Granite Point Capital Management L.P. lowered its holdings in Ringcentral, Inc. (NYSE:RNG) by 30.6% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 14,525 shares of the software maker’s stock after selling 6,400 shares during the period. Granite Point Capital Management L.P.’s holdings in Ringcentral were worth $606,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of RNG. Ameritas Investment Partners Inc. lifted its holdings in shares of Ringcentral by 8.3% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,480 shares of the software maker’s stock worth $200,000 after acquiring an additional 418 shares during the period. ProShare Advisors LLC bought a new stake in shares of Ringcentral during the 2nd quarter worth approximately $202,000. Virtu KCG Holdings LLC bought a new stake in shares of Ringcentral during the 2nd quarter worth approximately $248,000. Turner Investments LLC bought a new stake in shares of Ringcentral during the 2nd quarter worth approximately $256,000. Finally, BT Investment Management Ltd bought a new stake in shares of Ringcentral during the 2nd quarter worth approximately $272,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

In other Ringcentral news, CEO Vladimir Shmunis sold 6,000 shares of the company’s stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $42.30, for a total value of $253,800.00. Following the completion of the transaction, the chief executive officer now directly owns 355,041 shares in the company, valued at approximately $15,018,234.30. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO David Sipes sold 7,800 shares of the company’s stock in a transaction that occurred on Wednesday, September 13th. The shares were sold at an average price of $42.11, for a total transaction of $328,458.00. Following the completion of the transaction, the chief operating officer now owns 293,380 shares of the company’s stock, valued at $12,354,231.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 361,576 shares of company stock valued at $16,249,722. Corporate insiders own 14.53% of the company’s stock.

Shares of Ringcentral, Inc. (NYSE RNG) traded up $1.35 during midday trading on Thursday, reaching $45.35. 548,200 shares of the company’s stock traded hands, compared to its average volume of 662,753. Ringcentral, Inc. has a 1 year low of $20.55 and a 1 year high of $49.95.

Ringcentral (NYSE:RNG) last announced its quarterly earnings results on Wednesday, November 8th. The software maker reported $0.06 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.04 by $0.02. Ringcentral had a negative net margin of 5.80% and a negative return on equity of 17.97%. The firm had revenue of $129.76 million during the quarter, compared to analysts’ expectations of $126.06 million. During the same period in the prior year, the company posted $0.03 EPS. The company’s revenue was up 34.0% on a year-over-year basis. equities research analysts predict that Ringcentral, Inc. will post -0.32 earnings per share for the current year.

RNG has been the subject of several research reports. Dougherty & Co reissued a “buy” rating and issued a $40.00 price objective (up previously from $36.00) on shares of Ringcentral in a research note on Wednesday, August 9th. Robert W. Baird downgraded shares of Ringcentral from an “outperform” rating to a “neutral” rating and increased their price objective for the company from $38.80 to $41.00 in a research note on Thursday, August 10th. BidaskClub raised shares of Ringcentral from a “hold” rating to a “buy” rating in a research note on Wednesday, August 16th. Northland Securities reissued an “outperform” rating and issued a $46.00 price objective (up previously from $43.00) on shares of Ringcentral in a research note on Tuesday, October 3rd. Finally, Zacks Investment Research raised shares of Ringcentral from a “hold” rating to a “buy” rating and set a $49.00 price objective for the company in a research note on Wednesday, October 4th. Three research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Ringcentral has a consensus rating of “Buy” and a consensus price target of $44.62.

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Ringcentral Profile

RingCentral, Inc is a provider of software-as-a-service (SaaS) solutions for businesses to support modern communications. The Company’s cloud-based business communications solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, personal computers (PCs) and desk phones, and allow for communication across multiple channels, including high definition (HD) voice, video, short messaging service (SMS), messaging and collaboration, conferencing, online meetings, and fax.

Institutional Ownership by Quarter for Ringcentral (NYSE:RNG)

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