Envestnet Asset Management Inc. Sells 75,967 Shares of Ringcentral, Inc. (NYSE:RNG)

Envestnet Asset Management Inc. lessened its position in Ringcentral, Inc. (NYSE:RNG) by 74.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 26,110 shares of the software maker’s stock after selling 75,967 shares during the period. Envestnet Asset Management Inc.’s holdings in Ringcentral were worth $646,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of RNG. Bank of New York Mellon Corp grew its stake in Ringcentral by 8.2% in the 1st quarter. Bank of New York Mellon Corp now owns 548,765 shares of the software maker’s stock valued at $13,587,000 after buying an additional 41,486 shares during the last quarter. World Investment Advisors acquired a new stake in Ringcentral during the first quarter worth approximately $1,156,000. Harel Insurance Investments & Financial Services Ltd. lifted its position in Ringcentral by 5.1% during the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 194,709 shares of the software maker’s stock worth $4,821,000 after acquiring an additional 9,504 shares during the last quarter. Goodman Advisory Group LLC acquired a new stake in Ringcentral during the first quarter worth approximately $302,000. Finally, Allspring Global Investments Holdings LLC lifted its position in Ringcentral by 13.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 12,966 shares of the software maker’s stock worth $321,000 after acquiring an additional 1,586 shares during the last quarter. Institutional investors own 98.61% of the company’s stock.

Wall Street Analyst Weigh In

RNG has been the subject of several research reports. Mizuho raised their price objective on shares of Ringcentral from $25.00 to $27.00 and gave the stock a “neutral” rating in a research report on Monday, May 12th. Raymond James Financial cut their price objective on shares of Ringcentral from $40.00 to $35.00 and set an “outperform” rating for the company in a research report on Friday, May 9th. Wall Street Zen upgraded shares of Ringcentral from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 5th. Needham & Company LLC began coverage on shares of Ringcentral in a research report on Friday, May 9th. They set a “buy” rating and a $36.00 price objective for the company. Finally, Piper Sandler lifted their price objective on shares of Ringcentral from $25.00 to $28.00 and gave the stock a “neutral” rating 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, four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $31.67.

Insider Buying and Selling

In related news, CFO Vaibhav Agarwal sold 14,969 shares of the company’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 transaction of $402,366.72. Following the completion of the transaction, the chief financial officer directly owned 153,900 shares in the company, valued at $4,136,832. This represents a 8.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Kira Makagon sold 21,185 shares of the company’s stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $27.69, for a total transaction of $586,612.65. Following the transaction, the chief operating officer owned 413,131 shares of the company’s stock, valued at approximately $11,439,597.39. This represents a 4.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 244,647 shares of company stock worth $6,531,804. 6.97% of the stock is owned by company insiders.

Ringcentral Trading Up 0.5%

Shares of NYSE:RNG opened at $23.75 on Tuesday. The firm has a 50 day moving average of $27.12 and a 200-day moving average of $27.77. The stock has a market capitalization of $2.14 billion, a PE ratio of -53.99, a PEG ratio of 0.76 and a beta of 1.28. Ringcentral, Inc. has a 12 month low of $20.58 and a 12 month high of $42.19.

Ringcentral (NYSE:RNG) last issued its earnings results on Thursday, May 8th. The software maker reported $1.00 EPS for the quarter, beating the consensus estimate 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 1.65% and a negative return on equity of 15.63%. The business’s revenue for the quarter was up 4.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.87 EPS. On average, research analysts predict that Ringcentral, Inc. will post 1.29 EPS 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.