Tower Research Capital LLC TRC Has $54,000 Position in RingCentral, Inc. (NYSE:RNG)

Tower Research Capital LLC TRC lowered its holdings in shares of RingCentral, Inc. (NYSE:RNG) by 77.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,605 shares of the software maker’s stock after selling 5,527 shares during the period. Tower Research Capital LLC TRC’s holdings in RingCentral were worth $54,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of RNG. Ameriprise Financial Inc. boosted its stake in shares of RingCentral by 515.7% in the 3rd quarter. Ameriprise Financial Inc. now owns 2,716,470 shares of the software maker’s stock valued at $80,489,000 after purchasing an additional 2,275,245 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of RingCentral by 4.9% in the 3rd quarter. Vanguard Group Inc. now owns 9,988,881 shares of the software maker’s stock valued at $295,971,000 after purchasing an additional 469,280 shares in the last quarter. DekaBank Deutsche Girozentrale acquired a new stake in shares of RingCentral in the 3rd quarter valued at $92,000. Rafferty Asset Management LLC boosted its stake in shares of RingCentral by 6.9% in the 3rd quarter. Rafferty Asset Management LLC now owns 24,040 shares of the software maker’s stock valued at $712,000 after purchasing an additional 1,562 shares in the last quarter. Finally, Beck Bode LLC boosted its stake in shares of RingCentral by 5.2% in the 3rd quarter. Beck Bode LLC now owns 161,115 shares of the software maker’s stock valued at $4,774,000 after purchasing an additional 7,933 shares in the last quarter. Institutional investors and hedge funds own 98.61% of the company’s stock.

Insiders Place Their Bets

In other RingCentral news, CFO Vaibhav Agarwal sold 1,984 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $34.55, for a total transaction of $68,547.20. Following the completion of the transaction, the chief financial officer now owns 114,656 shares of the company’s stock, valued at approximately $3,961,364.80. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Director Kenneth A. Goldman sold 1,287 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $34.47, for a total transaction of $44,362.89. Following the sale, the director now owns 23,688 shares in the company, valued at approximately $816,525.36. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Vaibhav Agarwal sold 1,984 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $34.55, for a total value of $68,547.20. Following the sale, the chief financial officer now owns 114,656 shares in the company, valued at approximately $3,961,364.80. The disclosure for this sale can be found here. Insiders sold a total of 23,608 shares of company stock valued at $800,974 in the last quarter. 6.76% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on RNG shares. Morgan Stanley reduced their target price on shares of RingCentral from $35.00 to $32.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 17th. The Goldman Sachs Group cut their price target on RingCentral from $38.00 to $34.00 and set a “neutral” rating for the company in a report on Wednesday, February 21st. Piper Sandler cut their price target on RingCentral from $34.00 to $31.00 and set a “neutral” rating for the company in a report on Wednesday, February 21st. Wells Fargo & Company cut their price target on RingCentral from $36.00 to $31.00 and set an “equal weight” rating for the company in a report on Wednesday, February 21st. Finally, Wedbush reissued a “neutral” rating and set a $40.00 price objective on shares of RingCentral in a report on Friday, February 16th. Eight investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, RingCentral presently has an average rating of “Moderate Buy” and a consensus target price of $38.56.

RingCentral Stock Down 4.9 %

Shares of RNG traded down $1.53 on Tuesday, hitting $29.62. The company’s stock had a trading volume of 1,306,180 shares, compared to its average volume of 1,139,255. The firm’s fifty day moving average price is $32.93 and its 200-day moving average price is $31.86. RingCentral, Inc. has a fifty-two week low of $25.08 and a fifty-two week high of $43.28. The firm has a market capitalization of $2.73 billion, a price-to-earnings ratio of -16.93, a P/E/G ratio of 3.25 and a beta of 0.92.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Tuesday, February 20th. The software maker reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.31). The company had revenue of $571.27 million during the quarter, compared to analyst estimates of $569.65 million. As a group, equities analysts predict that RingCentral, Inc. will post 0.45 earnings per share for the current fiscal year.

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.