Wedge Capital Management L L P NC Cuts Stake in RingCentral, Inc. (NYSE:RNG)

Wedge Capital Management L L P NC trimmed its holdings in RingCentral, Inc. (NYSE:RNG - Free Report) by 11.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 57,870 shares of the software maker's stock after selling 7,777 shares during the period. Wedge Capital Management L L P NC owned about 0.06% of RingCentral worth $2,026,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of RNG. Hennessy Advisors Inc. bought a new position in shares of RingCentral during the fourth quarter worth about $59,055,000. Pacer Advisors Inc. increased its position in shares of RingCentral by 45.3% during the 3rd quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker's stock worth $83,483,000 after purchasing an additional 822,892 shares during the last quarter. Foundry Partners LLC bought a new stake in shares of RingCentral during the 3rd quarter worth approximately $8,886,000. Cubist Systematic Strategies LLC grew its stake in shares of RingCentral by 130.1% in the second quarter. Cubist Systematic Strategies LLC now owns 414,347 shares of the software maker's stock valued at $11,685,000 after buying an additional 234,238 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new stake in RingCentral during the second quarter worth $4,801,000. 98.61% of the stock is currently owned by institutional investors.

Insider Transactions at RingCentral

In other news, CFO Vaibhav Agarwal sold 2,178 shares of the business's stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $35.27, for a total transaction of $76,818.06. Following the completion of the sale, the chief financial officer now owns 135,560 shares in the company, valued at $4,781,201.20. The trade was a 1.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Robert I. Theis sold 1,457 shares of the stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $37.79, for a total value of $55,060.03. Following the completion of the transaction, the director now owns 28,690 shares in the company, valued at approximately $1,084,195.10. This represents a 4.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 115,188 shares of company stock valued at $4,113,047 in the last quarter. 6.97% of the stock is currently owned by company insiders.

RingCentral Price Performance

Shares of RingCentral stock traded up $0.63 during midday trading on Tuesday, reaching $34.44. The company had a trading volume of 490,828 shares, compared to its average volume of 1,192,334. The stock has a fifty day moving average price of $36.75 and a 200 day moving average price of $33.95. RingCentral, Inc. has a fifty-two week low of $26.98 and a fifty-two week high of $42.19. The firm has a market cap of $3.11 billion, a PE ratio of -32.45, a P/E/G ratio of 1.39 and a beta of 0.99.

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

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on RNG shares. Mizuho reaffirmed a "neutral" rating and set a $42.00 price target on shares of RingCentral in a report on Friday, December 13th. Robert W. Baird upped their price objective on RingCentral from $36.00 to $38.00 and gave the company a "neutral" rating in a report on Monday, November 11th. Needham & Company LLC restated a "buy" rating and issued a $42.00 price target on shares of RingCentral in a research note on Monday, November 11th. Raymond James reiterated an "outperform" rating and issued a $45.00 price objective (down previously from $50.00) on shares of RingCentral in a research note on Friday, January 3rd. Finally, StockNews.com raised shares of RingCentral from a "buy" rating to a "strong-buy" rating in a report on Monday, November 11th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, RingCentral currently has a consensus rating of "Hold" and a consensus price target of $41.29.

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.