Teacher Retirement System of Texas Sells 30,707 Shares of Ringcentral, Inc. (NYSE:RNG)

Teacher Retirement System of Texas trimmed its stake in shares of Ringcentral, Inc. (NYSE:RNG - Free Report) by 48.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 32,734 shares of the software maker's stock after selling 30,707 shares during the period. Teacher Retirement System of Texas' holdings in Ringcentral were worth $810,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Kayne Anderson Rudnick Investment Management LLC acquired a new position in shares of Ringcentral during the 4th quarter worth approximately $49,000. Quarry LP raised its position in shares of Ringcentral by 84.1% during the 4th quarter. Quarry LP now owns 3,501 shares of the software maker's stock worth $123,000 after purchasing an additional 1,599 shares during the last quarter. Harvest Fund Management Co. Ltd acquired a new position in shares of Ringcentral during the 4th quarter worth approximately $173,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Ringcentral by 10.4% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker's stock worth $176,000 after purchasing an additional 468 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Ringcentral by 1,803.3% during the 1st quarter. GAMMA Investing LLC now owns 5,843 shares of the software maker's stock worth $145,000 after purchasing an additional 5,536 shares during the last quarter. 98.61% of the stock is currently owned by institutional investors and hedge funds.

Ringcentral Trading Up 0.8%

RNG traded up $0.22 on Wednesday, hitting $26.07. 1,438,815 shares of the company's stock were exchanged, compared to its average volume of 1,328,855. The firm has a market cap of $2.34 billion, a PE ratio of -59.24, a P/E/G ratio of 0.83 and a beta of 1.29. Ringcentral, Inc. has a twelve month low of $20.59 and a twelve month high of $42.19. The stock has a fifty day moving average of $27.35 and a two-hundred day moving average of $28.56.

Ringcentral (NYSE:RNG - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The software maker reported $1.00 EPS for the quarter, beating the consensus estimate of $0.96 by $0.04. Ringcentral had a negative net margin of 1.65% and a negative return on equity of 15.63%. The company had revenue of $612.06 million for the quarter, compared to analyst estimates of $610.53 million. During the same quarter last year, the business earned $0.87 earnings per share. Ringcentral's revenue was up 4.8% compared to the same quarter last year. On average, analysts predict that Ringcentral, Inc. will post 1.29 EPS for the current year.

Wall Street Analyst Weigh In

RNG has been the subject of several recent analyst reports. Needham & Company LLC initiated coverage on shares of Ringcentral in a research note on Friday, May 9th. They issued a "buy" rating and a $36.00 target price for the company. Mizuho boosted their price objective on shares of Ringcentral from $25.00 to $27.00 and gave the company a "neutral" rating in a research note on Monday, May 12th. Piper Sandler boosted 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 lowered 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, UBS Group lowered their price objective on shares of Ringcentral from $38.00 to $33.00 and set a "neutral" rating for the company in a research note on Friday, May 9th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Ringcentral presently has an average rating of "Hold" and an average price target of $33.08.

Insiders Place Their Bets

In related news, COO Kira Makagon sold 21,185 shares of the firm's stock in a transaction that occurred on 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 approximately $11,439,597.39. This trade represents a 4.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Tarun Arora sold 7,776 shares of the firm's stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $28.00, for a total transaction of $217,728.00. Following the sale, the chief accounting officer owned 114,497 shares of the company's stock, valued at $3,205,916. The trade was a 6.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 244,647 shares of company stock valued at $6,531,804. 6.97% of the stock is currently owned by insiders.

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.