RingCentral, Inc. (NYSE:RNG) Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System trimmed its stake in shares of RingCentral, Inc. (NYSE:RNGGet Rating) by 3.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 143,278 shares of the software maker’s stock after selling 5,633 shares during the quarter. California Public Employees Retirement System’s holdings in RingCentral were worth $7,488,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Clearstead Advisors LLC grew its stake in RingCentral by 57.1% during the 1st quarter. Clearstead Advisors LLC now owns 666 shares of the software maker’s stock worth $78,000 after purchasing an additional 242 shares in the last quarter. Advisors Asset Management Inc. grew its stake in RingCentral by 51.5% during the 1st quarter. Advisors Asset Management Inc. now owns 886 shares of the software maker’s stock worth $104,000 after purchasing an additional 301 shares in the last quarter. FUKOKU MUTUAL LIFE INSURANCE Co grew its stake in RingCentral by 43.5% during the 1st quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 990 shares of the software maker’s stock worth $116,000 after purchasing an additional 300 shares in the last quarter. Captrust Financial Advisors grew its stake in RingCentral by 39.8% during the 1st quarter. Captrust Financial Advisors now owns 1,705 shares of the software maker’s stock worth $200,000 after purchasing an additional 485 shares in the last quarter. Finally, Parametrica Management Ltd acquired a new position in RingCentral during the 1st quarter worth $205,000. 86.29% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other RingCentral news, CAO Vaibhav Agarwal sold 1,823 shares of the stock in a transaction on Wednesday, November 16th. The stock was sold at an average price of $39.87, for a total transaction of $72,683.01. Following the sale, the chief accounting officer now owns 110,518 shares in the company, valued at approximately $4,406,352.66. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other RingCentral news, CAO John H. Marlow sold 6,047 shares of the stock in a transaction on Monday, August 29th. The stock was sold at an average price of $42.05, for a total transaction of $254,276.35. Following the sale, the chief accounting officer now owns 202,198 shares in the company, valued at approximately $8,502,425.90. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Vaibhav Agarwal sold 1,823 shares of the stock in a transaction on Wednesday, November 16th. The shares were sold at an average price of $39.87, for a total value of $72,683.01. Following the sale, the chief accounting officer now owns 110,518 shares in the company, valued at approximately $4,406,352.66. The disclosure for this sale can be found here. Insiders have sold a total of 15,621 shares of company stock worth $614,333 in the last quarter. Company insiders own 7.35% of the company’s stock.

RingCentral Stock Performance

RNG opened at $36.08 on Thursday. The stock has a market cap of $3.46 billion, a P/E ratio of -4.79 and a beta of 0.89. The company has a debt-to-equity ratio of 33.52, a current ratio of 1.21 and a quick ratio of 1.21. The stock’s 50 day simple moving average is $36.92 and its 200 day simple moving average is $47.83. RingCentral, Inc. has a 1-year low of $28.00 and a 1-year high of $230.37.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on RNG. Morgan Stanley lowered their price objective on RingCentral from $75.00 to $55.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 11th. Credit Suisse Group began coverage on RingCentral in a research report on Friday, September 23rd. They set a “neutral” rating and a $40.00 price objective for the company. The Goldman Sachs Group lowered their price objective on RingCentral to $70.00 in a research report on Wednesday, November 16th. Barclays lowered their price objective on RingCentral from $90.00 to $40.00 and set an “overweight” rating for the company in a research report on Thursday, November 10th. Finally, StockNews.com raised RingCentral from a “sell” rating to a “hold” rating in a research report on Tuesday. Seven investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $83.87.

RingCentral Company Profile

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RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect in North America. The company offers business cloud communications and contact center solutions based on its Message Video Phone? platform. Its products include RingCentral Office that provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers omni-channel; and RingCentral Engage Digital, a digital customer engagement platform that allows enterprises to interact with their customers.

See Also

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Institutional Ownership by Quarter for RingCentral (NYSE:RNG)

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