Arizona State Retirement System Lowers Stake in RingCentral, Inc. (NYSE:RNG)

Arizona State Retirement System trimmed its position in RingCentral, Inc. (NYSE:RNG) by 2.9% during the fourth quarter, HoldingsChannel.com reports. The firm owned 21,325 shares of the software maker’s stock after selling 631 shares during the quarter. Arizona State Retirement System’s holdings in RingCentral were worth $724,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Quarry LP increased its position in RingCentral by 1,354.8% during the 2nd quarter. Quarry LP now owns 1,222 shares of the software maker’s stock worth $40,000 after purchasing an additional 1,138 shares in the last quarter. Dark Forest Capital Management LP increased its position in shares of RingCentral by 40,375.0% in the first quarter. Dark Forest Capital Management LP now owns 1,619 shares of the software maker’s stock worth $50,000 after acquiring an additional 1,615 shares in the last quarter. Neo Ivy Capital Management purchased a new position in shares of RingCentral in the 3rd quarter valued at $53,000. State of Wyoming acquired a new position in shares of RingCentral during the 2nd quarter valued at $63,000. Finally, IFP Advisors Inc boosted its position in RingCentral by 433.0% during the 2nd quarter. IFP Advisors Inc now owns 2,356 shares of the software maker’s stock worth $77,000 after purchasing an additional 1,914 shares during the period. 98.61% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other RingCentral news, Director Kenneth A. Goldman sold 1,287 shares of the stock in a transaction 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 sale, the director now directly owns 23,688 shares of the company’s stock, valued at $816,525.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other RingCentral news, Director Kenneth A. Goldman sold 1,287 shares of RingCentral stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $34.47, for a total value of $44,362.89. Following the completion of the transaction, the director now directly owns 23,688 shares in the company, valued at $816,525.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Vaibhav Agarwal sold 14,113 shares of the stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $34.84, for a total value of $491,696.92. Following the sale, the chief financial officer now owns 116,640 shares in the company, valued at $4,063,737.60. The disclosure for this sale can be found here. Insiders sold a total of 23,608 shares of company stock valued at $800,974 over the last 90 days. 6.76% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have commented on RNG. Mizuho cut their price objective on RingCentral from $40.00 to $36.00 and set a “buy” rating on the stock in a research report on Wednesday, February 21st. Needham & Company LLC reduced their price target on RingCentral from $46.00 to $42.00 and set a “buy” rating on the stock in a research report on Wednesday, February 21st. The Goldman Sachs Group decreased their price target on RingCentral from $38.00 to $34.00 and set a “neutral” rating for the company in a report on Wednesday, February 21st. Piper Sandler dropped their price objective on shares of RingCentral from $34.00 to $31.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 21st. Finally, Wells Fargo & Company decreased their target price 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. Eight 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. According to MarketBeat.com, RingCentral presently has a consensus rating of “Moderate Buy” and a consensus price target of $38.56.

RingCentral Stock Performance

Shares of RNG stock opened at $29.24 on Friday. The stock has a market capitalization of $2.70 billion, a price-to-earnings ratio of -16.71, a PEG ratio of 3.22 and a beta of 0.92. RingCentral, Inc. has a one year low of $25.08 and a one year high of $43.28. The company’s 50-day simple moving average is $33.19 and its 200-day simple moving average is $31.80.

RingCentral (NYSE:RNG) last issued its 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 during the quarter, compared to the consensus estimate of $569.65 million. As a group, research analysts forecast that RingCentral, Inc. will post 0.45 EPS for the current year.

About RingCentral

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.