Allspring Global Investments Holdings LLC Sells 2,175 Shares of RingCentral, Inc. (NYSE:RNG)

Allspring Global Investments Holdings LLC decreased its position in RingCentral, Inc. (NYSE:RNG) by 12.9% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 14,631 shares of the software maker’s stock after selling 2,175 shares during the period. Allspring Global Investments Holdings LLC’s holdings in RingCentral were worth $463,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of RNG. Sei Investments Co. boosted its position in RingCentral by 2.3% in the 1st quarter. Sei Investments Co. now owns 23,485 shares of the software maker’s stock valued at $816,000 after buying an additional 539 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in shares of RingCentral by 13.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 4,522 shares of the software maker’s stock valued at $154,000 after purchasing an additional 540 shares during the period. Sovereign Financial Group Inc. increased its position in shares of RingCentral by 6.9% in the third quarter. Sovereign Financial Group Inc. now owns 9,693 shares of the software maker’s stock valued at $307,000 after acquiring an additional 625 shares during the last quarter. Versant Capital Management Inc increased its position in shares of RingCentral by 138.3% in the second quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock valued at $32,000 after acquiring an additional 664 shares during the last quarter. Finally, Xponance Inc. grew its holdings in RingCentral by 6.8% during the second quarter. Xponance Inc. now owns 11,122 shares of the software maker’s stock worth $314,000 after purchasing an additional 704 shares during the period. 98.61% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Wedbush upgraded RingCentral to a “hold” rating in a report on Thursday, October 17th. Wells Fargo & Company raised their price objective on shares of RingCentral from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Robert W. Baird raised their target price on RingCentral from $35.00 to $36.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. StockNews.com downgraded RingCentral from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 19th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on RingCentral from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, August 6th. Eight investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, RingCentral has an average rating of “Moderate Buy” and a consensus target price of $40.07.

Insiders Place Their Bets

In other RingCentral news, CEO Vladimir Shmunis sold 62,244 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $32.51, for a total value of $2,023,552.44. Following the completion of the sale, the chief executive officer now directly owns 573,725 shares in the company, valued at $18,651,799.75. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In other RingCentral news, CEO Vladimir Shmunis sold 62,244 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $32.51, for a total transaction of $2,023,552.44. Following the completion of the transaction, the chief executive officer now owns 573,725 shares of the company’s stock, valued at approximately $18,651,799.75. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO John H. Marlow sold 19,498 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $32.52, for a total transaction of $634,074.96. Following the sale, the chief accounting officer now directly owns 391,542 shares of the company’s stock, valued at $12,732,945.84. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 103,824 shares of company stock valued at $3,386,396 over the last three months. Insiders own 6.76% of the company’s stock.

RingCentral Price Performance

RNG opened at $36.45 on Friday. RingCentral, Inc. has a one year low of $26.23 and a one year high of $38.35. The company has a fifty day moving average price of $31.76 and a 200-day moving average price of $31.97. The firm has a market capitalization of $3.35 billion, a P/E ratio of -25.67, a price-to-earnings-growth ratio of 2.77 and a beta of 1.03.

RingCentral (NYSE:RNG) last posted its quarterly earnings results on Thursday, August 1st. The software maker reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.03. The business had revenue of $592.91 million during the quarter, compared to the consensus estimate of $586.39 million. The business’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.03) earnings per share. On average, analysts expect that RingCentral, Inc. will post 0.63 earnings per share for the current year.

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.