RingCentral, Inc. (NYSE:RNG) Shares Purchased by Cerity Partners LLC

Cerity Partners LLC grew its stake in shares of RingCentral, Inc. (NYSE:RNG) by 83.4% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 18,303 shares of the software maker’s stock after acquiring an additional 8,321 shares during the period. Cerity Partners LLC’s holdings in RingCentral were worth $639,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Venturi Wealth Management LLC boosted its stake in RingCentral by 55.2% in the 4th quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker’s stock worth $101,000 after purchasing an additional 1,028 shares during the period. KBC Group NV boosted its position in shares of RingCentral by 30.8% in the fourth quarter. KBC Group NV now owns 3,478 shares of the software maker’s stock worth $122,000 after buying an additional 819 shares during the period. Harvest Fund Management Co. Ltd purchased a new position in shares of RingCentral during the fourth quarter valued at $173,000. Central Pacific Bank Trust Division raised its position in RingCentral by 31.1% during the fourth quarter. Central Pacific Bank Trust Division now owns 5,033 shares of the software maker’s stock valued at $176,000 after buying an additional 1,194 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its position in RingCentral by 10.4% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker’s stock valued at $176,000 after buying an additional 468 shares during the period. 98.61% of the stock is owned by institutional investors.

RingCentral Stock Performance

NYSE:RNG opened at $22.76 on Monday. The company has a market cap of $2.07 billion, a price-to-earnings ratio of -35.57, a P/E/G ratio of 1.27 and a beta of 1.30. The stock’s fifty day moving average price is $26.95 and its two-hundred day moving average price is $32.59. RingCentral, Inc. has a 52-week low of $20.59 and a 52-week high of $42.19.

RingCentral (NYSE:RNG) last posted its quarterly earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by ($0.73). The firm had revenue of $614.51 million during the quarter, compared to the consensus estimate of $612.37 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. On average, equities analysts predict that RingCentral, Inc. will post 1.29 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Robert W. Baird dropped their target price on RingCentral from $38.00 to $32.00 and set a “neutral” rating on the stock in a report on Tuesday, February 25th. Needham & Company LLC dropped their price objective on shares of RingCentral from $42.00 to $36.00 and set a “buy” rating on the stock in a research note on Friday, February 21st. UBS Group decreased their target price on shares of RingCentral from $40.00 to $38.00 and set a “neutral” rating for the company in a research note on Friday, February 21st. StockNews.com downgraded shares of RingCentral from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, April 1st. Finally, Mizuho reduced their price objective on RingCentral from $32.00 to $25.00 and set a “neutral” rating for the company in a research report on Tuesday, April 15th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, RingCentral has a consensus rating of “Hold” and a consensus price target of $36.00.

Insider Activity

In other RingCentral news, CEO Vladimir Shmunis sold 123,560 shares of the stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $28.56, for a total transaction of $3,528,873.60. Following the completion of the transaction, the chief executive officer now owns 444,740 shares in the company, valued at approximately $12,701,774.40. This represents a 21.74 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP John H. Marlow sold 22,979 shares of the company’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $28.82, for a total value of $662,254.78. Following the transaction, the senior vice president now directly owns 348,599 shares of the company’s stock, valued at $10,046,623.18. This represents a 6.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 247,740 shares of company stock valued at $7,099,279 in the last quarter. Company insiders own 6.97% 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.