Olympiad Research LP Reduces Stake in RingCentral, Inc. (NYSE:RNG)

Olympiad Research LP reduced its position in RingCentral, Inc. (NYSE:RNG) by 29.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,788 shares of the software maker’s stock after selling 4,480 shares during the period. Olympiad Research LP’s holdings in RingCentral were worth $378,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of RNG. Creative Planning acquired a new stake in RingCentral during the 3rd quarter valued at $211,000. Private Advisor Group LLC grew its holdings in RingCentral by 13.6% during the 3rd quarter. Private Advisor Group LLC now owns 8,119 shares of the software maker’s stock valued at $257,000 after buying an additional 971 shares during the last quarter. Robeco Institutional Asset Management B.V. acquired a new stake in RingCentral during the 3rd quarter valued at $386,000. Heritage Investors Management Corp grew its holdings in RingCentral by 0.9% during the 3rd quarter. Heritage Investors Management Corp now owns 159,462 shares of the software maker’s stock valued at $5,044,000 after buying an additional 1,484 shares during the last quarter. Finally, Principal Financial Group Inc. acquired a new stake in RingCentral during the 3rd quarter valued at $233,000. 98.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

RNG has been the topic of a number of analyst reports. Piper Sandler lowered their target price on RingCentral from $38.00 to $31.00 and set a “neutral” rating on the stock in a report on Friday. StockNews.com upgraded RingCentral from a “buy” rating to a “strong-buy” rating in a report on Thursday. Barclays lowered their target price on RingCentral from $37.00 to $31.00 and set an “equal weight” rating on the stock in a report on Friday. Wedbush lifted their price objective on RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Finally, Raymond James lowered their price objective on RingCentral from $45.00 to $40.00 and set an “outperform” rating for the company in a research report on Friday. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $38.15.

Insider Buying and Selling at RingCentral

In other RingCentral news, Director Ned D. Segal sold 2,914 shares of the business’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $41.60, for a total transaction of $121,222.40. Following the transaction, the director now owns 10,633 shares in the company, valued at $442,332.80. The trade was a 21.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Robert I. Theis sold 1,457 shares of the business’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $37.79, for a total value of $55,060.03. Following the transaction, the director now owns 28,690 shares in the company, valued at approximately $1,084,195.10. This represents a 4.83 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 13,091 shares of company stock valued at $542,958. Company insiders own 6.97% of the company’s stock.

RingCentral Trading Down 6.1 %

RNG stock opened at $28.90 on Friday. The stock has a 50-day moving average price of $34.82 and a two-hundred day moving average price of $34.25. RingCentral, Inc. has a 12-month low of $26.98 and a 12-month high of $42.19. The company has a market cap of $2.61 billion, a PE ratio of -45.16, a price-to-earnings-growth ratio of 1.27 and a beta of 1.01.

RingCentral (NYSE:RNG) last posted its quarterly earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.73). RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The firm had revenue of $614.51 million for the quarter, compared to analysts’ expectations of $612.37 million. Equities analysts forecast that RingCentral, Inc. will post 1.29 EPS for the current fiscal year.

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.