Victory Capital Management Inc. Lowers Stock Holdings in RingCentral, Inc. (NYSE:RNG)

Posted by Defense World Staff on Jun 2nd, 2023

Victory Capital Management Inc. lessened its holdings in RingCentral, Inc. (NYSE:RNG – Get Rating) by 81.6% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 37,062 shares of the software maker’s stock after selling 163,982 shares during the period. Victory Capital Management Inc.’s holdings in RingCentral were worth $1,346,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. C M Bidwell & Associates Ltd. purchased a new stake in shares of RingCentral during the third quarter worth about $30,000. Harvest Fund Management Co. Ltd raised its position in shares of RingCentral by 17,125.0% during the fourth quarter. Harvest Fund Management Co. Ltd now owns 1,378 shares of the software maker’s stock valued at $49,000 after buying an additional 1,370 shares during the last quarter. Yarbrough Capital LLC purchased a new position in shares of RingCentral in the fourth quarter worth $51,000. Quent Capital LLC boosted its position in shares of RingCentral by 744.6% during the fourth quarter. Quent Capital LLC now owns 1,723 shares of the software maker’s stock worth $61,000 after acquiring an additional 1,519 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in RingCentral by 813.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 2,038 shares of the software maker’s stock valued at $72,000 after acquiring an additional 1,815 shares in the last quarter. 88.09% of the stock is owned by institutional investors.

RingCentral Trading Up 2.3 %

Shares of RNG opened at $35.51 on Friday. The company has a 50-day moving average of $29.32 and a 200 day moving average of $34.02. RingCentral, Inc. has a 1-year low of $25.32 and a 1-year high of $68.54.

Analyst Ratings Changes

Several research analysts have commented on RNG shares. StockNews.com raised shares of RingCentral from a “hold” rating to a “buy” rating in a report on Thursday. Oppenheimer restated a “market perform” rating on shares of RingCentral in a report on Friday, March 17th. Robert W. Baird decreased their price objective on RingCentral from $45.00 to $32.00 in a report on Friday, May 12th. Rosenblatt Securities assumed coverage on shares of RingCentral in a report on Thursday, March 23rd. They issued a “buy” rating and a $35.00 target price for the company. Finally, Wells Fargo & Company decreased their price target on shares of RingCentral from $60.00 to $50.00 in a research note on Wednesday, May 10th. Nine analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, RingCentral presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.17.

Insider Transactions at RingCentral

In related news, CFO Sonalee Elizabeth Parekh sold 4,250 shares of the stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $27.24, for a total value of $115,770.00. Following the transaction, the chief financial officer now owns 129,005 shares of the company’s stock, valued at $3,514,096.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other RingCentral news, CFO Sonalee Elizabeth Parekh sold 4,250 shares of the stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $27.24, for a total transaction of $115,770.00. Following the transaction, the chief financial officer now directly owns 129,005 shares in the company, valued at approximately $3,514,096.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO John H. Marlow sold 9,080 shares of the firm’s stock in a transaction dated Friday, May 26th. The shares were sold at an average price of $33.31, for a total transaction of $302,454.80. Following the transaction, the chief accounting officer now directly owns 313,204 shares in the company, valued at approximately $10,432,825.24. The disclosure for this sale can be found here. Corporate insiders own 6.49% of the company’s stock.

About RingCentral

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RingCentral, Inc engages in the provision of global enterprise cloud communications and collaboration solutions. The firm’s solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, PCs and desk phones, and allows for communication across multiple modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings and fax.