Point72 Hong Kong Ltd Lowers Position in RingCentral, Inc. (NYSE:RNG)

Point72 Hong Kong Ltd decreased its holdings in RingCentral, Inc. (NYSE:RNG - Free Report) by 97.0% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,269 shares of the software maker's stock after selling 73,086 shares during the period. Point72 Hong Kong Ltd's holdings in RingCentral were worth $72,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in RNG. Sovereign Financial Group Inc. grew its holdings in RingCentral by 6.9% during the 3rd quarter. Sovereign Financial Group Inc. now owns 9,693 shares of the software maker's stock valued at $307,000 after buying an additional 625 shares in the last quarter. Xponance Inc. grew its holdings in shares of RingCentral by 6.8% in the second quarter. Xponance Inc. now owns 11,122 shares of the software maker's stock valued at $314,000 after purchasing an additional 704 shares in the last quarter. KBC Group NV increased its position in RingCentral by 38.9% in the third quarter. KBC Group NV now owns 2,659 shares of the software maker's stock worth $84,000 after purchasing an additional 744 shares during the last quarter. Private Advisor Group LLC raised its stake in RingCentral by 13.6% during the third quarter. Private Advisor Group LLC now owns 8,119 shares of the software maker's stock valued at $257,000 after purchasing an additional 971 shares in the last quarter. Finally, Lecap Asset Management Ltd. lifted its position in RingCentral by 3.0% during the second quarter. Lecap Asset Management Ltd. now owns 34,325 shares of the software maker's stock valued at $968,000 after purchasing an additional 1,001 shares during the last quarter. Hedge funds and other institutional investors own 98.61% of the company's stock.

Analyst Ratings Changes

RNG has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft upped their target price on shares of RingCentral from $42.00 to $45.00 and gave the company a "buy" rating in a research report on Tuesday, August 6th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $45.00 price objective on shares of RingCentral in a research note on Friday, November 8th. Needham & Company LLC reissued a "buy" rating and set a $42.00 target price on shares of RingCentral in a research report on Monday, November 11th. Wedbush raised their price target on RingCentral from $36.00 to $41.00 and gave the stock a "neutral" rating in a research report on Friday, November 8th. Finally, Raymond James cut their price objective on shares of RingCentral from $52.00 to $50.00 and set a "strong-buy" rating on the stock in a research report on Friday, November 8th. Eight research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $40.73.

RingCentral Stock Up 7.4 %

Shares of RNG traded up $2.74 during trading hours on Wednesday, reaching $39.79. 2,105,923 shares of the company traded hands, compared to its average volume of 1,230,476. The stock has a market capitalization of $3.60 billion, a P/E ratio of -37.23, a P/E/G ratio of 2.40 and a beta of 0.99. The business has a fifty day moving average price of $34.55 and a 200-day moving average price of $32.71. RingCentral, Inc. has a 12-month low of $26.98 and a 12-month high of $40.98.

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

Insider Activity

In other news, SVP John H. Marlow sold 23,284 shares of RingCentral stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $34.96, for a total value of $814,008.64. Following the sale, the senior vice president now directly owns 357,818 shares of the company's stock, valued at $12,509,317.28. The trade was a 6.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Vladimir Shmunis sold 66,451 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $34.96, for a total transaction of $2,323,126.96. Following the completion of the sale, the chief executive officer now owns 479,468 shares of the company's stock, valued at $16,762,201.28. This trade represents a 12.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 104,082 shares of company stock valued at $3,632,417 in the last quarter. 6.76% of the stock is currently owned by company insiders.

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.