last quarter. Hedge funds and other institutional investors own 98.61% of the company's stock.

Ringcentral Trading Down 2.3%

NYSE:RNG traded down $0.63 during trading hours on Friday, hitting $26.70. The company had a trading volume of 973,048 shares, compared to its average volume of 1,392,724. The company has a market cap of $2.40 billion, a P/E ratio of -60.67, a P/E/G ratio of 0.86 and a beta of 1.29. Ringcentral, Inc. has a 1 year low of $20.58 and a 1 year high of $42.19. The company has a 50-day moving average of $27.25 and a 200 day moving average of $28.09.

Ringcentral (NYSE:RNG - Get Free Report) last posted its 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 for the quarter, compared to analyst estimates of $610.53 million. During the same quarter in the prior year, the company earned $0.87 EPS. Ringcentral's revenue was up 4.8% on a year-over-year basis. On average, analysts forecast that Ringcentral, Inc. will post 1.29 earnings per share for the current year.

Analysts Set New Price Targets

RNG has been the topic of a number of research analyst reports. Raymond James Financial dropped their price target on Ringcentral from $40.00 to $35.00 and set an "outperform" rating on the stock in a research note on Friday, May 9th. Wells Fargo & Company decreased their price target on Ringcentral from $30.00 to $22.00 and set an "underweight" rating for the company in a report on Tuesday, April 22nd. Wall Street Zen raised Ringcentral from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 5th. KeyCorp initiated coverage on Ringcentral in a research note on Friday, June 6th. They set a "sector weight" rating for the company. Finally, Mizuho upped their target price on Ringcentral from $25.00 to $27.00 and gave the stock a "neutral" rating in a research note on Monday, May 12th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Ringcentral presently has an average rating of "Hold" and a consensus target price of $33.08.

Insider Activity

In other Ringcentral news, CEO Vladimir Shmunis sold 94,956 shares of the stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $26.56, for a total value of $2,522,031.36. Following the sale, the chief executive officer owned 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Kira Makagon sold 21,185 shares of the stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $27.69, for a total value of $586,612.65. Following the completion of the sale, the chief operating officer directly owned 413,131 shares in the company, valued at $11,439,597.39. This represents a 4.88% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 244,647 shares of company stock worth $6,531,804 in the last quarter. Insiders own 6.97% of the company's stock.

About Ringcentral

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.