Stifel Financial Corp Sells 1,879 Shares of RingCentral, Inc. (NYSE:RNG)

Stifel Financial Corp lessened its holdings in RingCentral, Inc. (NYSE:RNG) by 3.6% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 50,045 shares of the software maker’s stock after selling 1,879 shares during the period. Stifel Financial Corp owned approximately 0.06% of RingCentral worth $1,752,000 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. Fort Washington Investment Advisors Inc. OH raised its holdings in shares of RingCentral by 32.5% in the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 550,304 shares of the software maker’s stock worth $19,266,000 after buying an additional 134,928 shares in the last quarter. Hennessy Advisors Inc. acquired a new stake in shares of RingCentral in the 4th quarter valued at $59,055,000. Beaumont Financial Advisors LLC bought a new stake in shares of RingCentral in the 4th quarter worth about $262,000. Harel Insurance Investments & Financial Services Ltd. raised its stake in shares of RingCentral by 106.9% in the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 185,205 shares of the software maker’s stock valued at $6,484,000 after acquiring an additional 95,684 shares during the last quarter. Finally, Private Advisor Group LLC increased its stake in shares of RingCentral by 9.6% in the fourth quarter. Private Advisor Group LLC now owns 8,896 shares of the software maker’s stock valued at $311,000 after buying an additional 777 shares in the last quarter. Institutional investors own 98.61% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on RNG shares. Rosenblatt Securities dropped their price objective on RingCentral from $40.00 to $28.00 and set a “buy” rating for the company in a report on Thursday, April 24th. Raymond James reduced their price objective on shares of RingCentral from $45.00 to $40.00 and set an “outperform” rating on the stock in a research note on Friday, February 21st. Piper Sandler reduced their price target on shares of RingCentral from $38.00 to $31.00 and set a “neutral” rating on the stock in a research report on Friday, February 21st. UBS Group cut their price objective on RingCentral from $40.00 to $38.00 and set a “neutral” rating on the stock in a report on Friday, February 21st. Finally, Wells Fargo & Company reduced their price target on shares of RingCentral from $30.00 to $22.00 and set an “underweight” rating for the company in a report on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $34.46.

RingCentral Price Performance

Shares of NYSE RNG opened at $25.82 on Wednesday. The business has a 50-day moving average of $25.34 and a 200-day moving average of $31.99. The stock has a market capitalization of $2.34 billion, a price-to-earnings ratio of -40.34, a PEG ratio of 1.27 and a beta of 1.33. RingCentral, Inc. has a fifty-two week low of $20.59 and a fifty-two week high of $42.19.

RingCentral (NYSE:RNG) last released its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.73). The company had revenue of $614.51 million during the quarter, compared to analyst estimates of $612.37 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. On average, sell-side analysts expect that RingCentral, Inc. will post 1.29 EPS for the current year.

Insider Transactions at RingCentral

In other RingCentral news, CEO Vladimir Shmunis sold 66,112 shares of the company’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $28.83, for a total value of $1,906,008.96. Following the transaction, the chief executive officer now directly owns 568,300 shares in the company, valued at $16,384,089. The trade was a 10.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP John H. Marlow sold 35,089 shares of the firm’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $28.56, for a total transaction of $1,002,141.84. Following the sale, the senior vice president now owns 313,510 shares of the company’s stock, valued at approximately $8,953,845.60. This represents a 10.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 247,740 shares of company stock worth $7,099,279 in the last ninety days. Insiders own 6.97% of the company’s stock.

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.