Vanguard Group Inc. Grows Stake in RingCentral, Inc. (NYSE:RNG)

Vanguard Group Inc. lifted its position in RingCentral, Inc. (NYSE:RNG) by 4.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,988,881 shares of the software maker’s stock after buying an additional 469,280 shares during the period. Vanguard Group Inc. owned approximately 10.65% of RingCentral worth $295,971,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Quarry LP increased its holdings in shares of RingCentral by 1,354.8% in the second quarter. Quarry LP now owns 1,222 shares of the software maker’s stock worth $40,000 after purchasing an additional 1,138 shares during the last quarter. Dark Forest Capital Management LP grew its position in RingCentral by 40,375.0% in the first quarter. Dark Forest Capital Management LP now owns 1,619 shares of the software maker’s stock worth $50,000 after acquiring an additional 1,615 shares in the last quarter. Neo Ivy Capital Management purchased a new position in RingCentral in the third quarter worth about $53,000. State of Wyoming purchased a new position in RingCentral in the second quarter worth about $63,000. Finally, IFP Advisors Inc boosted its position in shares of RingCentral by 433.0% during the second quarter. IFP Advisors Inc now owns 2,356 shares of the software maker’s stock valued at $77,000 after buying an additional 1,914 shares during the period. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

RingCentral Stock Up 2.3 %

Shares of NYSE:RNG opened at $34.87 on Thursday. The company has a market capitalization of $3.22 billion, a price-to-earnings ratio of -19.93, a price-to-earnings-growth ratio of 3.72 and a beta of 0.92. RingCentral, Inc. has a 52 week low of $25.08 and a 52 week high of $43.28. The firm has a 50 day moving average of $33.85 and a 200 day moving average of $31.50.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Tuesday, February 20th. The software maker reported ($0.33) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.31). The company had revenue of $571.27 million for the quarter, compared to the consensus estimate of $569.65 million. On average, sell-side analysts expect that RingCentral, Inc. will post 0.45 EPS for the current year.

Insider Transactions at RingCentral

In other news, CFO Vaibhav Agarwal sold 6,224 shares of the company’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $31.55, for a total transaction of $196,367.20. Following the transaction, the chief financial officer now directly owns 130,753 shares of the company’s stock, valued at $4,125,257.15. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CFO Vaibhav Agarwal sold 6,224 shares of the company’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $31.55, for a total transaction of $196,367.20. Following the transaction, the chief financial officer now directly owns 130,753 shares of the company’s stock, valued at $4,125,257.15. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Kenneth A. Goldman sold 1,287 shares of the business’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $34.47, for a total transaction of $44,362.89. Following the sale, the director now directly owns 23,688 shares in the company, valued at $816,525.36. The disclosure for this sale can be found here. Over the last three months, insiders have sold 21,624 shares of company stock valued at $732,427. Corporate insiders own 6.76% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Wells Fargo & Company dropped their target price on RingCentral from $36.00 to $31.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 21st. Mizuho dropped their target price on RingCentral from $40.00 to $36.00 and set a “buy” rating for the company in a research report on Wednesday, February 21st. Needham & Company LLC dropped their target price on RingCentral from $46.00 to $42.00 and set a “buy” rating for the company in a research report on Wednesday, February 21st. KeyCorp dropped their target price on RingCentral from $50.00 to $48.00 and set an “overweight” rating for the company in a research report on Wednesday, February 21st. Finally, Jefferies Financial Group lowered RingCentral from a “buy” rating to a “hold” rating and dropped their target price for the company from $40.00 to $35.00 in a research report on Tuesday, December 12th. Eight research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, RingCentral presently has an average rating of “Moderate Buy” and an average price target of $38.89.

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.