RingCentral, Inc. (NYSE:RNG) Shares Sold by Point72 Asset Management L.P.

Point72 Asset Management L.P. trimmed its position in RingCentral, Inc. (NYSE:RNG - Free Report) by 63.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 214,700 shares of the software maker's stock after selling 378,400 shares during the period. Point72 Asset Management L.P. owned 0.23% of RingCentral worth $6,055,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Versant Capital Management Inc increased its position in shares of RingCentral by 138.3% in the 2nd quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker's stock valued at $32,000 after acquiring an additional 664 shares during the period. Newbridge Financial Services Group Inc. increased its position in shares of RingCentral by 438.1% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 1,200 shares of the software maker's stock valued at $41,000 after acquiring an additional 977 shares during the period. Hexagon Capital Partners LLC increased its position in shares of RingCentral by 44.1% in the 1st quarter. Hexagon Capital Partners LLC now owns 1,340 shares of the software maker's stock valued at $47,000 after acquiring an additional 410 shares during the period. Point72 DIFC Ltd acquired a new position in shares of RingCentral in the 2nd quarter valued at $39,000. Finally, PNC Financial Services Group Inc. increased its position in shares of RingCentral by 13.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 4,522 shares of the software maker's stock valued at $154,000 after acquiring an additional 540 shares during the period. 98.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Robert W. Baird increased their price target on RingCentral from $35.00 to $36.00 and gave the stock a "neutral" rating in a research report on Monday, August 5th. Deutsche Bank Aktiengesellschaft increased their price target on RingCentral from $42.00 to $45.00 and gave the stock a "buy" rating in a research report on Tuesday, August 6th. StockNews.com downgraded RingCentral from a "strong-buy" rating to a "buy" rating in a research report on Friday, September 6th. Needham & Company LLC reaffirmed a "buy" rating and set a $42.00 price target on shares of RingCentral in a research report on Monday, August 5th. Finally, Northland Securities increased their price target on RingCentral from $43.00 to $50.00 and gave the stock an "outperform" rating in a research report on Friday, August 2nd. Eight research 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, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $40.07.

RingCentral Price Performance

RingCentral stock traded up $0.63 during midday trading on Wednesday, reaching $31.32. The company had a trading volume of 2,240,195 shares, compared to its average volume of 1,208,059. The company has a market capitalization of $2.88 billion, a P/E ratio of -21.01, a P/E/G ratio of 2.46 and a beta of 1.03. RingCentral, Inc. has a 12-month low of $25.08 and a 12-month high of $38.35. The firm's fifty day simple moving average is $32.06 and its 200-day simple moving average is $32.08.

RingCentral (NYSE:RNG - Get Free Report) last issued its quarterly earnings results on Thursday, August 1st. The software maker reported $0.91 earnings per share for the quarter, beating analysts' consensus estimates of $0.88 by $0.03. The company had revenue of $592.91 million during the quarter, compared to analysts' expectations of $586.39 million. The company's quarterly revenue was up 9.9% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.03) earnings per share. On average, analysts expect that RingCentral, Inc. will post 0.63 EPS for the current fiscal year.

Insider Buying and Selling at RingCentral

In other RingCentral news, CEO Vladimir Shmunis sold 62,244 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $32.51, for a total value of $2,023,552.44. Following the completion of the sale, the chief executive officer now owns 573,725 shares in the company, valued at approximately $18,651,799.75. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the firm's stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $33.45, for a total transaction of $331,589.85. Following the completion of the sale, the chief financial officer now owns 358,622 shares in the company, valued at approximately $11,995,905.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Vladimir Shmunis sold 62,244 shares of the firm's stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $32.51, for a total transaction of $2,023,552.44. Following the sale, the chief executive officer now owns 573,725 shares of the company's stock, valued at approximately $18,651,799.75. The disclosure for this sale can be found here. In the last quarter, insiders sold 103,824 shares of company stock worth $3,386,396. Insiders own 6.76% of the company's stock.

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.