PFG Investments LLC Sells 8,467 Shares of RingCentral, Inc. (NYSE:RNG)

PFG Investments LLC lessened its holdings in RingCentral, Inc. (NYSE:RNG - Free Report) by 33.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,910 shares of the software maker's stock after selling 8,467 shares during the period. PFG Investments LLC's holdings in RingCentral were worth $592,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of RNG. Point72 DIFC Ltd purchased a new position in shares of RingCentral during the 2nd quarter worth $39,000. Venturi Wealth Management LLC boosted its holdings in RingCentral by 150.4% in the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker's stock valued at $59,000 after purchasing an additional 1,119 shares during the last quarter. Quarry LP grew its stake in shares of RingCentral by 106.7% in the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker's stock valued at $60,000 after buying an additional 982 shares during the period. KBC Group NV increased its holdings in shares of RingCentral by 38.9% during the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker's stock worth $84,000 after buying an additional 744 shares during the last quarter. Finally, Central Pacific Bank Trust Division purchased a new stake in shares of RingCentral during the 3rd quarter valued at approximately $121,000. Institutional investors and hedge funds own 98.61% of the company's stock.

Analyst Upgrades and Downgrades

RNG has been the subject of a number of analyst reports. Morgan Stanley boosted their price objective on RingCentral from $38.00 to $40.00 and gave the stock an "equal weight" rating in a research report on Wednesday, December 18th. Mizuho reaffirmed a "neutral" rating and set a $42.00 price objective on shares of RingCentral in a research report on Friday, December 13th. Wells Fargo & Company reissued an "underweight" rating and issued a $30.00 target price (down previously from $38.00) on shares of RingCentral in a report on Tuesday, January 7th. Piper Sandler upped their price objective on RingCentral from $31.00 to $38.00 and gave the stock a "neutral" rating in a research report on Friday, November 8th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued a $45.00 price target on shares of RingCentral in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, eight have given 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.com, 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, Director Ned D. Segal sold 2,914 shares of the 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 transaction, the director now owns 10,633 shares of the company's stock, valued at approximately $442,332.80. This represents a 21.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Vladimir Shmunis sold 66,451 shares of RingCentral stock in a transaction on Thursday, November 21st. The stock was 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 in the company, valued at approximately $16,762,201.28. This represents a 12.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 115,188 shares of company stock valued at $4,113,047 over the last ninety days. 6.97% of the stock is owned by insiders.

RingCentral Stock Performance

Shares of RingCentral stock traded down $0.11 during trading on Thursday, reaching $35.28. The company's stock had a trading volume of 302,409 shares, compared to its average volume of 1,134,199. The business's fifty day moving average price is $36.58 and its 200-day moving average price is $34.21. RingCentral, Inc. has a one year low of $26.98 and a one year high of $42.19. The firm has a market cap of $3.19 billion, a price-to-earnings ratio of -33.20, a price-to-earnings-growth ratio of 1.40 and a beta of 0.99.

RingCentral (NYSE:RNG - Get Free Report) last released its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, topping analysts' consensus estimates of $0.14 by $0.10. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. The company had revenue of $608.77 million during the quarter, compared to the consensus estimate of $601.91 million. Sell-side analysts anticipate that RingCentral, Inc. will post 0.84 EPS for the current year.

RingCentral 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.