XTX Topco Ltd Trims Stock Position in RingCentral, Inc. (NYSE:RNG)

XTX Topco Ltd decreased its position in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 51.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,914 shares of the software maker's stock after selling 12,377 shares during the quarter. XTX Topco Ltd's holdings in RingCentral were worth $417,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the company. Venturi Wealth Management LLC raised its position in RingCentral by 55.2% during the 4th quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker's stock worth $101,000 after buying an additional 1,028 shares during the last quarter. KBC Group NV raised its holdings in shares of RingCentral by 30.8% during the fourth quarter. KBC Group NV now owns 3,478 shares of the software maker's stock worth $122,000 after purchasing an additional 819 shares during the last quarter. Harvest Fund Management Co. Ltd purchased a new position in shares of RingCentral during the fourth quarter worth $173,000. Central Pacific Bank Trust Division lifted its position in RingCentral by 31.1% during the fourth quarter. Central Pacific Bank Trust Division now owns 5,033 shares of the software maker's stock valued at $176,000 after purchasing an additional 1,194 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in RingCentral by 10.4% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker's stock valued at $176,000 after purchasing an additional 468 shares during the last quarter. Hedge funds and other institutional investors own 98.61% of the company's stock.

Insider Activity at RingCentral

In other RingCentral news, CEO Vladimir Shmunis sold 66,112 shares of the company's stock in a transaction on Friday, February 21st. The stock was sold at an average price of $28.83, for a total value of $1,906,008.96. Following the completion of the sale, the chief executive officer now directly owns 568,300 shares in the company, valued at $16,384,089. This represents a 10.42 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP John H. Marlow sold 22,979 shares of the firm's stock in a transaction on Friday, February 21st. The stock was sold at an average price of $28.82, for a total value of $662,254.78. Following the completion of the sale, the senior vice president now directly owns 348,599 shares of the company's stock, valued at $10,046,623.18. This trade represents a 6.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 247,740 shares of company stock valued at $7,099,279. Corporate insiders own 6.97% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on RNG shares. UBS Group decreased their price objective on RingCentral from $40.00 to $38.00 and set a "neutral" rating for the company in a report on Friday, February 21st. Raymond James lowered their price objective on RingCentral from $45.00 to $40.00 and set an "outperform" rating on the stock in a research report on Friday, February 21st. Morgan Stanley dropped their price objective on shares of RingCentral from $40.00 to $29.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 16th. Robert W. Baird decreased their target price on shares of RingCentral from $38.00 to $32.00 and set a "neutral" rating for the company in a research note on Tuesday, February 25th. Finally, Mizuho dropped their price target on shares of RingCentral from $32.00 to $25.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 15th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company. According to MarketBeat, RingCentral presently has a consensus rating of "Hold" and a consensus target price of $34.46.

RingCentral Price Performance

RingCentral stock traded up $0.10 during midday trading on Friday, reaching $25.11. The company had a trading volume of 692,369 shares, compared to its average volume of 1,335,346. RingCentral, Inc. has a 12-month low of $20.59 and a 12-month high of $42.19. The firm's fifty day simple moving average is $26.07 and its 200-day simple moving average is $32.36. The company has a market capitalization of $2.28 billion, a P/E ratio of -39.23, a P/E/G ratio of 1.27 and a beta of 1.30.

RingCentral (NYSE:RNG - Get Free Report) last released its earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $614.51 million during the quarter, compared to analysts' expectations of $612.37 million. On average, analysts expect that RingCentral, Inc. will post 1.29 EPS for the current fiscal year.

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.