Assenagon Asset Management S.A. Decreases Stake in Ringcentral, Inc. (NYSE:RNG)

Assenagon Asset Management S.A. lessened its position in shares of Ringcentral, Inc. (NYSE:RNG) by 62.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 66,188 shares of the software maker’s stock after selling 112,055 shares during the quarter. Assenagon Asset Management S.A. owned about 0.07% of Ringcentral worth $1,639,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in RNG. Arrowstreet Capital Limited Partnership grew its holdings in shares of Ringcentral by 414.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,445,245 shares of the software maker’s stock valued at $50,598,000 after purchasing an additional 1,164,241 shares in the last quarter. Valley Wealth Managers Inc. purchased a new position in Ringcentral in the fourth quarter worth about $20,792,000. Capital World Investors boosted its holdings in shares of Ringcentral by 5.9% in the 4th quarter. Capital World Investors now owns 10,663,441 shares of the software maker’s stock worth $373,327,000 after purchasing an additional 591,398 shares during the period. First Trust Advisors LP increased its position in shares of Ringcentral by 35.6% during the 4th quarter. First Trust Advisors LP now owns 2,009,286 shares of the software maker’s stock valued at $70,345,000 after purchasing an additional 527,901 shares during the last quarter. Finally, Wellington Management Group LLP purchased a new stake in Ringcentral during the 4th quarter valued at $15,630,000. Institutional investors own 98.61% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on RNG shares. Rosenblatt Securities reiterated a “buy” rating and set a $32.00 price objective on shares of Ringcentral in a research report on Monday, May 19th. Morgan Stanley cut 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. Wall Street Zen lowered Ringcentral from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 7th. Wedbush dropped their price objective on Ringcentral from $38.00 to $30.00 and set a “neutral” rating for the company in a report on Friday, May 9th. Finally, Raymond James Financial lowered their target price on shares of Ringcentral from $40.00 to $35.00 and set an “outperform” rating for the company in a research note on Friday, May 9th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $33.08.

Ringcentral Price Performance

NYSE:RNG opened at $26.93 on Wednesday. Ringcentral, Inc. has a 1-year low of $20.59 and a 1-year high of $42.19. The company has a 50-day moving average of $25.75 and a 200 day moving average of $30.06. The firm has a market cap of $2.42 billion, a PE ratio of -61.20, a price-to-earnings-growth ratio of 0.87 and a beta of 1.27.

Ringcentral (NYSE:RNG) last announced its quarterly earnings results on Thursday, May 8th. The software maker reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.04. The firm had revenue of $612.06 million during the quarter, compared to analysts’ expectations of $610.53 million. Ringcentral had a negative net margin of 1.65% and a negative return on equity of 15.63%. The company’s revenue was up 4.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.87 EPS. Sell-side analysts anticipate that Ringcentral, Inc. will post 1.29 EPS for the current fiscal year.

Insider Activity at Ringcentral

In other Ringcentral 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 completion of the sale, the chief financial officer now directly owns 120,982 shares of the company’s stock, valued at approximately $3,383,866.54. This represents a 1.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP John H. Marlow sold 29,173 shares of the business’s stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $26.56, for a total transaction of $774,834.88. Following the transaction, the senior vice president now owns 352,448 shares of the company’s stock, valued at approximately $9,361,018.88. This trade represents a 7.64% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 215,686 shares of company stock valued at $5,727,463 over the last quarter. 6.97% of the stock is owned by corporate insiders.

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.