Allspring Global Investments Holdings LLC Sells 18,121 Shares of RingCentral, Inc. (NYSE:RNG)

Allspring Global Investments Holdings LLC lessened its stake in shares of RingCentral, Inc. (NYSE:RNG) by 42.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 24,183 shares of the software maker’s stock after selling 18,121 shares during the period. Allspring Global Investments Holdings LLC’s holdings in RingCentral were worth $821,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC increased its stake in RingCentral by 100.0% during 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 during the period. SG Americas Securities LLC boosted its holdings in shares of RingCentral by 45.6% in the 4th quarter. SG Americas Securities LLC now owns 20,849 shares of the software maker’s stock valued at $708,000 after purchasing an additional 6,525 shares in the last quarter. FCF Advisors LLC acquired a new stake in shares of RingCentral in the 4th quarter valued at $447,000. Vanguard Group Inc. boosted its holdings in shares of RingCentral by 4.9% in the 3rd quarter. Vanguard Group Inc. now owns 9,988,881 shares of the software maker’s stock valued at $295,971,000 after purchasing an additional 469,280 shares in the last quarter. Finally, Sunbelt Securities Inc. acquired a new stake in shares of RingCentral in the 3rd quarter valued at $1,091,000. Institutional investors own 98.61% of the company’s stock.

Insider Transactions at RingCentral

In other news, Director Kenneth A. Goldman sold 1,287 shares of RingCentral stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $34.47, for a total value of $44,362.89. Following the completion of the transaction, the director now directly owns 23,688 shares of the company’s stock, valued at approximately $816,525.36. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CFO Vaibhav Agarwal sold 1,984 shares of the business’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $34.55, for a total value of $68,547.20. Following the completion of the sale, the chief financial officer now directly owns 114,656 shares of the company’s stock, valued at approximately $3,961,364.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kenneth A. Goldman sold 1,287 shares of the business’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $34.47, for a total value of $44,362.89. Following the completion of the sale, the director now directly owns 23,688 shares of the company’s stock, valued at $816,525.36. The disclosure for this sale can be found here. In the last ninety days, insiders sold 23,608 shares of company stock valued at $800,974. Corporate insiders own 6.76% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Morgan Stanley reduced their target price on RingCentral from $35.00 to $32.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 17th. Wells Fargo & Company reduced their target price on RingCentral from $36.00 to $31.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 21st. Mizuho cut their price objective on RingCentral from $40.00 to $36.00 and set a “buy” rating on the stock in a report on Wednesday, February 21st. Wedbush reissued a “neutral” rating and set a $40.00 price objective on shares of RingCentral in a report on Friday, February 16th. Finally, The Goldman Sachs Group cut their price objective on RingCentral from $38.00 to $34.00 and set a “neutral” rating on the stock in a report on Wednesday, February 21st. Eight 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 company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $38.56.

RingCentral Trading Down 0.8 %

Shares of RNG opened at $30.29 on Thursday. The company has a market capitalization of $2.80 billion, a PE ratio of -17.31, a PEG ratio of 3.13 and a beta of 0.92. RingCentral, Inc. has a 12 month low of $25.08 and a 12 month high of $43.28. The stock’s 50-day moving average price is $33.02 and its two-hundred day moving average price is $31.84.

RingCentral (NYSE:RNG) last announced its earnings results on Tuesday, February 20th. The software maker reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.31). The business had revenue of $571.27 million during the quarter, compared to analysts’ expectations of $569.65 million. Equities research analysts predict that RingCentral, Inc. will post 0.45 EPS for the current fiscal year.

About 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.