RingCentral, Inc. (NYSE:RNG) Shares Sold by Healthcare of Ontario Pension Plan Trust Fund

Healthcare of Ontario Pension Plan Trust Fund lowered its position in RingCentral, Inc. (NYSE:RNG – Get Rating) by 87.0% during the third quarter, Holdings Channel.com reports. The fund owned 6,344 shares of the software maker’s stock after selling 42,630 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund’s holdings in RingCentral were worth $254,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in RNG. Ronald Blue Trust Inc. purchased a new position in RingCentral in the second quarter valued at about $41,000. Allworth Financial LP raised its position in RingCentral by 333.2% in the third quarter. Allworth Financial LP now owns 1,096 shares of the software maker’s stock valued at $44,000 after purchasing an additional 843 shares during the period. Wipfli Financial Advisors LLC purchased a new position in RingCentral in the third quarter valued at about $45,000. Richelieu Gestion PLC raised its position in RingCentral by 348.7% in the third quarter. Richelieu Gestion PLC now owns 1,400 shares of the software maker’s stock valued at $56,000 after purchasing an additional 1,088 shares during the period. Finally, Banque Cantonale Vaudoise raised its position in RingCentral by 26.1% in the third quarter. Banque Cantonale Vaudoise now owns 1,933 shares of the software maker’s stock valued at $77,000 after purchasing an additional 400 shares during the period. Institutional investors and hedge funds own 88.09% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on RNG shares. Morgan Stanley raised RingCentral from an “equal weight” rating to an “overweight” rating and dropped their target price for the stock from $55.00 to $50.00 in a research report on Wednesday, December 14th. MKM Partners lowered RingCentral from a “buy” rating to a “neutral” rating and set a $40.00 target price on the stock. in a research report on Monday, January 23rd. The Goldman Sachs Group dropped their target price on RingCentral from $71.00 to $52.00 and set a “buy” rating on the stock in a research report on Friday, February 17th. Wedbush started coverage on RingCentral in a research report on Wednesday, December 14th. They set a “neutral” rating and a $40.00 target price on the stock. Finally, Wells Fargo & Company dropped their target price on RingCentral from $80.00 to $60.00 and set an “overweight” rating on the stock in a research report on Friday, January 6th. Nine investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, RingCentral has a consensus rating of “Moderate Buy” and an average target price of $60.82.

RingCentral Stock Up 2.4 %

Shares of RNG stock opened at $33.84 on Friday. The business has a 50 day moving average of $37.57 and a two-hundred day moving average of $38.40. RingCentral, Inc. has a 52 week low of $28.00 and a 52 week high of $129.72. The company has a market cap of $3.24 billion, a P/E ratio of -3.67 and a beta of 0.95.

RingCentral (NYSE:RNG – Get Rating) last issued its quarterly earnings data on Wednesday, February 15th. The software maker reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.13). The business had revenue of $524.75 million for the quarter, compared to analyst estimates of $528.41 million. RingCentral had a negative return on equity of 765.97% and a negative net margin of 44.22%. Analysts expect that RingCentral, Inc. will post -0.1 EPS for the current fiscal year.

Insider Transactions at RingCentral

In other news, CAO John H. Marlow sold 835 shares of the business’s stock in a transaction that occurred on Tuesday, January 10th. The stock was sold at an average price of $34.96, for a total transaction of $29,191.60. Following the completion of the transaction, the chief accounting officer now directly owns 193,661 shares in the company, valued at $6,770,388.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CAO John H. Marlow sold 835 shares of the business’s stock in a transaction that occurred on Tuesday, January 10th. The stock was sold at an average price of $34.96, for a total transaction of $29,191.60. Following the completion of the transaction, the chief accounting officer now directly owns 193,661 shares in the company, valued at $6,770,388.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Mohammed Katibeh sold 4,747 shares of the company’s stock in a transaction that occurred on Friday, February 17th. The stock was sold at an average price of $36.43, for a total value of $172,933.21. Following the completion of the sale, the chief operating officer now owns 127,062 shares of the company’s stock, valued at $4,628,868.66. The disclosure for this sale can be found here. Over the last three months, insiders sold 51,157 shares of company stock worth $2,002,803. Company insiders own 6.49% of the company’s stock.

About RingCentral

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RingCentral, Inc engages in the provision of global enterprise cloud communications and collaboration solutions. The firm’s solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, PCs and desk phones, and allows for communication across multiple modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings and fax.