Assenagon Asset Management S.A. Reduces Stock Position in RingCentral, Inc. (NYSE:RNG)

Assenagon Asset Management S.A. reduced its position in RingCentral, Inc. (NYSE:RNG - Free Report) by 22.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 147,465 shares of the software maker's stock after selling 41,550 shares during the period. Assenagon Asset Management S.A. owned approximately 0.16% of RingCentral worth $5,006,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of RNG. Advisors Asset Management Inc. lifted its position in RingCentral by 51.5% during the first quarter. Advisors Asset Management Inc. now owns 886 shares of the software maker's stock valued at $104,000 after purchasing an additional 301 shares in the last quarter. Quarry LP lifted its position in RingCentral by 1,354.8% during the second quarter. Quarry LP now owns 1,222 shares of the software maker's stock valued at $40,000 after purchasing an additional 1,138 shares in the last quarter. Dark Forest Capital Management LP lifted its position in RingCentral by 40,375.0% during the first quarter. Dark Forest Capital Management LP now owns 1,619 shares of the software maker's stock valued at $50,000 after purchasing an additional 1,615 shares in the last quarter. Captrust Financial Advisors raised its holdings in RingCentral by 39.8% during the first quarter. Captrust Financial Advisors now owns 1,705 shares of the software maker's stock valued at $200,000 after acquiring an additional 485 shares during the period. Finally, Neo Ivy Capital Management bought a new stake in RingCentral during the third quarter valued at about $53,000. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at RingCentral

In related news, CFO Vaibhav Agarwal sold 14,113 shares of the company's stock in a transaction on Friday, March 15th. The stock was sold at an average price of $34.84, for a total value of $491,696.92. Following the transaction, the chief financial officer now directly owns 116,640 shares of the company's stock, valued at approximately $4,063,737.60. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other RingCentral news, CFO Vaibhav Agarwal sold 14,113 shares of the company's stock in a transaction on Friday, March 15th. The shares were sold at an average price of $34.84, for a total value of $491,696.92. Following the sale, the chief financial officer now directly owns 116,640 shares of the company's stock, valued at $4,063,737.60. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Kenneth A. Goldman sold 1,287 shares of the company's stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $34.47, for a total transaction of $44,362.89. Following the completion of the sale, the director now directly owns 23,688 shares in the company, valued at $816,525.36. The disclosure for this sale can be found here. Insiders have sold a total of 21,624 shares of company stock valued at $732,427 in the last ninety days. Company insiders own 6.76% of the company's stock.

RingCentral Stock Performance

RingCentral stock traded down $1.01 during mid-day trading on Monday, reaching $33.74. 1,239,907 shares of the company were exchanged, compared to its average volume of 1,253,457. The business has a fifty day moving average of $33.85 and a 200 day moving average of $31.59. The firm has a market cap of $3.11 billion, a P/E ratio of -19.28, a PEG ratio of 3.69 and a beta of 0.92. RingCentral, Inc. has a 12-month low of $25.08 and a 12-month high of $43.28.

RingCentral (NYSE:RNG - Get Free Report) last issued its quarterly earnings results on Tuesday, February 20th. The software maker reported ($0.33) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.31). The firm had revenue of $571.27 million during the quarter, compared to analyst estimates of $569.65 million. Sell-side analysts predict that RingCentral, Inc. will post 0.45 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Rosenblatt Securities reissued a "neutral" rating and set a $35.00 price target on shares of RingCentral in a report on Monday, December 4th. Jefferies Financial Group cut RingCentral from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $40.00 to $35.00 in a research note on Tuesday, December 12th. Piper Sandler reduced their price objective on RingCentral from $34.00 to $31.00 and set a "neutral" rating on the stock in a research note on Wednesday, February 21st. Wedbush reissued a "neutral" rating and set a $40.00 price objective on shares of RingCentral in a research note on Friday, February 16th. Finally, Needham & Company LLC reduced their price objective on RingCentral from $46.00 to $42.00 and set a "buy" rating on the stock in a research note on Wednesday, February 21st. Eight investment analysts have rated the stock with a hold rating, eight have assigned 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 "Moderate Buy" and an average price target of $38.89.

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.