RingCentral, Inc. (NYSE:RNG) Shares Sold by CANADA LIFE ASSURANCE Co

CANADA LIFE ASSURANCE Co reduced its stake in RingCentral, Inc. (NYSE:RNG - Free Report) by 16.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 132,356 shares of the software maker's stock after selling 26,516 shares during the quarter. CANADA LIFE ASSURANCE Co owned 0.15% of RingCentral worth $4,632,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Venturi Wealth Management LLC grew its holdings in RingCentral by 55.2% during the fourth quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker's stock worth $101,000 after acquiring an additional 1,028 shares during the period. KBC Group NV increased its holdings in shares of RingCentral by 30.8% in the 4th quarter. KBC Group NV now owns 3,478 shares of the software maker's stock valued at $122,000 after purchasing an additional 819 shares in the last quarter. Harvest Fund Management Co. Ltd acquired a new stake in shares of RingCentral in the fourth quarter valued at about $173,000. Central Pacific Bank Trust Division boosted its holdings in RingCentral by 31.1% during the fourth quarter. Central Pacific Bank Trust Division now owns 5,033 shares of the software maker's stock worth $176,000 after buying an additional 1,194 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in 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 buying an additional 468 shares in the last quarter. Institutional investors and hedge funds own 98.61% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on RNG shares. Mizuho reduced their price objective on RingCentral from $32.00 to $25.00 and set a "neutral" rating for the company in a report on Tuesday, April 15th. Piper Sandler cut their price target on RingCentral from $38.00 to $31.00 and set a "neutral" rating for the company in a research note on Friday, February 21st. Rosenblatt Securities lowered their price objective on shares of RingCentral from $40.00 to $28.00 and set a "buy" rating on the stock in a research note on Thursday. Raymond James cut their target price on shares of RingCentral from $45.00 to $40.00 and set an "outperform" rating for the company in a research report on Friday, February 21st. Finally, Morgan Stanley lowered their price target on shares of RingCentral from $40.00 to $29.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $34.46.

RingCentral Stock Performance

RingCentral stock traded up $0.10 during trading on Friday, hitting $25.11. The company's stock had a trading volume of 692,369 shares, compared to its average volume of 1,341,970. The stock's fifty day moving average is $25.90 and its 200 day moving average is $32.35. RingCentral, Inc. has a 1-year low of $20.59 and a 1-year high of $42.19. The stock has a market capitalization of $2.28 billion, a price-to-earnings ratio of -39.23, a P/E/G ratio of 1.27 and a beta of 1.30.

RingCentral (NYSE:RNG - Get Free Report) last announced its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.73). RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. The company had revenue of $614.51 million for the quarter, compared to analysts' expectations of $612.37 million. On average, research analysts anticipate that RingCentral, Inc. will post 1.29 EPS for the current fiscal year.

Insider Buying and Selling at RingCentral

In related news, SVP John H. Marlow sold 22,979 shares of the stock in a transaction on Friday, February 21st. The stock was sold at an average price of $28.82, for a total value of $662,254.78. Following the transaction, the senior vice president now directly owns 348,599 shares of the company's stock, valued at approximately $10,046,623.18. This trade represents a 6.18 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Vladimir Shmunis sold 123,560 shares of the business's stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $28.56, for a total value of $3,528,873.60. Following the sale, the chief executive officer now directly owns 444,740 shares of the company's stock, valued at approximately $12,701,774.40. This trade represents a 21.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 247,740 shares of company stock worth $7,099,279 in the last quarter. 6.97% of the stock is owned by insiders.

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.