UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Trims Holdings in RingCentral, Inc. (NYSE:RNG)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC reduced its position in RingCentral, Inc. (NYSE:RNG - Free Report) by 18.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 223,617 shares of the software maker's stock after selling 51,058 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.24% of RingCentral worth $7,073,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Point72 DIFC Ltd acquired a new stake in RingCentral during the 2nd quarter worth $39,000. Venturi Wealth Management LLC boosted its stake in shares of RingCentral by 150.4% during the third quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker's stock worth $59,000 after buying an additional 1,119 shares during the period. KBC Group NV boosted its stake in shares of RingCentral by 38.9% during the third quarter. KBC Group NV now owns 2,659 shares of the software maker's stock worth $84,000 after buying an additional 744 shares during the period. Central Pacific Bank Trust Division purchased a new position in shares of RingCentral during the third quarter worth about $121,000. Finally, CWM LLC increased its position in RingCentral by 595.9% in the 3rd quarter. CWM LLC now owns 4,746 shares of the software maker's stock valued at $150,000 after acquiring an additional 4,064 shares during the period. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

RNG has been the topic of several analyst reports. StockNews.com upgraded RingCentral from a "buy" rating to a "strong-buy" rating in a research note on Monday, November 11th. Raymond James lowered 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. Piper Sandler upped their price objective on shares of RingCentral from $31.00 to $38.00 and gave the stock a "neutral" rating in a research report on Friday, November 8th. Rosenblatt Securities reiterated a "buy" rating and set a $45.00 price target on shares of RingCentral in a research note on Friday, November 8th. Finally, Needham & Company LLC restated a "buy" rating and issued a $42.00 price objective on shares of RingCentral in a research report on Monday, November 11th. Eight analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $40.73.

Insiders Place Their Bets

In other news, CFO Vaibhav Agarwal sold 1,985 shares of RingCentral 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 transaction, the chief financial officer now directly owns 135,560 shares of the company's stock, valued at $4,256,584. The trade was a 1.44 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Vladimir Shmunis sold 66,451 shares of the stock in a transaction on Thursday, November 21st. The stock was 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 directly owns 479,468 shares of the company's stock, valued at $16,762,201.28. The trade was a 12.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 105,539 shares of company stock valued at $3,687,477 in the last quarter. 6.76% of the stock is currently owned by company insiders.

RingCentral Trading Down 1.2 %

Shares of RNG stock traded down $0.49 during mid-day trading on Tuesday, reaching $41.24. The stock had a trading volume of 2,252,636 shares, compared to its average volume of 1,236,673. The company has a market cap of $3.73 billion, a P/E ratio of -38.91, a price-to-earnings-growth ratio of 2.60 and a beta of 0.99. The business has a 50-day simple moving average of $35.49 and a 200 day simple moving average of $32.88. RingCentral, Inc. has a 12-month low of $26.98 and a 12-month high of $42.19.

RingCentral (NYSE:RNG - Get Free Report) last released its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, topping 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 company had revenue of $608.77 million during the quarter, compared to analysts' expectations of $601.91 million. Research analysts anticipate that RingCentral, Inc. will post 0.84 EPS for the current year.

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.