Public Employees Retirement System of Ohio Sells 3,836 Shares of RingCentral, Inc. (NYSE:RNG)

4 months ago
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Public Employees Retirement System of Ohio lowered its holdings in RingCentral, Inc. (NYSE:RNG – Free Report) by 9.7% during the third quarter, HoldingsChannel.com reports. The fund owned 35,828 shares of the software maker’s stock after selling 3,836 shares during the period. Public Employees Retirement System of Ohio’s holdings in RingCentral were worth $1,062,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Quarry LP grew its stake in RingCentral by 1,354.8% during the second quarter. Quarry LP now owns 1,222 shares of the software maker’s stock worth $40,000 after buying an additional 1,138 shares during the last quarter. Dark Forest Capital Management LP grew its stake in RingCentral by 40,375.0% during the first quarter. Dark Forest Capital Management LP now owns 1,619 shares of the software maker’s stock worth $50,000 after buying an additional 1,615 shares during the last quarter. Neo Ivy Capital Management bought a new stake in RingCentral during the third quarter worth about $53,000. State of Wyoming bought a new stake in RingCentral during the second quarter worth about $63,000. Finally, IFP Advisors Inc grew its stake in RingCentral by 433.0% during the second quarter. IFP Advisors Inc now owns 2,356 shares of the software maker’s stock worth $77,000 after buying an additional 1,914 shares during the last quarter. Institutional investors own 98.61% of the company’s stock.

Shares of NYSE RNG opened at $34.08 on Wednesday. The company’s 50 day simple moving average is $33.82 and its 200 day simple moving average is $31.48. 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 $3.15 billion, a P/E ratio of -19.47, a P/E/G ratio of 3.76 and a beta of 0.92.

In other RingCentral news, CFO Vaibhav Agarwal sold 14,113 shares of the stock in a transaction on Friday, March 15th. The shares were sold at an average price of $34.84, for a total value of $491,696.92. Following the sale, the chief financial officer now directly owns 116,640 shares in the company, valued at $4,063,737.60. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director Kenneth A. Goldman sold 1,287 shares of the stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $34.47, for a total transaction of $44,362.89. Following the completion of the sale, the director now owns 23,688 shares of the company’s stock, valued at $816,525.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Vaibhav Agarwal sold 14,113 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $34.84, for a total transaction of $491,696.92. Following the sale, the chief financial officer now directly owns 116,640 shares of the company’s stock, valued at approximately $4,063,737.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 21,624 shares of company stock worth $732,427. Company insiders own 6.76% of the company’s stock.

Several brokerages have weighed in on RNG. Needham & Company LLC decreased their price objective on shares of RingCentral from $46.00 to $42.00 and set a “buy” rating on the stock in a research note on Wednesday, February 21st. Jefferies Financial Group cut shares of RingCentral from a “buy” rating to a “hold” rating and decreased their price target for the company from $40.00 to $35.00 in a research note on Tuesday, December 12th. Piper Sandler decreased their price target on shares of RingCentral from $34.00 to $31.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 21st. Wells Fargo & Company decreased their price target on shares of RingCentral from $36.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 21st. Finally, Wedbush reissued a “neutral” rating and set a $40.00 price target on shares of RingCentral in a research note on Friday, February 16th. Eight analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, RingCentral has an average rating of “Moderate Buy” and a consensus target price of $38.89.

Check Out Our Latest Analysis on RingCentral

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.
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Want to see what other hedge funds are holding RNG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for RingCentral, Inc. (NYSE:RNG – Free Report).

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