RingCentral, Inc. (NYSE:RNG) Stock Position Cut by OLD National Bancorp IN

OLD National Bancorp IN lessened its stake in RingCentral, Inc. (NYSE:RNG) by 4.9% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 31,268 shares of the software maker’s stock after selling 1,599 shares during the period. OLD National Bancorp IN’s holdings in RingCentral were worth $1,062,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Simplicity Solutions LLC grew its position in RingCentral by 4.5% in the 4th quarter. Simplicity Solutions LLC now owns 10,761 shares of the software maker’s stock valued at $365,000 after buying an additional 467 shares in the last quarter. Nisa Investment Advisors LLC boosted its position in shares of RingCentral by 100.0% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the software maker’s stock valued at $34,000 after purchasing an additional 500 shares in the last quarter. Mariner LLC boosted its position in shares of RingCentral by 3.0% during the 3rd quarter. Mariner LLC now owns 19,462 shares of the software maker’s stock valued at $577,000 after purchasing an additional 576 shares in the last quarter. Sovereign Financial Group Inc. boosted its position in shares of RingCentral by 10.0% during the 3rd quarter. Sovereign Financial Group Inc. now owns 7,794 shares of the software maker’s stock valued at $231,000 after purchasing an additional 708 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of RingCentral by 7.6% during the 3rd quarter. Principal Financial Group Inc. now owns 10,450 shares of the software maker’s stock valued at $310,000 after purchasing an additional 737 shares in the last quarter. Institutional investors own 98.61% of the company’s stock.

RingCentral Stock Up 3.5 %

Shares of RNG stock opened at $30.54 on Wednesday. RingCentral, Inc. has a 12-month low of $25.08 and a 12-month high of $43.28. The firm has a 50-day moving average price of $33.02 and a 200 day moving average price of $31.84. The company has a market capitalization of $2.82 billion, a P/E ratio of -17.45, a P/E/G ratio of 3.13 and a beta of 0.92.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Tuesday, February 20th. The software maker reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.31). The firm had revenue of $571.27 million for the quarter, compared to the consensus estimate of $569.65 million. As a group, research analysts expect that RingCentral, Inc. will post 0.45 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have recently weighed in on RNG. The Goldman Sachs Group reduced their price objective on shares of RingCentral from $38.00 to $34.00 and set a “neutral” rating for the company in a research report on Wednesday, February 21st. Piper Sandler reduced their price objective on shares of RingCentral from $34.00 to $31.00 and set a “neutral” rating for the company in a research note on Wednesday, February 21st. Needham & Company LLC reduced their price objective on shares of RingCentral from $46.00 to $42.00 and set a “buy” rating for the company in a research note on Wednesday, February 21st. Wells Fargo & Company reduced their price objective on shares of RingCentral from $36.00 to $31.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 21st. Finally, Wedbush reaffirmed a “neutral” rating and set a $40.00 price objective on shares of RingCentral in a research note on Friday, February 16th. Eight investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $38.56.

Insider Activity at RingCentral

In related news, CFO Vaibhav Agarwal sold 6,224 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $31.55, for a total transaction of $196,367.20. Following the completion of the transaction, the chief financial officer now owns 130,753 shares in the company, valued at $4,125,257.15. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other RingCentral news, CFO Vaibhav Agarwal sold 6,224 shares of RingCentral stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $31.55, for a total value of $196,367.20. Following the transaction, the chief financial officer now owns 130,753 shares of the company’s stock, valued at $4,125,257.15. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Kenneth A. Goldman sold 1,287 shares of RingCentral stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $34.47, for a total transaction of $44,362.89. Following the completion of the transaction, the director now directly owns 23,688 shares in the company, valued at approximately $816,525.36. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 23,608 shares of company stock worth $800,974. 6.76% of the stock is currently owned by company insiders.

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.