RingCentral, Inc. (NYSE:RNG) Stock Holdings Lessened by SG Americas Securities LLC

SG Americas Securities LLC cut its position in RingCentral, Inc. (NYSE:RNG - Free Report) by 88.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,277 shares of the software maker's stock after selling 69,559 shares during the quarter. SG Americas Securities LLC's holdings in RingCentral were worth $293,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in RNG. Versant Capital Management Inc grew its stake in RingCentral by 138.3% during the 2nd quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker's stock valued at $32,000 after purchasing an additional 664 shares in the last quarter. Hexagon Capital Partners LLC grew its position in shares of RingCentral by 44.1% during the first quarter. Hexagon Capital Partners LLC now owns 1,340 shares of the software maker's stock worth $47,000 after buying an additional 410 shares in the last quarter. Point72 DIFC Ltd bought a new stake in shares of RingCentral in the second quarter worth $39,000. Central Pacific Bank Trust Division acquired a new stake in RingCentral in the third quarter valued at $121,000. Finally, PNC Financial Services Group Inc. raised its holdings in RingCentral by 13.6% in the fourth 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 in the last quarter. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at RingCentral

In other RingCentral news, CFO Vaibhav Agarwal sold 1,985 shares of the business's stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total transaction of $62,329.00. Following the sale, the chief financial officer now directly owns 135,560 shares in the company, valued at approximately $4,256,584. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the firm's stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $33.45, for a total transaction of $331,589.85. Following the completion of the transaction, the chief financial officer now owns 358,622 shares of the company's stock, valued at $11,995,905.90. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Vaibhav Agarwal sold 1,985 shares of RingCentral stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $31.40, for a total value of $62,329.00. Following the transaction, the chief financial officer now directly owns 135,560 shares in the company, valued at approximately $4,256,584. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 103,824 shares of company stock worth $3,386,396 in the last 90 days. Corporate insiders own 6.76% of the company's stock.

RingCentral Stock Performance

Shares of RNG traded up $0.18 during mid-day trading on Monday, reaching $34.11. 1,373,420 shares of the company's stock traded hands, compared to its average volume of 1,219,513. RingCentral, Inc. has a 12 month low of $25.08 and a 12 month high of $38.35. The stock has a market capitalization of $3.14 billion, a P/E ratio of -23.06, a price-to-earnings-growth ratio of 2.55 and a beta of 1.03. The business's 50-day moving average price is $31.49 and its 200-day moving average price is $31.81.

RingCentral (NYSE:RNG - Get Free Report) last announced its earnings results on Thursday, August 1st. The software maker reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.03. The business had revenue of $592.91 million for the quarter, compared to the consensus estimate of $586.39 million. During the same period in the previous year, the firm earned ($0.03) EPS. The firm's revenue was up 9.9% on a year-over-year basis. Equities research analysts anticipate that RingCentral, Inc. will post 0.63 EPS for the current year.

Analysts Set New Price Targets

RNG has been the subject of several research analyst reports. Rosenblatt Securities raised shares of RingCentral from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $35.00 to $45.00 in a research report on Friday, August 2nd. Wedbush raised RingCentral to a "hold" rating in a report on Thursday. Wells Fargo & Company boosted their price target 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 reduced their price objective on RingCentral from $32.00 to $31.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 10th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of RingCentral from $42.00 to $45.00 and gave the company a "buy" rating in a research note on Tuesday, August 6th. Eight analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, RingCentral has an average rating of "Moderate Buy" and a consensus price target of $40.07.

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.