Graham Capital Management L.P. Sells 12,456 Shares of RingCentral, Inc. (NYSE:RNG)

Graham Capital Management L.P. decreased its position in shares of RingCentral, Inc. (NYSE:RNG) by 32.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 25,560 shares of the software maker’s stock after selling 12,456 shares during the period. Graham Capital Management L.P.’s holdings in RingCentral were worth $895,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of the company. Sovereign Financial Group Inc. increased its position in RingCentral by 4.0% during the fourth quarter. Sovereign Financial Group Inc. now owns 10,079 shares of the software maker’s stock valued at $353,000 after acquiring an additional 386 shares during the last quarter. Gagnon Securities LLC increased its position in RingCentral by 5.6% during the fourth quarter. Gagnon Securities LLC now owns 7,703 shares of the software maker’s stock valued at $270,000 after acquiring an additional 407 shares during the last quarter. Xponance Inc. increased its position in RingCentral by 4.2% during the fourth quarter. Xponance Inc. now owns 10,664 shares of the software maker’s stock valued at $373,000 after acquiring an additional 426 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in RingCentral by 10.4% during 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 acquiring an additional 468 shares during the last quarter. Finally, Private Advisor Group LLC increased its position in RingCentral by 9.6% during the fourth quarter. Private Advisor Group LLC now owns 8,896 shares of the software maker’s stock valued at $311,000 after acquiring an additional 777 shares during the last quarter. Institutional investors own 98.61% of the company’s stock.

RingCentral Price Performance

Shares of RingCentral stock opened at $28.35 on Wednesday. RingCentral, Inc. has a 1 year low of $20.59 and a 1 year high of $42.19. The firm’s 50-day moving average is $25.29 and its two-hundred day moving average is $31.77. The stock has a market cap of $2.57 billion, a price-to-earnings ratio of -44.30, a PEG ratio of 1.27 and a beta of 1.33.

RingCentral (NYSE:RNG) last issued its earnings results on Thursday, May 8th. The software maker reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.04. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The company had revenue of $612.06 million for the quarter, compared to analysts’ expectations of $610.53 million. During the same period in the prior year, the business earned $0.87 EPS. The firm’s quarterly revenue was up 4.8% on a year-over-year basis. On average, equities analysts expect that RingCentral, Inc. will post 1.29 earnings per share for the current year.

Insiders Place Their Bets

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

Analyst Ratings Changes

A number of research firms have weighed in on RNG. Rosenblatt Securities cut their price objective on shares of RingCentral from $40.00 to $28.00 and set a “buy” rating on the stock in a research report on Thursday, April 24th. Piper Sandler boosted their target price on shares of RingCentral from $25.00 to $28.00 and gave the company a “neutral” rating in a research note on Friday, May 9th. UBS Group lowered their target price on shares of RingCentral from $38.00 to $33.00 and set a “neutral” rating for the company in a research note on Friday, May 9th. Robert W. Baird lowered their target price on shares of RingCentral from $38.00 to $32.00 and set a “neutral” rating for the company in a research note on Tuesday, February 25th. Finally, Wells Fargo & Company lowered their target price on shares of RingCentral from $30.00 to $22.00 and set an “underweight” rating for the company in a research note on Tuesday, April 22nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $32.77.

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.