Twinbeech Capital LP Cuts Stock Holdings in RingCentral, Inc. (NYSE:RNG)

Twinbeech Capital LP lowered its stake in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 35.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 71,688 shares of the software maker's stock after selling 39,925 shares during the quarter. Twinbeech Capital LP owned 0.08% of RingCentral worth $2,510,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Fort Washington Investment Advisors Inc. OH increased its position in shares of RingCentral by 32.5% during the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 550,304 shares of the software maker's stock worth $19,266,000 after acquiring an additional 134,928 shares during the period. Beaumont Financial Advisors LLC purchased a new stake in shares of RingCentral during the fourth quarter worth $262,000. Northern Trust Corp increased its position in shares of RingCentral by 2.3% during the fourth quarter. Northern Trust Corp now owns 529,746 shares of the software maker's stock worth $18,546,000 after acquiring an additional 11,911 shares during the period. Harel Insurance Investments & Financial Services Ltd. increased its position in shares of RingCentral by 106.9% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 185,205 shares of the software maker's stock worth $6,484,000 after acquiring an additional 95,684 shares during the period. Finally, Private Advisor Group LLC increased its position in shares of RingCentral by 9.6% during the fourth quarter. Private Advisor Group LLC now owns 8,896 shares of the software maker's stock worth $311,000 after acquiring an additional 777 shares during the period. Hedge funds and other institutional investors own 98.61% of the company's stock.

RingCentral Stock Performance

Shares of RNG opened at $27.31 on Wednesday. RingCentral, Inc. has a fifty-two week low of $20.59 and a fifty-two week high of $42.19. The company has a market capitalization of $2.48 billion, a price-to-earnings ratio of -42.67, a price-to-earnings-growth ratio of 1.27 and a beta of 1.33. The firm has a 50-day simple moving average of $25.36 and a 200-day simple moving average of $31.51.

RingCentral (NYSE:RNG - Get Free Report) last announced its earnings results on Thursday, May 8th. The software maker reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.04. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The business had revenue of $612.06 million during the quarter, compared to the consensus estimate of $610.53 million. During the same quarter in the prior year, the firm earned $0.87 earnings per share. The business's quarterly revenue was up 4.8% compared to the same quarter last year. Equities research analysts forecast that RingCentral, Inc. will post 1.29 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on RNG. Wells Fargo & Company lowered their target price on shares of RingCentral from $30.00 to $22.00 and set an "underweight" rating for the company in a research note on Tuesday, April 22nd. UBS Group lowered their target price 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. Raymond James lowered their target price 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. StockNews.com upgraded shares of RingCentral from a "buy" rating to a "strong-buy" rating in a research note on Tuesday, May 13th. Finally, Wedbush decreased 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. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $33.08.

Insider Transactions at RingCentral

In other news, SVP John H. Marlow sold 22,979 shares of the stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $28.82, for a total transaction of $662,254.78. Following the completion of the sale, the senior vice president now owns 348,599 shares in the company, valued at approximately $10,046,623.18. This represents a 6.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Vaibhav Agarwal sold 2,247 shares of the firm's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $27.97, for a total transaction of $62,848.59. Following the completion of the sale, the chief financial officer now 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 position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 249,987 shares of company stock worth $7,162,128. Company insiders own 6.97% of the company's stock.

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.

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