Ringcentral, Inc. (NYSE:RNG) Shares Sold by Blair William & Co. IL

Blair William & Co. IL lowered its holdings in shares of Ringcentral, Inc. (NYSE:RNG - Free Report) by 99.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,234 shares of the software maker's stock after selling 2,522,640 shares during the period. Blair William & Co. IL's holdings in Ringcentral were worth $253,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of RNG. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in shares of Ringcentral in the 4th quarter worth $49,000. PNC Financial Services Group Inc. lifted its stake in shares of Ringcentral by 26.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,925 shares of the software maker's stock worth $72,000 after acquiring an additional 615 shares during the period. Quarry LP lifted its stake in shares of Ringcentral by 84.1% in the 4th 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 stake in shares of Ringcentral by 1,803.3% in the 1st 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, Bayforest Capital Ltd acquired a new stake in shares of Ringcentral in the 1st quarter worth $145,000. Institutional investors and hedge funds own 98.61% of the company's stock.

Ringcentral Trading Up 2.5%

NYSE:RNG opened at $27.77 on Wednesday. The firm has a 50-day moving average price of $27.31 and a two-hundred day moving average price of $27.54. Ringcentral, Inc. has a twelve month low of $20.58 and a twelve month high of $42.19. The company has a market capitalization of $2.50 billion, a P/E ratio of -198.34, a price-to-earnings-growth ratio of 1.24 and a beta of 1.28.

Ringcentral (NYSE:RNG - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The software maker reported $1.06 EPS for the quarter, topping analysts' consensus estimates of $1.02 by $0.04. The business had revenue of $620.40 million during the quarter, compared to the consensus estimate of $617.90 million. Ringcentral had a negative net margin of 0.50% and a negative return on equity of 19.63%. The company's quarterly revenue was up 4.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.91 earnings per share. On average, equities research analysts predict that Ringcentral, Inc. will post 1.29 earnings per share 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 dated Friday, June 27th. The shares were sold at an average price of $27.69, for a total transaction 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. The trade was a 4.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP John H. Marlow sold 19,442 shares of Ringcentral stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $26.43, for a total transaction of $513,852.06. Following the sale, the senior vice president owned 333,006 shares of the company's stock, valued at approximately $8,801,348.58. This trade represents a 5.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 244,647 shares of company stock valued at $6,531,804. Corporate insiders own 6.97% of the company's stock.

Analyst Upgrades and Downgrades

RNG has been the subject of several recent analyst reports. Mizuho raised their target price on shares of Ringcentral from $25.00 to $27.00 and gave the stock a "neutral" rating in a research note on Monday, May 12th. Wedbush reduced their price objective on shares of Ringcentral from $38.00 to $30.00 and set a "neutral" rating for the company in a research note on Friday, May 9th. Piper Sandler raised their price objective on shares of Ringcentral from $25.00 to $28.00 and gave the company a "neutral" rating in a research note on Friday, May 9th. Morgan Stanley reduced their price objective on shares of Ringcentral from $40.00 to $29.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 16th. Finally, Raymond James Financial reduced their price objective on shares of Ringcentral from $40.00 to $35.00 and set an "outperform" rating for the company in a research note on Friday, May 9th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Ringcentral has an average rating of "Hold" and a consensus price target of $30.62.

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.

Want to see what other hedge funds are holding RNG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ringcentral, Inc. (NYSE:RNG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.