RingCentral, Inc. (NYSE:RNG) Shares Sold by Catalyst Capital Advisors LLC

Catalyst Capital Advisors LLC trimmed its holdings in RingCentral, Inc. (NYSE:RNGGet Rating) by 39.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 6,500 shares of the software maker’s stock after selling 4,150 shares during the period. Catalyst Capital Advisors LLC’s holdings in RingCentral were worth $1,218,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Spire Wealth Management lifted its stake in shares of RingCentral by 843.8% in the 4th quarter. Spire Wealth Management now owns 151 shares of the software maker’s stock valued at $28,000 after purchasing an additional 135 shares in the last quarter. FourThought Financial LLC lifted its stake in shares of RingCentral by 60.6% in the 3rd quarter. FourThought Financial LLC now owns 159 shares of the software maker’s stock valued at $34,000 after purchasing an additional 60 shares in the last quarter. Larson Financial Group LLC acquired a new position in shares of RingCentral in the 4th quarter valued at about $44,000. Desjardins Global Asset Management Inc. acquired a new position in shares of RingCentral in the 4th quarter valued at about $47,000. Finally, Dark Forest Capital Management LP lifted its stake in shares of RingCentral by 609.8% in the 3rd quarter. Dark Forest Capital Management LP now owns 291 shares of the software maker’s stock valued at $63,000 after purchasing an additional 250 shares in the last quarter. 85.96% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE RNG traded up $7.33 during trading on Friday, reaching $69.30. The stock had a trading volume of 2,671,065 shares, compared to its average volume of 1,614,714. RingCentral, Inc. has a one year low of $59.04 and a one year high of $315.00. The company has a debt-to-equity ratio of 33.52, a quick ratio of 1.24 and a current ratio of 1.25. The stock has a market cap of $6.39 billion, a PE ratio of -12.18 and a beta of 0.93. The firm’s 50 day moving average price is $102.80 and its two-hundred day moving average price is $159.30.

RingCentral (NYSE:RNGGet Rating) last issued its quarterly earnings results on Monday, May 9th. The software maker reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.05. RingCentral had a negative return on equity of 183.51% and a negative net margin of 30.82%. The business had revenue of $467.66 million during the quarter, compared to the consensus estimate of $458.36 million. During the same period in the previous year, the business earned ($0.41) EPS. The business’s quarterly revenue was up 32.7% on a year-over-year basis. On average, research analysts expect that RingCentral, Inc. will post -1.99 earnings per share for the current year.

In related news, COO Mohammed Katibeh sold 1,846 shares of the business’s stock in a transaction that occurred on Wednesday, May 11th. The stock was sold at an average price of $67.60, for a total transaction of $124,789.60. Following the completion of the transaction, the chief operating officer now owns 110,098 shares in the company, valued at approximately $7,442,624.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Vaibhav Agarwal sold 10,443 shares of the business’s stock in a transaction that occurred on Wednesday, May 11th. The shares were sold at an average price of $67.59, for a total value of $705,842.37. Following the transaction, the chief financial officer now owns 85,357 shares of the company’s stock, valued at approximately $5,769,279.63. The disclosure for this sale can be found here. Insiders own 7.35% of the company’s stock.

RNG has been the topic of several research analyst reports. Evercore ISI reduced their price objective on RingCentral from $275.00 to $225.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 23rd. Raymond James dropped their target price on RingCentral from $300.00 to $135.00 in a report on Tuesday. Craig Hallum dropped their target price on RingCentral from $270.00 to $175.00 in a report on Tuesday. The Goldman Sachs Group dropped their target price on RingCentral from $240.00 to $205.00 and set a “buy” rating on the stock in a report on Wednesday, February 23rd. Finally, KeyCorp dropped their target price on RingCentral from $295.00 to $252.00 and set an “overweight” rating on the stock in a report on Wednesday, February 23rd. Four research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $192.68.

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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