RingCentral, Inc. (NYSE:RNG) Shares Sold by Sumitomo Life Insurance Co.

Sumitomo Life Insurance Co. reduced its stake in RingCentral, Inc. (NYSE:RNGGet Rating) by 2.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,415 shares of the software maker’s stock after selling 118 shares during the period. Sumitomo Life Insurance Co.’s holdings in RingCentral were worth $827,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Spire Wealth Management raised its stake in shares of RingCentral by 843.8% in the fourth quarter. Spire Wealth Management now owns 151 shares of the software maker’s stock valued at $28,000 after acquiring an additional 135 shares in the last quarter. Jackson Wealth Management LLC increased its holdings in RingCentral by 117.9% in the third quarter. Jackson Wealth Management LLC now owns 21,427 shares of the software maker’s stock valued at $30,000 after buying an additional 11,593 shares during the last quarter. FourThought Financial LLC increased its holdings in RingCentral by 60.6% in the third quarter. FourThought Financial LLC now owns 159 shares of the software maker’s stock valued at $34,000 after buying an additional 60 shares during the last quarter. First Horizon Advisors Inc. increased its holdings in RingCentral by 440.9% in the third quarter. First Horizon Advisors Inc. now owns 714 shares of the software maker’s stock valued at $38,000 after buying an additional 582 shares during the last quarter. Finally, Larson Financial Group LLC purchased a new position in shares of RingCentral during the fourth quarter worth about $44,000. Institutional investors and hedge funds own 87.39% of the company’s stock.

Several brokerages have issued reports on RNG. JPMorgan Chase & Co. dropped their price objective on RingCentral from $460.00 to $225.00 and set an “overweight” rating on the stock in a report on Wednesday, February 23rd. StockNews.com began coverage on RingCentral in a report on Thursday, March 31st. They set a “sell” rating on the stock. Truist Financial lowered their price target on RingCentral from $450.00 to $295.00 and set a “buy” rating on the stock in a report on Wednesday, February 23rd. Morgan Stanley reduced their price objective on shares of RingCentral from $220.00 to $165.00 and set an “equal weight” rating for the company in a research report on Tuesday, February 22nd. Finally, Evercore ISI reduced their price objective on shares of RingCentral from $275.00 to $225.00 and set an “outperform” rating for the company in a research report on Wednesday, February 23rd. One analyst has rated the stock with a sell rating, four have given a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $264.05.

RNG stock traded down $3.92 during midday trading on Monday, hitting $102.70. The stock had a trading volume of 11,566 shares, compared to its average volume of 1,213,783. The firm has a market cap of $9.47 billion, a PE ratio of -25.38 and a beta of 0.76. The company has a debt-to-equity ratio of 4.13, a current ratio of 1.24 and a quick ratio of 1.24. RingCentral, Inc. has a 12-month low of $98.91 and a 12-month high of $337.34. The company’s 50-day moving average price is $127.22 and its 200 day moving average price is $179.47.

RingCentral (NYSE:RNGGet Rating) last announced its quarterly earnings data on Tuesday, February 22nd. The software maker reported ($0.51) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.56) by $0.05. RingCentral had a negative net margin of 23.59% and a negative return on equity of 126.80%. The company had revenue of $448.00 million during the quarter, compared to analysts’ expectations of $434.83 million. During the same period in the previous year, the company earned ($0.16) EPS. The business’s quarterly revenue was up 33.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that RingCentral, Inc. will post -1.99 EPS for the current year.

RingCentral Company Profile (Get Rating)

RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect in North America. The company offers business cloud communications and contact center solutions based on its Message Video Phone? platform. Its products include RingCentral Office that provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers omni-channel; and RingCentral Engage Digital, a digital customer engagement platform that allows enterprises to interact with their customers.

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Institutional Ownership by Quarter for RingCentral (NYSE:RNG)

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