Pictet Asset Management Holding SA Sells 1,954,813 Shares of RingCentral, Inc. (NYSE:RNG)

Pictet Asset Management Holding SA trimmed its position in RingCentral, Inc. (NYSE:RNG - Free Report) by 99.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 10,196 shares of the software maker's stock after selling 1,954,813 shares during the period. Pictet Asset Management Holding SA's holdings in RingCentral were worth $357,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RNG. Hennessy Advisors Inc. bought a new position in shares of RingCentral during the fourth quarter worth $59,055,000. Jupiter Asset Management Ltd. boosted its position in RingCentral by 4.7% during the fourth quarter. Jupiter Asset Management Ltd. now owns 1,058,753 shares of the software maker's stock valued at $37,067,000 after purchasing an additional 47,827 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in RingCentral by 1.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 832,197 shares of the software maker's stock worth $29,135,000 after buying an additional 10,110 shares during the last quarter. Valley Wealth Managers Inc. acquired a new position in shares of RingCentral during the 4th quarter worth about $20,792,000. Finally, Fort Washington Investment Advisors Inc. OH raised its stake in RingCentral by 32.5% in the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 550,304 shares of the software maker's stock valued at $19,266,000 after buying an additional 134,928 shares during the period. 98.61% of the stock is owned by institutional investors.

RingCentral Stock Up 1.7 %

RNG traded up $0.38 during trading on Wednesday, hitting $22.95. 111,719 shares of the company's stock were exchanged, compared to its average volume of 1,327,148. RingCentral, Inc. has a fifty-two week low of $20.59 and a fifty-two week high of $42.19. The stock has a market cap of $2.08 billion, a P/E ratio of -35.75, a PEG ratio of 1.27 and a beta of 1.30. The business's 50 day moving average is $27.65 and its two-hundred day moving average is $32.76.

RingCentral (NYSE:RNG - Get Free Report) last released its quarterly earnings results on Thursday, February 20th. The software maker reported $0.23 EPS for the quarter, missing analysts' consensus estimates of $0.96 by ($0.73). RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The company had revenue of $614.51 million during the quarter, compared to analysts' expectations of $612.37 million. On average, sell-side analysts forecast that RingCentral, Inc. will post 1.29 earnings per share for the current year.

Wall Street Analysts Forecast Growth

RNG has been the topic of a number of research reports. Raymond James decreased their price target on shares of RingCentral from $45.00 to $40.00 and set an "outperform" rating on the stock in a research note on Friday, February 21st. Needham & Company LLC cut their price objective on shares of RingCentral from $42.00 to $36.00 and set a "buy" rating for the company in a research report on Friday, February 21st. Robert W. Baird reduced their target price on RingCentral from $38.00 to $32.00 and set a "neutral" rating on the stock in a report on Tuesday, February 25th. Wells Fargo & Company reissued an "underweight" rating and set a $30.00 price objective (down previously from $38.00) on shares of RingCentral in a report on Tuesday, January 7th. Finally, Rosenblatt Securities lowered their price objective on RingCentral from $45.00 to $40.00 and set a "buy" rating for the company in a research note on Friday, February 21st. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $36.85.

Insider Activity

In related news, CEO Vladimir Shmunis sold 66,112 shares of RingCentral stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $28.83, for a total value of $1,906,008.96. Following the sale, the chief executive officer now owns 568,300 shares of the company's stock, valued at approximately $16,384,089. The trade was a 10.42 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP John H. Marlow sold 35,089 shares of the stock in a transaction on Monday, February 24th. The stock was sold at an average price of $28.56, for a total value of $1,002,141.84. Following the transaction, the senior vice president now owns 313,510 shares of the company's stock, valued at $8,953,845.60. The trade was a 10.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 247,740 shares of company stock valued at $7,099,279 over the last three months. Corporate insiders own 6.97% of the company's stock.

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.