Bank of New York Mellon Corp Grows Position in Ringcentral, Inc. (NYSE:RNG)

Bank of New York Mellon Corp lifted its position in Ringcentral, Inc. (NYSE:RNG) by 8.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 548,765 shares of the software maker’s stock after purchasing an additional 41,486 shares during the quarter. Bank of New York Mellon Corp owned 0.60% of Ringcentral worth $13,587,000 at the end of the most recent quarter.

Several 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 in the 4th quarter worth about $49,000. Quarry LP increased its stake in shares of Ringcentral by 84.1% in 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 in the last quarter. GAMMA Investing LLC boosted its position in shares of Ringcentral by 1,803.3% in the first quarter. GAMMA Investing LLC now owns 5,843 shares of the software maker’s stock worth $145,000 after purchasing an additional 5,536 shares during the period. Harvest Fund Management Co. Ltd purchased a new position in Ringcentral during the 4th quarter valued at approximately $173,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Ringcentral by 10.4% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker’s stock worth $176,000 after acquiring an additional 468 shares during the last quarter. 98.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Wedbush decreased their target price on Ringcentral from $38.00 to $30.00 and set a “neutral” rating for the company in a research report on Friday, May 9th. Wells Fargo & Company reduced their price objective on Ringcentral from $30.00 to $22.00 and set an “underweight” rating on the stock in a report on Tuesday, April 22nd. Needham & Company LLC initiated coverage on Ringcentral in a report on Friday, May 9th. They issued a “buy” rating and a $36.00 target price for the company. Wall Street Zen raised Ringcentral from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 5th. Finally, Piper Sandler lifted their price objective on Ringcentral from $25.00 to $28.00 and gave the company a “neutral” rating in a report on Friday, May 9th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $33.08.

Ringcentral Price Performance

NYSE:RNG opened at $26.65 on Friday. The company’s fifty day moving average price is $27.33 and its 200-day moving average price is $28.39. Ringcentral, Inc. has a 1-year low of $20.59 and a 1-year high of $42.19. The firm has a market capitalization of $2.40 billion, a P/E ratio of -60.57, a PEG ratio of 0.86 and a beta of 1.29.

Ringcentral (NYSE:RNG) last issued its earnings results 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 15.63% and a negative net margin of 1.65%. The firm had revenue of $612.06 million for the quarter, compared to the consensus estimate of $610.53 million. During the same quarter in the prior year, the business earned $0.87 earnings per share. The company’s revenue was up 4.8% compared to the same quarter last year. Equities analysts anticipate that Ringcentral, Inc. will post 1.29 EPS for the current fiscal year.

Insider Activity at Ringcentral

In related news, COO Kira Makagon sold 21,185 shares of the firm’s stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $27.69, for a total value of $586,612.65. Following the transaction, the chief operating officer directly owned 413,131 shares of the company’s stock, valued at approximately $11,439,597.39. This trade represents a 4.88% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Vaibhav Agarwal sold 14,969 shares of Ringcentral stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $26.88, for a total value of $402,366.72. Following the completion of the sale, the chief financial officer owned 153,900 shares in the company, valued at approximately $4,136,832. The trade was a 8.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 244,647 shares of company stock valued at $6,531,804 in the last ninety days. 6.97% of the stock is currently owned by company 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.