Point72 Asset Management L.P. Lowers Stock Holdings in RingCentral, Inc. (NYSE:RNG)

Point72 Asset Management L.P. reduced its position in RingCentral, Inc. (NYSE:RNG) by 63.8% in the second quarter, Holdings Channel.com reports. The fund owned 214,700 shares of the software maker’s stock after selling 378,400 shares during the quarter. Point72 Asset Management L.P.’s holdings in RingCentral were worth $6,055,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of RNG. Algert Global LLC lifted its stake in RingCentral by 428.7% in the 2nd quarter. Algert Global LLC now owns 175,735 shares of the software maker’s stock worth $4,956,000 after purchasing an additional 142,495 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in shares of RingCentral in the second quarter worth $4,801,000. Scientech Research LLC purchased a new stake in shares of RingCentral in the second quarter worth $957,000. Mackenzie Financial Corp boosted its stake in RingCentral by 15.2% during the second quarter. Mackenzie Financial Corp now owns 76,727 shares of the software maker’s stock valued at $2,164,000 after buying an additional 10,109 shares during the period. Finally, AQR Capital Management LLC grew its position in RingCentral by 2.4% during the second quarter. AQR Capital Management LLC now owns 881,109 shares of the software maker’s stock worth $24,706,000 after buying an additional 20,666 shares in 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 62,244 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $32.51, for a total value of $2,023,552.44. Following the sale, the chief executive officer now owns 573,725 shares of the company’s stock, valued at approximately $18,651,799.75. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other RingCentral news, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $33.45, for a total transaction of $331,589.85. Following the completion of the transaction, the chief financial officer now owns 358,622 shares of the company’s stock, valued at approximately $11,995,905.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Vladimir Shmunis sold 62,244 shares of RingCentral stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $32.51, for a total value of $2,023,552.44. Following the completion of the sale, the chief executive officer now owns 573,725 shares in the company, valued at $18,651,799.75. The disclosure for this sale can be found here. Insiders sold 101,839 shares of company stock worth $3,324,067 in the last three months. 6.76% of the stock is owned by insiders.

Analysts Set New Price Targets

RNG has been the topic of several recent analyst reports. StockNews.com cut RingCentral from a “strong-buy” rating to a “buy” rating in a report on Friday, September 6th. Rosenblatt Securities raised shares of RingCentral from a “neutral” rating to a “buy” rating and raised their target price for the company from $35.00 to $45.00 in a research note on Friday, August 2nd. Needham & Company LLC reissued a “buy” rating and issued a $42.00 price target on shares of RingCentral in a research note on Monday, August 5th. Piper Sandler decreased their price target on shares of RingCentral from $32.00 to $31.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. Finally, Robert W. Baird lifted their price objective on shares of RingCentral from $35.00 to $36.00 and gave the stock a “neutral” rating in a report on Monday, August 5th. Eight research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $40.07.

RingCentral Trading Down 3.0 %

NYSE RNG opened at $30.67 on Wednesday. The firm has a market cap of $2.82 billion, a PE ratio of -20.58, a price-to-earnings-growth ratio of 2.46 and a beta of 1.03. RingCentral, Inc. has a 1-year low of $25.08 and a 1-year high of $38.35. The stock has a 50-day moving average of $32.06 and a 200-day moving average of $32.08.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Thursday, August 1st. The software maker reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.03. The company had revenue of $592.91 million during the quarter, compared to the consensus estimate of $586.39 million. The business’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.03) EPS. As a group, equities research analysts forecast that RingCentral, Inc. will post 0.63 earnings per share for the current fiscal 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.