RingCentral, Inc. (NYSE:RNG) Shares Sold by Twinbeech Capital LP

Twinbeech Capital LP lowered its stake in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 35.8% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 71,688 shares of the software maker's stock after selling 39,925 shares during the period. Twinbeech Capital LP owned approximately 0.08% of RingCentral worth $2,510,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in shares of RingCentral in the fourth quarter valued at $49,000. Venturi Wealth Management LLC grew its position in RingCentral by 55.2% in the 4th quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker's stock valued at $101,000 after acquiring an additional 1,028 shares in the last quarter. KBC Group NV increased its stake in RingCentral by 30.8% during the fourth quarter. KBC Group NV now owns 3,478 shares of the software maker's stock worth $122,000 after purchasing an additional 819 shares during the period. Quarry LP boosted its stake in shares of RingCentral by 84.1% in the fourth quarter. Quarry LP now owns 3,501 shares of the software maker's stock valued at $123,000 after purchasing an additional 1,599 shares during the period. Finally, Harvest Fund Management Co. Ltd purchased a new position in shares of RingCentral in the fourth quarter valued at approximately $173,000. Institutional investors and hedge funds own 98.61% of the company's stock.

RingCentral Trading Down 2.2%

Shares of NYSE:RNG traded down $0.60 during trading on Monday, hitting $25.96. 646,455 shares of the stock were exchanged, compared to its average volume of 1,341,001. RingCentral, Inc. has a 12-month low of $20.59 and a 12-month high of $42.19. The company has a fifty day moving average price of $25.31 and a two-hundred day moving average price of $31.23. The company has a market cap of $2.33 billion, a PE ratio of -40.55, a P/E/G ratio of 1.27 and a beta of 1.33.

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, 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 company had revenue of $612.06 million during the quarter, compared to analyst estimates of $610.53 million. During the same period in the prior year, the firm posted $0.87 earnings per share. The firm's revenue was up 4.8% on a year-over-year basis. Equities research analysts anticipate that RingCentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Insider Buying and Selling at RingCentral

In related news, SVP John H. Marlow sold 29,173 shares of the business's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $26.56, for a total transaction of $774,834.88. Following the transaction, the senior vice president now directly owns 352,448 shares of the company's stock, valued at approximately $9,361,018.88. The trade was a 7.64% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Vladimir Shmunis sold 54,899 shares of RingCentral stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $26.44, for a total transaction of $1,451,529.56. Following the sale, the chief executive officer now directly owns 552,820 shares in the company, valued at $14,616,560.80. This trade represents a 9.03% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 215,686 shares of company stock valued at $5,727,463 over the last three months. 6.97% of the stock is owned by company insiders.

Analysts Set New Price Targets

RNG has been the topic of several analyst reports. Needham & Company LLC began coverage on RingCentral in a research note on Friday, May 9th. They issued a "buy" rating and a $36.00 price objective on the stock. Raymond James reduced their price target on shares of RingCentral from $40.00 to $35.00 and set an "outperform" rating for the company in a research report on Friday, May 9th. Robert W. Baird cut their target price 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. Barclays dropped their target price on RingCentral from $37.00 to $31.00 and set an "equal weight" rating on the stock in a report on Friday, February 21st. Finally, Mizuho increased their price target on RingCentral from $25.00 to $27.00 and gave the stock a "neutral" rating in a report on Monday, May 12th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $33.08.

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.