Vanguard Group Inc. Decreases Holdings in Ringcentral, Inc. $RNG

Vanguard Group Inc. cut its holdings in shares of Ringcentral, Inc. (NYSE:RNG) by 0.2% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 11,639,748 shares of the software maker’s stock after selling 27,727 shares during the quarter. Vanguard Group Inc. owned 12.83% of Ringcentral worth $288,200,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the business. New Age Alpha Advisors LLC purchased a new position in shares of Ringcentral during the first quarter worth approximately $49,000. PNC Financial Services Group Inc. grew its holdings in shares of Ringcentral by 26.6% in the first quarter. PNC Financial Services Group Inc. now owns 2,925 shares of the software maker’s stock worth $72,000 after purchasing an additional 615 shares during the last quarter. Jupiter Asset Management Ltd. grew its holdings in shares of Ringcentral by 29.0% in the first quarter. Jupiter Asset Management Ltd. now owns 1,365,724 shares of the software maker’s stock worth $33,815,000 after purchasing an additional 306,971 shares during the last quarter. Bayforest Capital Ltd bought a new position in shares of Ringcentral in the first quarter worth approximately $145,000. Finally, XTX Topco Ltd grew its holdings in shares of Ringcentral by 267.6% in the first quarter. XTX Topco Ltd now owns 43,795 shares of the software maker’s stock worth $1,084,000 after purchasing an additional 31,881 shares during the last quarter. 98.61% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Ringcentral

In other news, COO Kira Makagon sold 21,185 shares of Ringcentral stock in a transaction dated Friday, June 27th. The stock was sold at an average price of $27.69, for a total value of $586,612.65. Following the completion of the transaction, the chief operating officer owned 413,131 shares of the company’s stock, valued at $11,439,597.39. The trade was a 4.88% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Tarun Arora sold 7,776 shares of Ringcentral stock in a transaction dated 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 transaction, the chief accounting officer directly owned 114,497 shares of the company’s stock, valued at approximately $3,205,916. This represents a 6.36% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 242,400 shares of company stock worth $6,468,955 over the last quarter. Corporate insiders own 6.97% of the company’s stock.

Ringcentral Trading Up 0.6%

Shares of RNG stock opened at $30.70 on Monday. Ringcentral, Inc. has a 12 month low of $20.58 and a 12 month high of $42.19. The stock has a market cap of $2.76 billion, a PE ratio of -219.27, a price-to-earnings-growth ratio of 1.41 and a beta of 1.28. The company’s fifty day moving average price is $27.52 and its 200-day moving average price is $27.38.

Ringcentral (NYSE:RNG) last announced its earnings results on Tuesday, August 5th. The software maker reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.04. The firm had revenue of $620.40 million for the quarter, compared to analysts’ expectations of $617.90 million. Ringcentral had a negative net margin of 0.50% and a negative return on equity of 19.63%. The company’s quarterly revenue was up 4.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.91 EPS. On average, sell-side analysts forecast that Ringcentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on RNG shares. KeyCorp started coverage on shares of Ringcentral in a report on Friday, June 6th. They issued a “sector weight” rating on the stock. Jefferies Financial Group cut their target price on shares of Ringcentral from $30.00 to $29.00 and set a “hold” rating on the stock in a report on Wednesday, August 6th. UBS Group cut their target price on shares of Ringcentral from $33.00 to $32.00 and set a “neutral” rating on the stock in a report on Wednesday, August 6th. Mizuho raised their target price on shares of Ringcentral from $25.00 to $27.00 and gave the stock a “neutral” rating in a report on Monday, May 12th. Finally, Needham & Company LLC initiated coverage on shares of Ringcentral in a report on Friday, May 9th. They issued a “buy” rating and a $36.00 target price on the stock. One analyst has rated the stock with a sell rating, nine have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $30.62.

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.