Graham Capital Management L.P. Sells 12,456 Shares of RingCentral, Inc. (NYSE:RNG)

Graham Capital Management L.P. lowered its position in RingCentral, Inc. (NYSE:RNG - Free Report) by 32.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 25,560 shares of the software maker's stock after selling 12,456 shares during the period. Graham Capital Management L.P.'s holdings in RingCentral were worth $895,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in RNG. Sovereign Financial Group Inc. lifted its holdings in shares of RingCentral by 4.0% in the fourth quarter. Sovereign Financial Group Inc. now owns 10,079 shares of the software maker's stock valued at $353,000 after purchasing an additional 386 shares in the last quarter. Gagnon Securities LLC lifted its holdings in shares of RingCentral by 5.6% in the fourth quarter. Gagnon Securities LLC now owns 7,703 shares of the software maker's stock valued at $270,000 after purchasing an additional 407 shares in the last quarter. Xponance Inc. lifted its holdings in shares of RingCentral by 4.2% in the fourth quarter. Xponance Inc. now owns 10,664 shares of the software maker's stock valued at $373,000 after purchasing an additional 426 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of RingCentral by 10.4% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker's stock valued at $176,000 after purchasing an additional 468 shares in the last quarter. Finally, Private Advisor Group LLC lifted its holdings in shares of RingCentral by 9.6% in the fourth quarter. Private Advisor Group LLC now owns 8,896 shares of the software maker's stock valued at $311,000 after purchasing an additional 777 shares in the last quarter. Institutional investors own 98.61% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on RNG shares. StockNews.com upgraded RingCentral from a "buy" rating to a "strong-buy" rating in a report on Tuesday. Piper Sandler raised their target price on RingCentral from $25.00 to $28.00 and gave the company a "neutral" rating in a report on Friday, May 9th. Wells Fargo & Company dropped their target price on RingCentral from $30.00 to $22.00 and set an "underweight" rating on the stock in a report on Tuesday, April 22nd. Morgan Stanley dropped their target price on RingCentral from $40.00 to $29.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 16th. Finally, UBS Group dropped their target price on RingCentral from $38.00 to $33.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. One analyst has rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, RingCentral has a consensus rating of "Hold" and a consensus price target of $32.77.

Insider Transactions at RingCentral

In other news, CEO Vladimir Shmunis sold 123,560 shares of the firm's stock in a transaction on Monday, February 24th. The stock was sold at an average price of $28.56, for a total value of $3,528,873.60. Following the completion of the transaction, the chief executive officer now directly owns 444,740 shares of the company's stock, valued at $12,701,774.40. This trade represents a 21.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Vaibhav Agarwal sold 2,247 shares of the firm's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $27.97, for a total value of $62,848.59. Following the completion of the transaction, the chief financial officer now directly owns 120,982 shares of the company's stock, valued at $3,383,866.54. The trade was a 1.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 249,987 shares of company stock valued at $7,162,128 over the last three months. Company insiders own 6.97% of the company's stock.

RingCentral Stock Performance

NYSE:RNG traded up $0.09 during trading hours on Friday, reaching $28.10. The stock had a trading volume of 1,237,292 shares, compared to its average volume of 1,340,969. The stock has a 50 day simple moving average of $25.33 and a 200 day simple moving average of $31.66. RingCentral, Inc. has a 12-month low of $20.59 and a 12-month high of $42.19. The stock has a market cap of $2.55 billion, a P/E ratio of -43.91, a price-to-earnings-growth ratio of 1.27 and a beta of 1.33.

RingCentral (NYSE:RNG - Get Free Report) last released its earnings results on Thursday, May 8th. The software maker reported $1.00 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 business had revenue of $612.06 million during the quarter, compared to the consensus estimate of $610.53 million. During the same period last year, the business posted $0.87 earnings per share. The business's revenue for the quarter was up 4.8% on a year-over-year basis. On average, equities analysts expect that RingCentral, Inc. will post 1.29 earnings per share for the current fiscal year.

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.