Tower Research Capital LLC TRC Sells 5,527 Shares of RingCentral, Inc. (NYSE:RNG)

Tower Research Capital LLC TRC decreased its holdings in shares of RingCentral, Inc. (NYSE:RNG) by 77.5% in the fourth quarter, HoldingsChannel reports. The firm owned 1,605 shares of the software maker’s stock after selling 5,527 shares during the quarter. Tower Research Capital LLC TRC’s holdings in RingCentral were worth $54,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Intellectus Partners LLC raised its position in shares of RingCentral by 4.3% in the 4th quarter. Intellectus Partners LLC now owns 8,550 shares of the software maker’s stock worth $290,000 after acquiring an additional 350 shares in the last quarter. Treasurer of the State of North Carolina raised its position in shares of RingCentral by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 37,832 shares of the software maker’s stock worth $1,284,000 after acquiring an additional 360 shares in the last quarter. 1492 Capital Management LLC raised its position in shares of RingCentral by 1.0% in the 4th quarter. 1492 Capital Management LLC now owns 36,751 shares of the software maker’s stock worth $1,248,000 after acquiring an additional 363 shares in the last quarter. Simplicity Solutions LLC raised its position in shares of RingCentral by 4.5% in the 4th quarter. Simplicity Solutions LLC now owns 10,761 shares of the software maker’s stock worth $365,000 after acquiring an additional 467 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its position in shares of RingCentral by 100.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the software maker’s stock worth $34,000 after acquiring an additional 500 shares in the last quarter. Institutional investors own 98.61% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. KeyCorp decreased their target price on RingCentral from $50.00 to $48.00 and set an “overweight” rating for the company in a research report on Wednesday, February 21st. Morgan Stanley reduced their price objective on RingCentral from $35.00 to $32.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 17th. Piper Sandler reduced their price objective on RingCentral from $34.00 to $31.00 and set a “neutral” rating for the company in a research report on Wednesday, February 21st. Mizuho reduced their price objective on RingCentral from $40.00 to $36.00 and set a “buy” rating for the company in a research report on Wednesday, February 21st. Finally, Wedbush reaffirmed a “neutral” rating and set a $40.00 price objective on shares of RingCentral in a research report on Friday, February 16th. Eight investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, RingCentral presently has a consensus rating of “Moderate Buy” and an average price target of $38.56.

RingCentral Stock Performance

Shares of RNG stock traded down $1.53 on Tuesday, reaching $29.62. The stock had a trading volume of 1,306,180 shares, compared to its average volume of 1,139,255. The stock has a market cap of $2.73 billion, a P/E ratio of -16.93, a price-to-earnings-growth ratio of 3.25 and a beta of 0.92. RingCentral, Inc. has a 1 year low of $25.08 and a 1 year high of $43.28. The company has a 50 day simple moving average of $32.93 and a 200 day simple moving average of $31.86.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Tuesday, February 20th. The software maker reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.31). The firm had revenue of $571.27 million during the quarter, compared to analysts’ expectations of $569.65 million. On average, equities research analysts anticipate that RingCentral, Inc. will post 0.45 earnings per share for the current fiscal year.

Insider Transactions at RingCentral

In other news, CFO Vaibhav Agarwal sold 1,984 shares of the firm’s stock in a transaction 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 transaction, the chief financial officer now directly owns 114,656 shares in the company, valued at approximately $3,961,364.80. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CFO Vaibhav Agarwal sold 1,984 shares of RingCentral stock in a transaction 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 transaction, the chief financial officer now directly owns 114,656 shares in the company, valued at $3,961,364.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kenneth A. Goldman sold 1,287 shares of RingCentral stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $34.47, for a total value of $44,362.89. Following the transaction, the director now owns 23,688 shares in the company, valued at $816,525.36. The disclosure for this sale can be found here. Insiders have sold a total of 23,608 shares of company stock worth $800,974 in the last ninety days. Insiders own 6.76% of the company’s stock.

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.