Maple Rock Capital Partners Inc. Reduces Position in RingCentral, Inc. (NYSE:RNG)

Maple Rock Capital Partners Inc. reduced its holdings in RingCentral, Inc. (NYSE:RNG) by 21.9% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 995,956 shares of the software maker’s stock after selling 279,000 shares during the period. RingCentral makes up approximately 0.9% of Maple Rock Capital Partners Inc.’s holdings, making the stock its 20th largest holding. Maple Rock Capital Partners Inc.’s holdings in RingCentral were worth $31,502,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of RNG. Sovereign Financial Group Inc. boosted its holdings in shares of RingCentral by 6.9% during the 3rd quarter. Sovereign Financial Group Inc. now owns 9,693 shares of the software maker’s stock worth $307,000 after purchasing an additional 625 shares during the last quarter. Xponance Inc. increased its stake in shares of RingCentral by 6.8% in the 2nd quarter. Xponance Inc. now owns 11,122 shares of the software maker’s stock worth $314,000 after acquiring an additional 704 shares during the last quarter. KBC Group NV raised its holdings in shares of RingCentral by 38.9% during the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after acquiring an additional 744 shares during the period. Private Advisor Group LLC boosted its position in shares of RingCentral by 13.6% during the 3rd quarter. Private Advisor Group LLC now owns 8,119 shares of the software maker’s stock valued at $257,000 after acquiring an additional 971 shares during the last quarter. Finally, Lecap Asset Management Ltd. increased its position in RingCentral by 3.0% during the second quarter. Lecap Asset Management Ltd. now owns 34,325 shares of the software maker’s stock worth $968,000 after purchasing an additional 1,001 shares during the last quarter. 98.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Piper Sandler upped their price objective on RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Rosenblatt Securities reiterated a “buy” rating and set a $45.00 price target on shares of RingCentral in a report on Friday, November 8th. Wedbush boosted their price objective on shares of RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Raymond James lowered their target price on shares of RingCentral from $52.00 to $50.00 and set a “strong-buy” rating for the company in a research note on Friday, November 8th. Finally, Robert W. Baird upped their price objective on shares of RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a report on Monday, November 11th. Eight research analysts have rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, RingCentral has an average rating of “Moderate Buy” and an average target price of $40.73.

RingCentral Trading Down 1.9 %

RingCentral stock opened at $37.04 on Wednesday. RingCentral, Inc. has a 12-month low of $26.98 and a 12-month high of $40.98. The stock has a market cap of $3.35 billion, a P/E ratio of -34.94, a price-to-earnings-growth ratio of 2.40 and a beta of 0.99. The company has a fifty day simple moving average of $34.55 and a 200-day simple moving average of $32.71.

RingCentral (NYSE:RNG) last issued its earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.10. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. The business had revenue of $608.77 million for the quarter, compared to analyst estimates of $601.91 million. As a group, sell-side analysts forecast that RingCentral, Inc. will post 0.84 earnings per share for the current fiscal year.

Insider Activity at RingCentral

In other news, SVP John H. Marlow sold 23,284 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $34.96, for a total transaction of $814,008.64. Following the completion of the sale, the senior vice president now owns 357,818 shares in the company, valued at approximately $12,509,317.28. This represents a 6.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Vaibhav Agarwal sold 2,178 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $35.27, for a total value of $76,818.06. Following the completion of the transaction, the chief financial officer now owns 135,560 shares in the company, valued at $4,781,201.20. This trade represents a 1.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 104,082 shares of company stock valued at $3,632,417 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.