RingCentral, Inc. (NYSE:RNG) Shares Sold by Foundry Partners LLC

Foundry Partners LLC decreased its position in RingCentral, Inc. (NYSE:RNG - Free Report) by 9.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 254,562 shares of the software maker's stock after selling 26,358 shares during the quarter. Foundry Partners LLC owned approximately 0.28% of RingCentral worth $8,912,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Quarry LP grew its stake in RingCentral by 106.7% in the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker's stock valued at $60,000 after purchasing an additional 982 shares during the period. Venturi Wealth Management LLC grew its stake 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 buying an additional 1,028 shares in the last quarter. KBC Group NV grew its position in shares of RingCentral by 30.8% in the fourth 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 bought a new position in RingCentral in the 4th quarter worth about $173,000. Finally, Point72 DIFC Ltd increased its position in shares of RingCentral by 301.1% during the third quarter. Point72 DIFC Ltd now owns 5,535 shares of the software maker's stock valued at $175,000 after buying an additional 4,155 shares during the period. Institutional investors own 98.61% of the company's stock.

Insiders Place Their Bets

In related news, CEO Vladimir Shmunis sold 66,112 shares of the business's stock in a transaction on Friday, February 21st. The stock was sold at an average price of $28.83, for a total transaction of $1,906,008.96. Following the transaction, the chief executive officer now directly owns 568,300 shares in the company, valued at $16,384,089. The trade was a 10.42 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP John H. Marlow sold 22,979 shares of the business's stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $28.82, for a total value of $662,254.78. Following the sale, the senior vice president now owns 348,599 shares in the company, valued at $10,046,623.18. The trade was a 6.18 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 247,740 shares of company stock valued at $7,099,279 over the last 90 days. Insiders own 6.97% of the company's stock.

RingCentral Stock Up 1.5 %

RingCentral stock traded up $0.32 during mid-day trading on Wednesday, reaching $21.83. 359,163 shares of the company's stock traded hands, compared to its average volume of 1,310,206. RingCentral, Inc. has a 12-month low of $20.59 and a 12-month high of $42.19. The stock has a 50 day moving average of $29.03 and a two-hundred day moving average of $33.08. The company has a market cap of $1.98 billion, a price-to-earnings ratio of -33.96, a PEG ratio of 1.27 and a beta of 1.30.

RingCentral (NYSE:RNG - Get Free Report) last announced its quarterly earnings results on Thursday, February 20th. The software maker reported $0.23 EPS for the quarter, missing analysts' consensus estimates of $0.96 by ($0.73). RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The business had revenue of $614.51 million during the quarter, compared to the consensus estimate of $612.37 million. As a group, sell-side analysts forecast that RingCentral, Inc. will post 1.29 earnings per share for the current year.

Analyst Ratings Changes

RNG has been the subject of several recent analyst reports. Morgan Stanley boosted their price objective on shares of RingCentral from $38.00 to $40.00 and gave the company an "equal weight" rating in a research note on Wednesday, December 18th. Piper Sandler decreased their price objective on RingCentral from $38.00 to $31.00 and set a "neutral" rating on the stock in a report on Friday, February 21st. Wells Fargo & Company reaffirmed an "underweight" rating and issued a $30.00 price target (down from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th. Needham & Company LLC lowered their price target on RingCentral from $42.00 to $36.00 and set a "buy" rating for the company in a research report on Friday, February 21st. Finally, UBS Group cut their target price on shares of RingCentral from $40.00 to $38.00 and set a "neutral" rating on the stock in a research note on Friday, February 21st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $37.69.

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.