abrdn plc Sells 927 Shares of RingCentral, Inc. (NYSE:RNG)

abrdn plc reduced its position in RingCentral, Inc. (NYSE:RNG) by 2.9% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 30,525 shares of the software maker’s stock after selling 927 shares during the period. abrdn plc’s holdings in RingCentral were worth $1,036,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Vanguard Group Inc. lifted its stake in RingCentral by 4.9% in the third quarter. Vanguard Group Inc. now owns 9,988,881 shares of the software maker’s stock worth $295,971,000 after purchasing an additional 469,280 shares during the last quarter. Sylebra Capital LLC purchased a new position in shares of RingCentral in the 3rd quarter valued at $242,462,000. Ameriprise Financial Inc. raised its holdings in RingCentral by 515.7% in the third quarter. Ameriprise Financial Inc. now owns 2,716,470 shares of the software maker’s stock worth $80,489,000 after purchasing an additional 2,275,245 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of RingCentral by 10.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 730,242 shares of the software maker’s stock worth $21,637,000 after acquiring an additional 67,229 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of RingCentral by 9.2% during the 3rd quarter. Bank of New York Mellon Corp now owns 678,036 shares of the software maker’s stock valued at $20,090,000 after purchasing an additional 57,358 shares during the last quarter. 98.61% of the stock is owned by hedge funds and other institutional investors.

RingCentral Price Performance

Shares of NYSE:RNG opened at $31.14 on Tuesday. RingCentral, Inc. has a 1-year low of $25.08 and a 1-year high of $43.28. The firm has a fifty day moving average price of $32.93 and a 200 day moving average price of $31.86. The stock has a market cap of $2.87 billion, a P/E ratio of -17.79, a P/E/G ratio of 3.25 and a beta of 0.92.

RingCentral (NYSE:RNG) last issued its earnings results on Tuesday, February 20th. The software maker reported ($0.33) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.31). The firm had revenue of $571.27 million for the quarter, compared to analyst estimates of $569.65 million. Sell-side analysts expect that RingCentral, Inc. will post 0.45 EPS for the current fiscal year.

Insider Buying and Selling at RingCentral

In other RingCentral news, CFO Vaibhav Agarwal sold 1,984 shares of RingCentral stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $34.55, for a total transaction of $68,547.20. Following the completion of the transaction, the chief financial officer now owns 114,656 shares in the company, valued at $3,961,364.80. The sale was disclosed in a document filed 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 shares were sold at an average price of $34.55, for a total value of $68,547.20. Following the completion of the transaction, the chief financial officer now 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 available at the SEC website. Also, 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 transaction of $44,362.89. Following the sale, the director now owns 23,688 shares of the company’s stock, valued at $816,525.36. 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. Insiders own 6.76% of the company’s stock.

Analysts Set New Price Targets

RNG has been the subject of a number of research analyst reports. Wedbush reaffirmed a “neutral” rating and issued a $40.00 price target on shares of RingCentral in a report on Friday, February 16th. Piper Sandler decreased their target price on RingCentral from $34.00 to $31.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 21st. Mizuho dropped their price objective on shares of RingCentral from $40.00 to $36.00 and set a “buy” rating for the company in a research note on Wednesday, February 21st. Morgan Stanley lowered their price target on shares of RingCentral from $35.00 to $32.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 17th. Finally, Needham & Company LLC decreased their target price on shares of RingCentral from $46.00 to $42.00 and set a “buy” rating on the stock in a report on Wednesday, February 21st. Eight investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $38.56.

RingCentral 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.