Jump Financial LLC Sells 37,957 Shares of RingCentral, Inc. (NYSE:RNG)

Jump Financial LLC trimmed its stake in RingCentral, Inc. (NYSE:RNG) by 79.9% in the fourth quarter, Holdings Channel reports. The firm owned 9,534 shares of the software maker’s stock after selling 37,957 shares during the quarter. Jump Financial LLC’s holdings in RingCentral were worth $324,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Monaco Asset Management SAM acquired a new position in shares of RingCentral during the 4th quarter worth about $1,358,000. Versor Investments LP acquired a new position in RingCentral during the fourth quarter worth approximately $214,000. Counterpoint Mutual Funds LLC raised its stake in RingCentral by 32.8% in the fourth quarter. Counterpoint Mutual Funds LLC now owns 11,836 shares of the software maker’s stock valued at $402,000 after buying an additional 2,924 shares during the period. Sovereign Financial Group Inc. lifted its position in shares of RingCentral by 8.0% in the fourth quarter. Sovereign Financial Group Inc. now owns 8,420 shares of the software maker’s stock valued at $286,000 after buying an additional 626 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of RingCentral by 0.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 732,545 shares of the software maker’s stock worth $24,870,000 after acquiring an additional 2,303 shares during the period. Institutional investors and hedge funds own 98.61% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on RNG shares. Deutsche Bank Aktiengesellschaft increased their price target on RingCentral from $38.00 to $42.00 and gave the company a “buy” rating in a research note on Thursday, May 9th. Mizuho raised their target price on shares of RingCentral from $36.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, May 8th. KeyCorp decreased their price target on shares of RingCentral from $50.00 to $48.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 21st. Wedbush restated a “neutral” rating and set a $40.00 price objective on shares of RingCentral in a research report on Thursday, May 9th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $42.00 target price on shares of RingCentral in a research report on Monday, May 20th. Ten equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.28.

Insiders Place Their Bets

In other news, CFO Vaibhav Agarwal sold 11,406 shares of RingCentral stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $36.01, for a total value of $410,730.06. Following the transaction, the chief financial officer now owns 158,784 shares in the company, valued at approximately $5,717,811.84. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Kenneth A. Goldman sold 1,287 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $34.47, for a total value of $44,362.89. Following the sale, the director now directly owns 23,688 shares in the company, valued at approximately $816,525.36. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Vaibhav Agarwal sold 11,406 shares of the company’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $36.01, for a total transaction of $410,730.06. Following the transaction, the chief financial officer now owns 158,784 shares of the company’s stock, valued at $5,717,811.84. The disclosure for this sale can be found here. Insiders sold 28,790 shares of company stock worth $1,015,337 over the last three months. Insiders own 6.76% of the company’s stock.

RingCentral Stock Performance

NYSE RNG opened at $34.54 on Friday. The firm’s 50 day simple moving average is $33.24 and its 200 day simple moving average is $32.72. The firm has a market capitalization of $3.18 billion, a price-to-earnings ratio of -23.18, a P/E/G ratio of 2.99 and a beta of 0.94. RingCentral, Inc. has a 1 year low of $25.08 and a 1 year high of $43.28.

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.