Charles Schwab Investment Management Inc. Boosts Position in RingCentral, Inc. (NYSE:RNG)

Charles Schwab Investment Management Inc. boosted its position in shares of RingCentral, Inc. (NYSE:RNG) by 1.2% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 832,197 shares of the software maker’s stock after acquiring an additional 10,110 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in RingCentral were worth $29,135,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in the company. Quarry LP increased its holdings in shares of RingCentral by 106.7% in the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after purchasing an additional 982 shares during the period. KBC Group NV grew its holdings in RingCentral by 38.9% during the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after acquiring an additional 744 shares during the period. Venturi Wealth Management LLC grew its holdings in RingCentral by 55.2% during the fourth quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker’s stock worth $101,000 after acquiring an additional 1,028 shares during the period. Point72 DIFC Ltd boosted its position in RingCentral by 301.1% during the third quarter. Point72 DIFC Ltd now owns 5,535 shares of the software maker’s stock worth $175,000 after purchasing an additional 4,155 shares in the last quarter. Finally, Central Pacific Bank Trust Division lifted its position in shares of RingCentral by 31.1% in the fourth quarter. Central Pacific Bank Trust Division now owns 5,033 shares of the software maker’s stock valued at $176,000 after acquiring an additional 1,194 shares in the last quarter. Institutional investors and hedge funds own 98.61% of the company’s stock.

Insider Activity

In other RingCentral news, SVP John H. Marlow sold 22,979 shares of the company’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $28.82, for a total value of $662,254.78. Following the completion of the transaction, the senior vice president now owns 348,599 shares of the company’s stock, valued at $10,046,623.18. This represents a 6.18 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Vladimir Shmunis sold 123,560 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $28.56, for a total value of $3,528,873.60. Following the completion of the sale, the chief executive officer now owns 444,740 shares in the company, valued at approximately $12,701,774.40. This represents a 21.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 247,740 shares of company stock worth $7,099,279. 6.97% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research firms recently weighed in on RNG. StockNews.com upgraded RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Monday. Needham & Company LLC dropped their price target on RingCentral from $42.00 to $36.00 and set a “buy” rating for the company in a research note on Friday, February 21st. Barclays dropped their price target on RingCentral from $37.00 to $31.00 and set an “equal weight” rating for the company in a research note on Friday, February 21st. Rosenblatt Securities dropped their price target on RingCentral from $45.00 to $40.00 and set a “buy” rating for the company in a research note on Friday, February 21st. Finally, Robert W. Baird dropped their price target on RingCentral from $38.00 to $32.00 and set a “neutral” rating for the company in a research note on Tuesday, February 25th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $37.69.

RingCentral Trading Up 0.4 %

Shares of NYSE RNG opened at $27.12 on Tuesday. The stock’s 50 day simple moving average is $31.93 and its 200 day simple moving average is $33.64. The company has a market cap of $2.46 billion, a price-to-earnings ratio of -42.37, a price-to-earnings-growth ratio of 1.27 and a beta of 1.20. RingCentral, Inc. has a 12-month low of $26.22 and a 12-month high of $42.19.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.73). The firm had revenue of $614.51 million during the quarter, compared to the consensus estimate of $612.37 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. As a group, equities analysts forecast that RingCentral, Inc. will post 1.29 earnings per share for the current fiscal year.

RingCentral 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.