RingCentral, Inc. (NYSE:RNG) Position Trimmed by Maple Rock Capital Partners Inc.

Maple Rock Capital Partners Inc. lowered its stake in RingCentral, Inc. (NYSE:RNG - Free Report) by 21.9% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 995,956 shares of the software maker's stock after selling 279,000 shares during the quarter. RingCentral makes up about 0.9% of Maple Rock Capital Partners Inc.'s holdings, making the stock its 20th biggest position. Maple Rock Capital Partners Inc. owned about 1.08% of RingCentral worth $31,502,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Sovereign Financial Group Inc. raised its holdings in RingCentral by 6.9% in the 3rd quarter. Sovereign Financial Group Inc. now owns 9,693 shares of the software maker's stock valued at $307,000 after acquiring an additional 625 shares during the last quarter. Xponance Inc. raised its holdings in RingCentral by 6.8% in the 2nd quarter. Xponance Inc. now owns 11,122 shares of the software maker's stock valued at $314,000 after acquiring an additional 704 shares during the last quarter. KBC Group NV raised its holdings in RingCentral by 38.9% in the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker's stock valued at $84,000 after acquiring an additional 744 shares during the last quarter. Private Advisor Group LLC raised its holdings in RingCentral by 13.6% in the 3rd quarter. Private Advisor Group LLC now owns 8,119 shares of the software maker's stock valued at $257,000 after acquiring an additional 971 shares during the last quarter. Finally, Lecap Asset Management Ltd. raised its holdings in RingCentral by 3.0% in the 2nd quarter. Lecap Asset Management Ltd. now owns 34,325 shares of the software maker's stock valued at $968,000 after acquiring an additional 1,001 shares during the last quarter. Hedge funds and other institutional investors own 98.61% of the company's stock.

Insider Transactions at RingCentral

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

Wall Street Analyst Weigh In

A number of analysts have recently commented on RNG shares. Raymond James dropped their price objective on RingCentral from $52.00 to $50.00 and set a "strong-buy" rating for the company in a report on Friday, November 8th. StockNews.com upgraded RingCentral from a "buy" rating to a "strong-buy" rating in a report on Monday, November 11th. Robert W. Baird upped their price objective on RingCentral from $36.00 to $38.00 and gave the stock a "neutral" rating in a report on Monday, November 11th. Rosenblatt Securities restated a "buy" rating and set a $45.00 price objective on shares of RingCentral in a report on Friday, November 8th. Finally, Piper Sandler increased their price target on RingCentral from $31.00 to $38.00 and gave the company a "neutral" rating in a report on Friday, November 8th. Eight investment analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $40.73.

RingCentral Trading Up 7.4 %

NYSE:RNG traded up $2.74 on Wednesday, reaching $39.79. The stock had a trading volume of 2,106,820 shares, compared to its average volume of 1,229,792. The company has a 50-day moving average of $34.55 and a 200 day moving average of $32.71. The stock has a market cap of $3.60 billion, a P/E ratio of -37.23, a price-to-earnings-growth ratio of 2.40 and a beta of 0.99. RingCentral, Inc. has a 12-month low of $26.98 and a 12-month high of $40.98.

RingCentral (NYSE:RNG - Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, beating analysts' consensus estimates 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. On average, equities analysts predict that RingCentral, Inc. will post 0.84 EPS for the current year.

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.