RingCentral, Inc. (NYSE:RNG) Shares Sold by GSA Capital Partners LLP

GSA Capital Partners LLP trimmed its position in RingCentral, Inc. (NYSE:RNG - Free Report) by 82.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,533 shares of the software maker's stock after selling 52,381 shares during the period. GSA Capital Partners LLP's holdings in RingCentral were worth $365,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RNG. Vanguard Group Inc. increased its stake in shares of RingCentral by 5.2% in the first quarter. Vanguard Group Inc. now owns 10,909,549 shares of the software maker's stock worth $378,998,000 after acquiring an additional 538,325 shares during the period. Pacer Advisors Inc. lifted its holdings in shares of RingCentral by 25.2% in the 2nd quarter. Pacer Advisors Inc. now owns 1,816,464 shares of the software maker's stock valued at $51,224,000 after buying an additional 365,738 shares during the period. Cubist Systematic Strategies LLC boosted its stake in shares of RingCentral by 130.1% in the second quarter. Cubist Systematic Strategies LLC now owns 414,347 shares of the software maker's stock worth $11,685,000 after buying an additional 234,238 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in RingCentral by 163.1% during the first quarter. Jacobs Levy Equity Management Inc. now owns 310,991 shares of the software maker's stock worth $10,804,000 after acquiring an additional 192,766 shares during the period. Finally, Jupiter Asset Management Ltd. raised its position in RingCentral by 404.2% during the second quarter. Jupiter Asset Management Ltd. now owns 219,187 shares of the software maker's stock valued at $6,181,000 after acquiring an additional 175,715 shares in the last quarter. Hedge funds and other institutional investors own 98.61% of the company's stock.

Insider Activity at RingCentral

In other news, CFO Vaibhav Agarwal sold 1,985 shares of the firm's stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total transaction of $62,329.00. Following the completion of the sale, the chief financial officer now owns 135,560 shares in the company, valued at $4,256,584. This trade represents a 1.44 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Vladimir Shmunis sold 66,451 shares of RingCentral stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $34.96, for a total transaction of $2,323,126.96. Following the sale, the chief executive officer now directly owns 479,468 shares in the company, valued at approximately $16,762,201.28. The trade was a 12.17 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 104,082 shares of company stock valued at $3,632,417. 6.76% of the stock is currently owned by insiders.

RingCentral Stock Up 5.9 %

Shares of RingCentral stock traded up $2.04 during trading hours on Friday, reaching $36.91. 1,282,240 shares of the company's stock were exchanged, compared to its average volume of 1,222,489. The business has a fifty day moving average of $33.32 and a two-hundred day moving average of $32.59. The company has a market capitalization of $3.34 billion, a P/E ratio of -34.82, a price-to-earnings-growth ratio of 2.26 and a beta of 0.99. RingCentral, Inc. has a 1 year low of $26.98 and a 1 year high of $40.98.

RingCentral (NYSE:RNG - Get Free Report) last announced its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.10. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. The company had revenue of $608.77 million during the quarter, compared to analysts' expectations of $601.91 million. As a group, research analysts predict that RingCentral, Inc. will post 0.84 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on RNG shares. Wells Fargo & Company raised their price objective on shares of RingCentral from $28.00 to $35.00 and gave the stock an "equal weight" rating in a research note on Friday, August 2nd. Northland Securities lifted their price objective on shares of RingCentral from $43.00 to $50.00 and gave the company an "outperform" rating in a report on Friday, August 2nd. Robert W. Baird increased their target price on shares of RingCentral from $36.00 to $38.00 and gave the stock a "neutral" rating in a research note on Monday, November 11th. Raymond James reduced their price target on RingCentral from $52.00 to $50.00 and set a "strong-buy" rating for the company in a report on Friday, November 8th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $42.00 price objective on shares of RingCentral in a report on Monday, November 11th. Eight analysts have rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $40.73.

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.