OLD National Bancorp IN Has $685,000 Position in RingCentral, Inc. (NYSE:RNG)

OLD National Bancorp IN trimmed its position in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 38.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 19,560 shares of the software maker's stock after selling 12,346 shares during the quarter. OLD National Bancorp IN's holdings in RingCentral were worth $685,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Sovereign Financial Group Inc. grew its holdings in RingCentral by 4.0% during the 4th quarter. Sovereign Financial Group Inc. now owns 10,079 shares of the software maker's stock worth $353,000 after acquiring an additional 386 shares during the last quarter. KBC Group NV lifted its holdings in shares of RingCentral by 38.9% during the third quarter. KBC Group NV now owns 2,659 shares of the software maker's stock worth $84,000 after purchasing an additional 744 shares during the period. Private Advisor Group LLC grew its stake in shares of RingCentral by 13.6% in the third quarter. Private Advisor Group LLC now owns 8,119 shares of the software maker's stock worth $257,000 after purchasing an additional 971 shares during the last quarter. Quarry LP increased its holdings in RingCentral by 106.7% in the third quarter. Quarry LP now owns 1,902 shares of the software maker's stock valued at $60,000 after purchasing an additional 982 shares during the period. Finally, Venturi Wealth Management LLC raised its position in RingCentral by 150.4% during the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker's stock worth $59,000 after purchasing an additional 1,119 shares during the last quarter. 98.61% of the stock is currently owned by institutional investors.

RingCentral Trading Down 2.2 %

RNG opened at $34.81 on Friday. RingCentral, Inc. has a 1-year low of $26.98 and a 1-year high of $42.19. The company has a market cap of $3.15 billion, a price-to-earnings ratio of -32.84, a PEG ratio of 1.46 and a beta of 0.99. The company's fifty day moving average price is $36.55 and its two-hundred day moving average price is $34.25.

RingCentral (NYSE:RNG - Get Free Report) last posted its earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, topping analysts' consensus estimates of $0.14 by $0.10. The company had revenue of $608.77 million for the quarter, compared to analyst estimates of $601.91 million. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. As a group, equities analysts forecast that RingCentral, Inc. will post 0.84 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

RNG has been the subject of several recent research reports. Barclays cut RingCentral from an "overweight" rating to an "equal weight" rating and decreased their price target for the company from $45.00 to $37.00 in a research note on Monday, January 27th. Wells Fargo & Company restated an "underweight" rating and set a $30.00 price target (down previously from $38.00) on shares of RingCentral in a report on Tuesday, January 7th. Wedbush upped their price objective on shares of RingCentral from $36.00 to $41.00 and gave the company a "neutral" rating in a research note on Friday, November 8th. Rosenblatt Securities reissued a "buy" rating and set a $45.00 target price on shares of RingCentral in a research note on Friday, November 8th. Finally, Robert W. Baird upped their price target on shares of RingCentral from $36.00 to $38.00 and gave the company a "neutral" rating in a research report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $41.00.

Insider Activity at RingCentral

In other RingCentral news, CEO Vladimir Shmunis sold 66,451 shares of RingCentral stock in a transaction 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 transaction, the chief executive officer now directly owns 479,468 shares of the company's stock, valued at $16,762,201.28. The trade was a 12.17 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP John H. Marlow sold 23,284 shares of the company's stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $34.96, for a total transaction of $814,008.64. Following the completion of the sale, the senior vice president now owns 357,818 shares of the company's stock, valued at approximately $12,509,317.28. The trade was a 6.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 115,188 shares of company stock valued at $4,113,047 over the last 90 days. Insiders own 6.97% 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.

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