RingCentral, Inc. (NYSE:RNG) Stock Holdings Trimmed by Cerity Partners LLC

Cerity Partners LLC reduced its position in RingCentral, Inc. (NYSE:RNG) by 6.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,722 shares of the software maker’s stock after selling 860 shares during the quarter. Cerity Partners LLC’s holdings in RingCentral were worth $432,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Ameriprise Financial Inc. grew its holdings in shares of RingCentral by 515.7% during the third quarter. Ameriprise Financial Inc. now owns 2,716,470 shares of the software maker’s stock valued at $80,489,000 after purchasing an additional 2,275,245 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of RingCentral by 4.9% during the third 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 during the last quarter. DekaBank Deutsche Girozentrale bought a new position in shares of RingCentral during the third quarter valued at approximately $92,000. Rafferty Asset Management LLC grew its holdings in shares of RingCentral by 6.9% during the third quarter. Rafferty Asset Management LLC now owns 24,040 shares of the software maker’s stock valued at $712,000 after purchasing an additional 1,562 shares during the last quarter. Finally, Beck Bode LLC grew its holdings in shares of RingCentral by 5.2% during the third quarter. Beck Bode LLC now owns 161,115 shares of the software maker’s stock valued at $4,774,000 after purchasing an additional 7,933 shares during the last quarter. 98.61% of the stock is owned by institutional investors.

RingCentral Stock Performance

NYSE RNG opened at $30.01 on Friday. The stock has a market capitalization of $2.77 billion, a P/E ratio of -17.15, a P/E/G ratio of 3.24 and a beta of 0.92. RingCentral, Inc. has a 1 year low of $25.08 and a 1 year high of $43.28. The business’s fifty day moving average is $32.98 and its two-hundred day moving average is $31.83.

RingCentral (NYSE:RNG) last posted its quarterly earnings results on Tuesday, February 20th. The software maker reported ($0.33) earnings per share (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 the consensus estimate of $569.65 million. On average, research analysts forecast that RingCentral, Inc. will post 0.45 earnings per share for the current year.

Insider Buying and Selling at RingCentral

In other RingCentral news, CFO Vaibhav Agarwal sold 1,984 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $34.55, for a total transaction of $68,547.20. Following 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 document filed with the SEC, which is available through the SEC website. In other RingCentral news, Director Kenneth A. Goldman sold 1,287 shares of the business’s 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 sale, the director now directly owns 23,688 shares of the company’s stock, valued at approximately $816,525.36. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Vaibhav Agarwal sold 1,984 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $34.55, for a total transaction of $68,547.20. Following the sale, the chief financial officer now directly owns 114,656 shares in the company, valued at $3,961,364.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 23,608 shares of company stock valued at $800,974. Corporate insiders own 6.76% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on RNG. Wedbush reaffirmed a “neutral” rating and set a $40.00 target price on shares of RingCentral in a report on Friday, February 16th. Mizuho lowered their target price on RingCentral from $40.00 to $36.00 and set a “buy” rating for the company in a report on Wednesday, February 21st. KeyCorp reduced their price objective on RingCentral from $50.00 to $48.00 and set an “overweight” rating for the company in a research report on Wednesday, February 21st. Wells Fargo & Company reduced their price objective on RingCentral from $36.00 to $31.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 21st. Finally, Morgan Stanley reduced their price objective on RingCentral from $35.00 to $32.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 17th. Eight equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $38.56.

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.