Graham Capital Management L.P. Sells 12,456 Shares of RingCentral, Inc. (NYSE:RNG)

Graham Capital Management L.P. trimmed its holdings in RingCentral, Inc. (NYSE:RNG) by 32.8% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 25,560 shares of the software maker’s stock after selling 12,456 shares during the quarter. Graham Capital Management L.P.’s holdings in RingCentral were worth $895,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Sovereign Financial Group Inc. boosted its position in RingCentral by 4.0% in the fourth quarter. Sovereign Financial Group Inc. now owns 10,079 shares of the software maker’s stock worth $353,000 after purchasing an additional 386 shares during the last quarter. Gagnon Securities LLC boosted its position in RingCentral by 5.6% in the fourth quarter. Gagnon Securities LLC now owns 7,703 shares of the software maker’s stock worth $270,000 after purchasing an additional 407 shares during the last quarter. Xponance Inc. boosted its position in RingCentral by 4.2% in the fourth quarter. Xponance Inc. now owns 10,664 shares of the software maker’s stock worth $373,000 after purchasing an additional 426 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position 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 worth $176,000 after purchasing an additional 468 shares during the last quarter. Finally, Private Advisor Group LLC boosted its position in RingCentral by 9.6% in the fourth quarter. Private Advisor Group LLC now owns 8,896 shares of the software maker’s stock worth $311,000 after purchasing an additional 777 shares during the last quarter. 98.61% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CEO Vladimir Shmunis sold 123,560 shares of the business’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $28.56, for a total value of $3,528,873.60. Following the sale, the chief executive officer now owns 444,740 shares in the company, valued at approximately $12,701,774.40. The trade was a 21.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP John H. Marlow sold 35,089 shares of the business’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $28.56, for a total transaction of $1,002,141.84. Following the completion of the sale, the senior vice president now owns 313,510 shares in the company, valued at $8,953,845.60. This represents a 10.07% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 247,740 shares of company stock worth $7,099,279. Insiders own 6.97% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on RNG. Needham & Company LLC began coverage on RingCentral in a research report on Friday, May 9th. They issued a “buy” rating and a $36.00 target price on the stock. UBS Group decreased their price objective on RingCentral from $38.00 to $33.00 and set a “neutral” rating on the stock in a research note on Friday, May 9th. Barclays decreased their price objective on RingCentral from $37.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Friday, February 21st. Morgan Stanley decreased their price objective on RingCentral from $40.00 to $29.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 16th. Finally, Rosenblatt Securities decreased their price objective on RingCentral from $40.00 to $28.00 and set a “buy” rating on the stock in a research note on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, RingCentral currently has an average rating of “Hold” and a consensus target price of $32.77.

RingCentral Trading Down 0.0%

Shares of RNG opened at $28.35 on Wednesday. The business’s 50 day moving average is $25.29 and its 200 day moving average is $31.77. The company has a market capitalization of $2.57 billion, a PE ratio of -44.30, a price-to-earnings-growth ratio of 1.27 and a beta of 1.33. RingCentral, Inc. has a 12-month low of $20.59 and a 12-month high of $42.19.

RingCentral (NYSE:RNG) last issued its earnings results on Thursday, May 8th. The software maker reported $1.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.04. The company had revenue of $612.06 million for the quarter, compared to the consensus estimate of $610.53 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. The firm’s quarterly revenue was up 4.8% on a year-over-year basis. During the same quarter last year, the company earned $0.87 EPS. Equities research analysts predict that RingCentral, Inc. will post 1.29 earnings per share for the current year.

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.