RingCentral, Inc. (NYSE:RNG) Shares Sold by Marshall Wace LLP

Marshall Wace LLP cut its position in RingCentral, Inc. (NYSE:RNG - Free Report) by 17.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 143,128 shares of the software maker's stock after selling 30,645 shares during the quarter. Marshall Wace LLP owned 0.16% of RingCentral worth $4,036,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of RNG. Advisory Services Network LLC raised its position in RingCentral by 19.8% in the 4th quarter. Advisory Services Network LLC now owns 8,365 shares of the software maker's stock valued at $284,000 after purchasing an additional 1,382 shares in the last quarter. Treasurer of the State of North Carolina raised its holdings in RingCentral by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 37,832 shares of the software maker's stock valued at $1,284,000 after acquiring an additional 360 shares in the last quarter. First Trust Advisors LP lifted its stake in RingCentral by 15.9% in the fourth quarter. First Trust Advisors LP now owns 1,991,917 shares of the software maker's stock worth $67,626,000 after acquiring an additional 273,109 shares during the last quarter. Vinva Investment Management Ltd grew its holdings in RingCentral by 24.5% during the 4th quarter. Vinva Investment Management Ltd now owns 10,616 shares of the software maker's stock worth $360,000 after acquiring an additional 2,090 shares in the last quarter. Finally, Seven Eight Capital LP purchased a new stake in shares of RingCentral in the 4th quarter valued at approximately $607,000. Hedge funds and other institutional investors own 98.61% of the company's stock.

RingCentral Trading Down 0.9 %

Shares of RNG traded down $0.27 during mid-day trading on Thursday, hitting $31.04. The company's stock had a trading volume of 1,354,825 shares, compared to its average volume of 1,208,834. RingCentral, Inc. has a 1-year low of $25.08 and a 1-year high of $38.35. The firm has a market capitalization of $2.85 billion, a P/E ratio of -21.01, a P/E/G ratio of 2.46 and a beta of 1.03. The firm has a 50-day simple moving average of $32.05 and a 200 day simple moving average of $32.08.

RingCentral (NYSE:RNG - Get Free Report) last issued its earnings results on Thursday, August 1st. The software maker reported $0.91 EPS for the quarter, topping the consensus estimate of $0.88 by $0.03. The company had revenue of $592.91 million for the quarter, compared to analysts' expectations of $586.39 million. During the same quarter in the previous year, the firm posted ($0.03) earnings per share. RingCentral's revenue for the quarter was up 9.9% on a year-over-year basis. As a group, sell-side analysts predict that RingCentral, Inc. will post 0.63 EPS for the current fiscal year.

Wall Street Analyst Weigh In

RNG has been the subject of a number of analyst reports. Northland Securities boosted their target price on shares of RingCentral from $43.00 to $50.00 and gave the stock an "outperform" rating in a research note on Friday, August 2nd. Wells Fargo & Company increased their price objective on RingCentral from $28.00 to $35.00 and gave the company an "equal weight" rating in a report on Friday, August 2nd. Piper Sandler lowered their price target on RingCentral from $32.00 to $31.00 and set a "neutral" rating for the company in a report on Wednesday, July 10th. StockNews.com cut shares of RingCentral from a "strong-buy" rating to a "buy" rating in a report on Friday, September 6th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of RingCentral from $42.00 to $45.00 and gave the stock a "buy" rating in a research report on Tuesday, August 6th. Eight investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, RingCentral presently has a consensus rating of "Moderate Buy" and a consensus target price of $40.07.

Insider Activity

In other RingCentral news, CEO Vladimir Shmunis sold 62,244 shares of the business's stock in a transaction 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 directly owns 573,725 shares in the company, valued at $18,651,799.75. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CEO Vladimir Shmunis sold 62,244 shares of RingCentral 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 completion of the transaction, the chief executive officer now directly owns 573,725 shares in the company, valued at approximately $18,651,799.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Vaibhav Agarwal sold 10,184 shares of the business's stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $32.88, for a total value of $334,849.92. Following the completion of the transaction, the chief financial officer now directly owns 137,545 shares of the company's stock, valued at $4,522,479.60. The disclosure for this sale can be found here. In the last three months, insiders sold 103,824 shares of company stock worth $3,386,396. Company 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.