Xponance Inc. Sells 834 Shares of RingCentral, Inc. (NYSE:RNG)

Xponance Inc. lessened its stake in RingCentral, Inc. (NYSE:RNG) by 6.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,264 shares of the software maker’s stock after selling 834 shares during the period. Xponance Inc.’s holdings in RingCentral were worth $382,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Simplicity Solutions LLC grew its position in shares of RingCentral by 4.5% during the 4th quarter. Simplicity Solutions LLC now owns 10,761 shares of the software maker’s stock valued at $365,000 after acquiring an additional 467 shares during the period. Nisa Investment Advisors LLC boosted its holdings in RingCentral by 100.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the software maker’s stock worth $34,000 after buying an additional 500 shares during the period. Mariner LLC boosted its holdings in RingCentral by 3.0% in the 3rd quarter. Mariner LLC now owns 19,462 shares of the software maker’s stock worth $577,000 after buying an additional 576 shares during the period. Sovereign Financial Group Inc. boosted its holdings in RingCentral by 10.0% in the 3rd quarter. Sovereign Financial Group Inc. now owns 7,794 shares of the software maker’s stock worth $231,000 after buying an additional 708 shares during the period. Finally, Principal Financial Group Inc. boosted its holdings in RingCentral by 7.6% in the 3rd quarter. Principal Financial Group Inc. now owns 10,450 shares of the software maker’s stock worth $310,000 after buying an additional 737 shares during the period. Institutional investors own 98.61% of the company’s stock.

RingCentral Price Performance

RingCentral stock opened at $30.64 on Friday. RingCentral, Inc. has a 1-year low of $25.08 and a 1-year high of $43.28. The company’s 50-day moving average is $32.92 and its 200 day moving average is $31.82.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Tuesday, February 20th. The software maker reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.31). The company had revenue of $571.27 million for the quarter, compared to the consensus estimate of $569.65 million. On average, equities research analysts anticipate that RingCentral, Inc. will post 0.45 EPS for the current year.

Analysts Set New Price Targets

RNG has been the subject of several recent analyst reports. Mizuho dropped their target price on shares of RingCentral from $40.00 to $36.00 and set a “buy” rating for the company in a report on Wednesday, February 21st. Morgan Stanley decreased their price target on shares of RingCentral from $35.00 to $32.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 17th. Wedbush reiterated a “neutral” rating and issued a $40.00 price target on shares of RingCentral in a research note on Friday, February 16th. 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. Finally, Wells Fargo & Company decreased their price target on shares of RingCentral from $36.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 21st. Eight investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, RingCentral has an average rating of “Moderate Buy” and a consensus price target of $38.56.

Insider Buying and Selling

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