XTX Topco Ltd Sells 21,356 Shares of RingCentral, Inc. (NYSE:RNG)

XTX Topco Ltd decreased its stake in RingCentral, Inc. (NYSE:RNG - Free Report) by 46.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 24,291 shares of the software maker's stock after selling 21,356 shares during the period. XTX Topco Ltd's holdings in RingCentral were worth $768,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Sovereign Financial Group Inc. lifted its stake in RingCentral by 6.9% in the third 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 during the last quarter. Xponance Inc. lifted its position in RingCentral by 6.8% in the 2nd quarter. Xponance Inc. now owns 11,122 shares of the software maker's stock valued at $314,000 after purchasing an additional 704 shares during the last quarter. KBC Group NV boosted its stake in RingCentral by 38.9% during the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker's stock valued at $84,000 after purchasing an additional 744 shares during the period. Private Advisor Group LLC grew its position in RingCentral by 13.6% in the 3rd quarter. Private Advisor Group LLC now owns 8,119 shares of the software maker's stock worth $257,000 after purchasing an additional 971 shares during the last quarter. Finally, Quarry LP increased its stake in shares of RingCentral by 106.7% in the third quarter. Quarry LP now owns 1,902 shares of the software maker's stock valued at $60,000 after purchasing an additional 982 shares during the period. Institutional investors and hedge funds own 98.61% of the company's stock.

Analyst Ratings Changes

RNG has been the subject of a number of recent analyst reports. Raymond James decreased their price objective on RingCentral from $52.00 to $50.00 and set a "strong-buy" rating for the company in a report on Friday, November 8th. Needham & Company LLC reissued a "buy" rating and set a $42.00 price target on shares of RingCentral in a report on Monday, November 11th. Wedbush upped their price objective on shares of RingCentral from $36.00 to $41.00 and gave the stock a "neutral" rating in a report on Friday, November 8th. Piper Sandler raised their target price on shares of RingCentral from $31.00 to $38.00 and gave the company a "neutral" rating in a research note on Friday, November 8th. Finally, StockNews.com raised shares of RingCentral from a "buy" rating to a "strong-buy" rating in a research note on Monday, November 11th. Eight analysts have rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $40.73.

RingCentral Trading Down 1.1 %

RNG stock traded down $0.47 during mid-day trading on Thursday, reaching $41.35. 1,136,967 shares of the stock traded hands, compared to its average volume of 1,235,898. The stock's fifty day moving average is $35.70 and its 200-day moving average is $32.94. The company has a market cap of $3.74 billion, a P/E ratio of -39.45, a P/E/G ratio of 2.60 and a beta of 0.99. RingCentral, Inc. has a 52-week low of $26.98 and a 52-week high of $42.19.

RingCentral (NYSE:RNG - Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.10. The firm had revenue of $608.77 million for 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%. Equities research analysts expect that RingCentral, Inc. will post 0.84 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Vaibhav Agarwal sold 1,985 shares of the company's stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total value of $62,329.00. Following the transaction, the chief financial officer now directly owns 135,560 shares of the company's stock, valued at approximately $4,256,584. This represents a 1.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Robert I. Theis sold 1,457 shares of RingCentral stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $37.79, for a total value of $55,060.03. Following the sale, the director now directly owns 28,690 shares of the company's stock, valued at approximately $1,084,195.10. The trade was a 4.83 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 114,259 shares of company stock valued at $4,054,153. Corporate insiders own 6.76% 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.