The Manufacturers Life Insurance Company Sells 1,616 Shares of RingCentral, Inc. (NYSE:RNG)

The Manufacturers Life Insurance Company lessened its stake in RingCentral, Inc. (NYSE:RNG) by 10.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 14,149 shares of the software maker’s stock after selling 1,616 shares during the period. The Manufacturers Life Insurance Company’s holdings in RingCentral were worth $495,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Fort Washington Investment Advisors Inc. OH grew its position in shares of RingCentral by 32.5% in the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 550,304 shares of the software maker’s stock valued at $19,266,000 after buying an additional 134,928 shares during the last quarter. Hennessy Advisors Inc. bought a new stake in shares of RingCentral in the 4th quarter valued at about $59,055,000. Beaumont Financial Advisors LLC bought a new stake in shares of RingCentral in the 4th quarter valued at about $262,000. Harel Insurance Investments & Financial Services Ltd. grew its position in shares of RingCentral by 106.9% in the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 185,205 shares of the software maker’s stock valued at $6,484,000 after buying an additional 95,684 shares during the last quarter. Finally, Private Advisor Group LLC grew its position in shares of RingCentral by 9.6% in the 4th quarter. Private Advisor Group LLC now owns 8,896 shares of the software maker’s stock valued at $311,000 after buying an additional 777 shares during the last quarter. Institutional investors own 98.61% of the company’s stock.

RingCentral Trading Up 0.3%

Shares of NYSE:RNG opened at $28.10 on Friday. RingCentral, Inc. has a 12 month low of $20.59 and a 12 month high of $42.19. The company has a 50-day moving average price of $25.33 and a 200 day moving average price of $31.66. The company has a market cap of $2.55 billion, a price-to-earnings ratio of -43.91, a PEG ratio of 1.27 and a beta of 1.33.

RingCentral (NYSE:RNG) last announced its quarterly earnings results on Thursday, May 8th. The software maker reported $1.00 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.04. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The firm had revenue of $612.06 million during the quarter, compared to the consensus estimate of $610.53 million. During the same quarter last year, the firm earned $0.87 EPS. The firm’s revenue for the quarter was up 4.8% compared to the same quarter last year. As a group, equities analysts forecast that RingCentral, Inc. will post 1.29 EPS for the current year.

Insider Activity at RingCentral

In other RingCentral news, CFO Vaibhav Agarwal sold 2,247 shares of RingCentral stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $27.97, for a total value of $62,848.59. Following the transaction, the chief financial officer now owns 120,982 shares in the company, valued at $3,383,866.54. The trade was a 1.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP John H. Marlow sold 22,979 shares of RingCentral stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $28.82, for a total value of $662,254.78. Following the completion of the transaction, the senior vice president now owns 348,599 shares in the company, valued at $10,046,623.18. This trade represents a 6.18% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 249,987 shares of company stock valued at $7,162,128. Insiders own 6.97% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Wedbush reduced their price target on RingCentral from $38.00 to $30.00 and set a “neutral” rating on the stock in a research report on Friday, May 9th. UBS Group cut their target price on RingCentral from $38.00 to $33.00 and set a “neutral” rating on the stock in a research report on Friday, May 9th. Barclays cut their target price on RingCentral from $37.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Friday, February 21st. Morgan Stanley cut their target price on RingCentral from $40.00 to $29.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 16th. Finally, Mizuho upped their target price on RingCentral from $25.00 to $27.00 and gave the company a “neutral” rating in a research report on Monday, May 12th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $32.77.

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.