Rhumbline Advisers Cuts Stock Holdings in RingCentral, Inc. (NYSE:RNG)

Rhumbline Advisers decreased its holdings in shares of RingCentral, Inc. (NYSE:RNG) by 8.6% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 91,765 shares of the software maker’s stock after selling 8,652 shares during the period. Rhumbline Advisers owned approximately 0.10% of RingCentral worth $2,272,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in RNG. Kayne Anderson Rudnick Investment Management LLC purchased a new stake in shares of RingCentral during the 4th quarter worth about $49,000. Venturi Wealth Management LLC raised its position 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 valued at $101,000 after buying an additional 1,028 shares during the period. Quarry LP raised its position in RingCentral by 84.1% in the fourth quarter. Quarry LP now owns 3,501 shares of the software maker’s stock valued at $123,000 after purchasing an additional 1,599 shares during the period. GAMMA Investing LLC raised its position in RingCentral by 1,803.3% in the first quarter. GAMMA Investing LLC now owns 5,843 shares of the software maker’s stock valued at $145,000 after purchasing an additional 5,536 shares during the period. Finally, Harvest Fund Management Co. Ltd purchased a new stake in shares of RingCentral in the 4th quarter valued at approximately $173,000. 98.61% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, SVP John H. Marlow sold 29,173 shares of RingCentral stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $26.56, for a total transaction of $774,834.88. Following the completion of the sale, the senior vice president now directly owns 352,448 shares in the company, valued at $9,361,018.88. The trade was a 7.64% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Vaibhav Agarwal sold 2,247 shares of the business’s 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 completion of the sale, the chief financial officer now directly owns 120,982 shares of the company’s stock, valued at $3,383,866.54. This represents a 1.82% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 215,686 shares of company stock worth $5,727,463. Corporate insiders own 6.97% of the company’s stock.

Wall Street Analyst Weigh In

RNG has been the topic of several recent research reports. Raymond James cut their target price on shares of RingCentral from $40.00 to $35.00 and set an “outperform” rating on the stock in a research note on Friday, May 9th. Mizuho lifted their price objective on shares of RingCentral from $25.00 to $27.00 and gave the company a “neutral” rating in a research report on Monday, May 12th. Robert W. Baird decreased their price objective on shares of RingCentral from $38.00 to $32.00 and set a “neutral” rating on the stock in a report on Tuesday, February 25th. Morgan Stanley reduced their price target on shares of RingCentral from $40.00 to $29.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 16th. Finally, UBS Group reduced their price objective on shares of RingCentral from $38.00 to $33.00 and set a “neutral” rating on the stock in a research note on Friday, May 9th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $33.08.

RingCentral Stock Up 4.2%

RNG opened at $27.02 on Tuesday. RingCentral, Inc. has a 52-week low of $20.59 and a 52-week high of $42.19. The firm’s 50 day moving average is $25.70 and its 200-day moving average is $30.08. The firm has a market capitalization of $2.43 billion, a P/E ratio of -42.21, a P/E/G ratio of 1.27 and a beta of 1.27.

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

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.