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

Stifel Financial Corp trimmed its position in RingCentral, Inc. (NYSE:RNG) by 3.6% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 50,045 shares of the software maker’s stock after selling 1,879 shares during the period. Stifel Financial Corp’s holdings in RingCentral were worth $1,752,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in RNG. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in RingCentral during the fourth quarter worth approximately $49,000. Venturi Wealth Management LLC lifted its position in shares of RingCentral by 55.2% during the 4th quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker’s stock valued at $101,000 after acquiring an additional 1,028 shares during the period. KBC Group NV grew its holdings in shares of RingCentral by 30.8% during the 4th quarter. KBC Group NV now owns 3,478 shares of the software maker’s stock worth $122,000 after purchasing an additional 819 shares in the last quarter. Harvest Fund Management Co. Ltd bought a new position in shares of RingCentral in the fourth quarter worth $173,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in RingCentral by 10.4% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker’s stock valued at $176,000 after purchasing an additional 468 shares in the last quarter. Institutional investors own 98.61% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on RNG. Mizuho reduced their price objective on shares of RingCentral from $32.00 to $25.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 15th. Needham & Company LLC reduced their price target on shares of RingCentral from $42.00 to $36.00 and set a “buy” rating on the stock in a research report on Friday, February 21st. Barclays lowered their price objective on shares of RingCentral from $37.00 to $31.00 and set an “equal weight” rating for the company in a research report on Friday, February 21st. Piper Sandler reduced their target price on RingCentral from $38.00 to $31.00 and set a “neutral” rating on the stock in a report on Friday, February 21st. Finally, Raymond James lowered their price target on RingCentral from $45.00 to $40.00 and set an “outperform” rating for the company in a report on Friday, February 21st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, RingCentral presently has an average rating of “Hold” and a consensus target price of $34.46.

RingCentral Price Performance

RingCentral stock 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. RingCentral, Inc. has a 1 year low of $20.59 and a 1 year high of $42.19. The company has a market capitalization of $2.34 billion, a P/E ratio of -40.34, a P/E/G ratio of 1.27 and a beta of 1.33.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $614.51 million for the quarter, compared to the consensus estimate of $612.37 million. Equities analysts anticipate that RingCentral, Inc. will post 1.29 EPS for the current year.

Insiders Place Their Bets

In other news, SVP John H. Marlow sold 35,089 shares of the business’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $28.56, for a total value of $1,002,141.84. Following the transaction, the senior vice president now owns 313,510 shares in the company, valued at approximately $8,953,845.60. The trade was a 10.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Vladimir Shmunis sold 123,560 shares of the company’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $28.56, for a total transaction of $3,528,873.60. Following the completion of the sale, the chief executive officer now directly owns 444,740 shares in the company, valued at approximately $12,701,774.40. This represents a 21.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 247,740 shares of company stock valued at $7,099,279. 6.97% of the stock is currently 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.