Allspring Global Investments Holdings LLC Increases Stake in Ringcentral, Inc. (NYSE:RNG)

Allspring Global Investments Holdings LLC raised its stake in shares of Ringcentral, Inc. (NYSE:RNG) by 13.9% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,966 shares of the software maker’s stock after buying an additional 1,586 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Ringcentral were worth $321,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. grew its holdings in Ringcentral by 116.9% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 44,524 shares of the software maker’s stock valued at $1,102,000 after buying an additional 23,997 shares in the last quarter. Northern Trust Corp boosted its position in shares of Ringcentral by 2.3% during the 4th quarter. Northern Trust Corp now owns 529,746 shares of the software maker’s stock valued at $18,546,000 after acquiring an additional 11,911 shares during the last quarter. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Ringcentral during the 4th quarter valued at about $545,000. Robeco Institutional Asset Management B.V. boosted its position in shares of Ringcentral by 57.2% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 9,924 shares of the software maker’s stock valued at $246,000 after acquiring an additional 3,611 shares during the last quarter. Finally, Deutsche Bank AG boosted its position in shares of Ringcentral by 18.8% during the 4th quarter. Deutsche Bank AG now owns 75,154 shares of the software maker’s stock valued at $2,631,000 after acquiring an additional 11,902 shares during the last quarter. Hedge funds and other institutional investors own 98.61% of the company’s stock.

Ringcentral Price Performance

NYSE:RNG opened at $26.99 on Friday. The business has a 50 day moving average of $27.34 and a 200 day moving average of $28.78. The company has a market capitalization of $2.43 billion, a price-to-earnings ratio of -61.34, a PEG ratio of 0.92 and a beta of 1.29. Ringcentral, Inc. has a 1-year low of $20.59 and a 1-year high of $42.19.

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

Insider Transactions at Ringcentral

In other Ringcentral news, CAO Tarun Arora sold 7,776 shares of the business’s stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $28.00, for a total value of $217,728.00. Following the completion of the sale, the chief accounting officer owned 114,497 shares in the company, valued at approximately $3,205,916. The trade was a 6.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Vaibhav Agarwal sold 14,969 shares of the business’s stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $26.88, for a total value of $402,366.72. Following the transaction, the chief financial officer directly owned 153,900 shares in the company, valued at $4,136,832. This trade represents a 8.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 244,647 shares of company stock valued at $6,531,804. Insiders own 6.97% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on RNG shares. Mizuho lifted their price target on Ringcentral from $25.00 to $27.00 and gave the company a “neutral” rating in a research report on Monday, May 12th. Morgan Stanley dropped their price target on Ringcentral from $40.00 to $29.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 16th. Needham & Company LLC started coverage on Ringcentral in a research report on Friday, May 9th. They set a “buy” rating and a $36.00 price target for the company. KeyCorp started coverage on Ringcentral in a research report on Friday, June 6th. They set a “sector weight” rating for the company. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $32.00 price target on shares of Ringcentral in a research report on Monday, May 19th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average 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.