Deutsche Bank AG Raises Position in RingCentral, Inc. (NYSE:RNG)

Deutsche Bank AG grew its holdings in shares of RingCentral, Inc. (NYSE:RNG) by 18.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 75,154 shares of the software maker’s stock after purchasing an additional 11,902 shares during the quarter. Deutsche Bank AG owned approximately 0.08% of RingCentral worth $2,631,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in RNG. Kayne Anderson Rudnick Investment Management LLC purchased a new position in shares of RingCentral during the 4th quarter worth $49,000. Venturi Wealth Management LLC lifted its stake in shares of RingCentral by 55.2% during 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 lifted its stake in shares of RingCentral by 30.8% during the 4th quarter. KBC Group NV now owns 3,478 shares of the software maker’s stock worth $122,000 after purchasing an additional 819 shares during the period. Quarry LP lifted its stake in shares of RingCentral by 84.1% during the 4th quarter. Quarry LP now owns 3,501 shares of the software maker’s stock worth $123,000 after purchasing an additional 1,599 shares during the period. Finally, Harvest Fund Management Co. Ltd acquired a new stake in shares of RingCentral during the 4th quarter worth $173,000. Hedge funds and other institutional investors own 98.61% of the company’s stock.

RingCentral Price Performance

NYSE:RNG opened at $26.24 on Thursday. The firm has a 50-day moving average of $25.34 and a two-hundred day moving average of $31.47. The stock has a market cap of $2.36 billion, a P/E ratio of -40.99, a PEG ratio of 1.27 and a beta of 1.33. RingCentral, Inc. has a 1-year low of $20.59 and a 1-year high of $42.19.

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

Insider Buying and Selling at RingCentral

In other news, CFO Vaibhav Agarwal sold 2,247 shares of the stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $27.97, for a total transaction of $62,848.59. Following the transaction, the chief financial officer now owns 120,982 shares of the company’s stock, valued at approximately $3,383,866.54. This trade represents a 1.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP John H. Marlow sold 35,089 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 $1,002,141.84. Following the transaction, the senior vice president now directly owns 313,510 shares in the company, valued at $8,953,845.60. The trade was a 10.07% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 249,987 shares of company stock valued at $7,162,128 in the last ninety days. Insiders own 6.97% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Raymond James dropped their price objective on RingCentral from $40.00 to $35.00 and set an “outperform” rating for the company in a report on Friday, May 9th. Mizuho upped their price objective on RingCentral from $25.00 to $27.00 and gave the stock a “neutral” rating in a report on Monday, May 12th. Wells Fargo & Company dropped their price objective on RingCentral from $30.00 to $22.00 and set an “underweight” rating for the company in a report on Tuesday, April 22nd. StockNews.com upgraded RingCentral from a “buy” rating to a “strong-buy” rating in a report on Tuesday, May 13th. Finally, Piper Sandler increased their price target on RingCentral from $25.00 to $28.00 and gave the company a “neutral” rating in a report on Friday, May 9th. One analyst has rated the stock with a sell rating, seven have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, RingCentral currently has an average rating of “Hold” and a consensus target price of $33.08.

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.