RingCentral, Inc. (NYSE:RNG) Shares Sold by Pacer Advisors Inc.

Pacer Advisors Inc. cut its stake in RingCentral, Inc. (NYSE:RNG - Free Report) by 18.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,154,182 shares of the software maker's stock after selling 485,174 shares during the quarter. Pacer Advisors Inc. owned about 2.38% of RingCentral worth $75,418,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in RNG. Sovereign Financial Group Inc. boosted its stake in RingCentral by 4.0% in the fourth quarter. Sovereign Financial Group Inc. now owns 10,079 shares of the software maker's stock valued at $353,000 after acquiring an additional 386 shares in the last quarter. Xponance Inc. lifted its position in RingCentral by 6.8% during the 2nd quarter. Xponance Inc. now owns 11,122 shares of the software maker's stock worth $314,000 after acquiring an additional 704 shares during the period. KBC Group NV grew its stake in RingCentral by 38.9% during the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker's stock valued at $84,000 after purchasing an additional 744 shares during the last quarter. Private Advisor Group LLC increased 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 worth $257,000 after buying an additional 971 shares during the period. Finally, Quarry LP increased its stake in shares of RingCentral by 106.7% in the third quarter. Quarry LP now owns 1,902 shares of the software maker's stock worth $60,000 after acquiring an additional 982 shares during the period. Hedge funds and other institutional investors own 98.61% of the company's stock.

Insider Buying and Selling at RingCentral

In other RingCentral news, Director Ned D. Segal sold 2,914 shares of RingCentral stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $41.60, for a total value of $121,222.40. Following the completion of the transaction, the director now directly owns 10,633 shares of the company's stock, valued at $442,332.80. The trade was a 21.51 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP John H. Marlow sold 8,720 shares of the stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $42.05, for a total transaction of $366,676.00. Following the sale, the senior vice president now directly owns 334,869 shares in the company, valued at $14,081,241.45. This represents a 2.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 115,188 shares of company stock valued at $4,113,047 over the last 90 days. 6.97% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Raymond James restated an "outperform" rating and issued a $45.00 target price (down previously from $50.00) on shares of RingCentral in a research note on Friday, January 3rd. Wedbush raised their price target on shares of RingCentral from $36.00 to $41.00 and gave the company a "neutral" rating in a research report on Friday, November 8th. Wells Fargo & Company reiterated an "underweight" rating and issued a $30.00 price objective (down previously from $38.00) on shares of RingCentral in a research report on Tuesday, January 7th. Morgan Stanley upped their price target on RingCentral from $38.00 to $40.00 and gave the stock an "equal weight" rating in a report on Wednesday, December 18th. Finally, Needham & Company LLC restated a "buy" rating and issued a $42.00 price objective on shares of RingCentral in a research report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has assigned 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.

RingCentral Trading Down 1.1 %

RingCentral stock traded down $0.38 during midday trading on Monday, hitting $34.27. 558,676 shares of the stock were exchanged, compared to its average volume of 1,179,174. The stock has a market capitalization of $3.10 billion, a price-to-earnings ratio of -32.36, a PEG ratio of 1.40 and a beta of 0.99. The stock's 50-day simple moving average is $36.56 and its 200 day simple moving average is $34.13. RingCentral, Inc. has a fifty-two week low of $26.98 and a fifty-two week high of $42.19.

RingCentral (NYSE:RNG - Get Free Report) last announced its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, beating the consensus estimate of $0.14 by $0.10. The business had revenue of $608.77 million for the quarter, compared to analyst estimates of $601.91 million. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. Equities analysts anticipate that RingCentral, Inc. will post 0.84 EPS for the current fiscal 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.