Dynamic Technology Lab Private Ltd Has $516,000 Stake in RingCentral, Inc. (NYSE:RNG)

Dynamic Technology Lab Private Ltd reduced its stake in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 76.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,303 shares of the software maker's stock after selling 53,858 shares during the quarter. Dynamic Technology Lab Private Ltd's holdings in RingCentral were worth $516,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in RNG. Comerica Bank grew its stake in shares of RingCentral by 1,715.5% in the first quarter. Comerica Bank now owns 13,090 shares of the software maker's stock worth $455,000 after purchasing an additional 12,369 shares in the last quarter. Versant Capital Management Inc grew its stake in shares of RingCentral by 138.3% in the second quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker's stock worth $32,000 after purchasing an additional 664 shares in the last quarter. SG Americas Securities LLC grew its stake in shares of RingCentral by 782.0% in the second quarter. SG Americas Securities LLC now owns 78,836 shares of the software maker's stock worth $2,223,000 after purchasing an additional 69,898 shares in the last quarter. Wedge Capital Management L L P NC grew its stake in shares of RingCentral by 14.4% in the second quarter. Wedge Capital Management L L P NC now owns 57,628 shares of the software maker's stock worth $1,625,000 after purchasing an additional 7,251 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of RingCentral in the second quarter worth $2,476,000. 98.61% of the stock is currently owned by institutional investors.

RingCentral Stock Down 1.1 %

Shares of NYSE RNG traded down $0.43 during mid-day trading on Friday, hitting $37.63. 380,904 shares of the company traded hands, compared to its average volume of 1,216,912. RingCentral, Inc. has a 1 year low of $26.98 and a 1 year high of $40.98. The stock has a market capitalization of $3.40 billion, a price-to-earnings ratio of -35.50, a PEG ratio of 2.42 and a beta of 0.99. The business has a 50 day moving average of $34.28 and a two-hundred day moving average of $32.77.

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

Insider Buying and Selling

In other RingCentral news, SVP John H. Marlow sold 23,284 shares of the company's stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $34.96, for a total value of $814,008.64. Following the transaction, the senior vice president now directly owns 357,818 shares of the company's stock, valued at $12,509,317.28. This represents a 6.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Vaibhav Agarwal sold 1,985 shares of the company's 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 completion of 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 1.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 104,082 shares of company stock valued at $3,632,417. Corporate insiders own 6.76% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on RNG shares. Raymond James decreased their price target on RingCentral from $52.00 to $50.00 and set a "strong-buy" rating for the company in a research note on Friday, November 8th. Rosenblatt Securities reaffirmed a "buy" rating and set a $45.00 target price on shares of RingCentral in a research note on Friday, November 8th. Needham & Company LLC reaffirmed a "buy" rating and set a $42.00 target price on shares of RingCentral in a research note on Monday, November 11th. Robert W. Baird raised their target price on RingCentral from $36.00 to $38.00 and gave the company a "neutral" rating in a research note on Monday, November 11th. Finally, Wedbush raised 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. Eight equities research 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 company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $40.73.

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.