ETF Managers Group LLC Sells 945 Shares of RingCentral, Inc. (NYSE:RNG)

Posted by Defense World Staff on Jul 2nd, 2023

ETF Managers Group LLC reduced its stake in shares of RingCentral, Inc. (NYSE:RNG – Free Report) by 15.0% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 5,364 shares of the software maker’s stock after selling 945 shares during the period. ETF Managers Group LLC’s holdings in RingCentral were worth $165,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Sunbelt Securities Inc. bought a new position in shares of RingCentral during the 4th quarter valued at approximately $322,000. SVB Wealth LLC bought a new position in RingCentral in the 4th quarter worth approximately $338,000. Treasurer of the State of North Carolina boosted its holdings in RingCentral by 1.3% in the 4th quarter. Treasurer of the State of North Carolina now owns 36,982 shares of the software maker’s stock worth $1,309,000 after buying an additional 470 shares during the period. Granite Point Capital Management L.P. bought a new position in RingCentral in the 4th quarter worth approximately $283,000. Finally, Stephens Investment Management Group LLC boosted its holdings in RingCentral by 129.4% in the 4th quarter. Stephens Investment Management Group LLC now owns 412,833 shares of the software maker’s stock worth $14,598,000 after buying an additional 232,845 shares during the period. 88.87% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

RNG has been the subject of several analyst reports. Northland Securities cut their price objective on shares of RingCentral from $63.00 to $54.00 in a report on Thursday, May 11th. Truist Financial lowered their target price on shares of RingCentral from $55.00 to $45.00 in a research note on Thursday, May 11th. Piper Sandler lowered their target price on shares of RingCentral from $45.00 to $29.00 in a research note on Wednesday, May 10th. Morgan Stanley lowered their target price on shares of RingCentral from $50.00 to $45.00 in a research note on Wednesday, May 10th. Finally, Oppenheimer reiterated a “market perform” rating on shares of RingCentral in a research note on Friday, March 17th. Ten investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, RingCentral presently has an average rating of “Moderate Buy” and an average price target of $47.17.

RingCentral Price Performance

Shares of RingCentral stock opened at $32.73 on Friday. RingCentral, Inc. has a 12-month low of $25.32 and a 12-month high of $61.42. The company’s fifty day simple moving average is $31.30 and its two-hundred day simple moving average is $33.55.

RingCentral (NYSE:RNG – Free Report) last announced its quarterly earnings results on Tuesday, May 9th. The software maker reported ($0.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.07). The firm had revenue of $533.69 million during the quarter, compared to the consensus estimate of $527.66 million. RingCentral had a negative return on equity of 765.97% and a negative net margin of 38.09%. As a group, equities analysts forecast that RingCentral, Inc. will post 0.03 EPS for the current fiscal year.

Insiders Place Their Bets

In other RingCentral news, CAO John H. Marlow sold 9,080 shares of the firm’s stock in a transaction on Friday, May 26th. The shares were sold at an average price of $33.31, for a total value of $302,454.80. Following the sale, the chief accounting officer now owns 313,204 shares of the company’s stock, valued at approximately $10,432,825.24. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CAO John H. Marlow sold 9,080 shares of RingCentral 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 sale, the chief accounting officer now owns 313,204 shares of the company’s stock, valued at approximately $10,432,825.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Mohammed Katibeh sold 12,077 shares of RingCentral stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $34.28, for a total transaction of $413,999.56. Following the sale, the chief operating officer now directly owns 312,533 shares in the company, valued at approximately $10,713,631.24. The disclosure for this sale can be found here. Insiders have sold a total of 95,276 shares of company stock valued at $3,231,069 in the last quarter. Insiders own 6.49% of the company’s stock.

RingCentral Company Profile

(Free Report)

RingCentral, Inc provides cloud communications, video meetings, collaboration, and contact center software-as-a-service solutions worldwide. The company's products include RingCentral Message Video Phone (MVP) 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 omni-channel and workforce engagement solution with integrated RingCentral MVP; and RingCentral Engage Digital, a digital customer engagement platform that allows enterprises to interact with their customers.