Centiva Capital LP Has $404,000 Stock Holdings in RingCentral, Inc. (NYSE:RNG)

Centiva Capital LP cut its position in RingCentral, Inc. (NYSE:RNG - Free Report) by 77.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,771 shares of the software maker's stock after selling 44,661 shares during the quarter. Centiva Capital LP's holdings in RingCentral were worth $404,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the company. Pacer Advisors Inc. grew its position in RingCentral by 45.3% in the 3rd quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker's stock worth $83,483,000 after purchasing an additional 822,892 shares during the last quarter. Renaissance Technologies LLC lifted its stake in shares of RingCentral by 3.5% in the second quarter. Renaissance Technologies LLC now owns 1,606,700 shares of the software maker's stock valued at $45,309,000 after buying an additional 54,500 shares during the period. AQR Capital Management LLC grew its position in RingCentral by 2.4% during the second quarter. AQR Capital Management LLC now owns 881,109 shares of the software maker's stock worth $24,706,000 after buying an additional 20,666 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in RingCentral by 7.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 822,087 shares of the software maker's stock valued at $26,003,000 after acquiring an additional 59,570 shares during the period. Finally, Cubist Systematic Strategies LLC lifted its position in shares of RingCentral by 130.1% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 414,347 shares of the software maker's stock worth $11,685,000 after acquiring an additional 234,238 shares during the period. Institutional investors own 98.61% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Wedbush upped their target price on RingCentral from $36.00 to $41.00 and gave the company a "neutral" rating in a research note on Friday, November 8th. StockNews.com raised shares of RingCentral from a "buy" rating to a "strong-buy" rating in a report on Monday, November 11th. Raymond James cut their price target on shares of RingCentral from $52.00 to $50.00 and set a "strong-buy" rating for the company in a research note on Friday, November 8th. Robert W. Baird boosted their price target on RingCentral from $36.00 to $38.00 and gave the company a "neutral" rating in a research note on Monday, November 11th. Finally, Needham & Company LLC restated a "buy" rating and issued a $42.00 price target on shares of RingCentral in a research report on Monday, November 11th. Eight analysts have rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $40.73.

Insiders Place Their Bets

In related news, SVP John H. Marlow sold 23,284 shares of the company's stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $34.96, for a total value of $814,008.64. Following the completion of the transaction, the senior vice president now directly owns 357,818 shares of the company's stock, valued at approximately $12,509,317.28. This represents a 6.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert I. Theis sold 1,457 shares of RingCentral stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $37.79, for a total value of $55,060.03. Following the completion of the sale, the director now directly owns 28,690 shares in the company, valued at $1,084,195.10. This represents a 4.83 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 105,539 shares of company stock worth $3,687,477 over the last ninety days. 6.76% of the stock is currently owned by corporate insiders.

RingCentral Stock Down 1.2 %

NYSE RNG traded down $0.49 during trading on Tuesday, reaching $41.24. 2,252,636 shares of the stock traded hands, compared to its average volume of 1,236,673. RingCentral, Inc. has a fifty-two week low of $26.98 and a fifty-two week high of $42.19. The firm has a market cap of $3.73 billion, a price-to-earnings ratio of -38.91, a price-to-earnings-growth ratio of 2.60 and a beta of 0.99. The stock's 50-day moving average price is $35.49 and its 200 day moving average price is $32.88.

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, beating analysts' consensus estimates of $0.14 by $0.10. The business had revenue of $608.77 million during the quarter, compared to analysts' expectations of $601.91 million. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. 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.