Rhumbline Advisers Sells 2,779 Shares of RingCentral, Inc. (NYSE:RNG)

Rhumbline Advisers lessened its stake in shares of RingCentral, Inc. (NYSE:RNG) by 2.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 101,514 shares of the software maker’s stock after selling 2,779 shares during the period. Rhumbline Advisers owned 0.11% of RingCentral worth $2,863,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Janney Montgomery Scott LLC acquired a new position in RingCentral during the fourth quarter worth about $938,000. Natixis acquired a new position in RingCentral during the 1st quarter worth approximately $837,000. Vanguard Group Inc. lifted its stake in RingCentral by 3.8% in the 4th quarter. Vanguard Group Inc. now owns 10,371,224 shares of the software maker’s stock valued at $352,103,000 after purchasing an additional 382,343 shares during the last quarter. Newbridge Financial Services Group Inc. boosted its position in RingCentral by 438.1% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 1,200 shares of the software maker’s stock valued at $41,000 after buying an additional 977 shares in the last quarter. Finally, First Trust Advisors LP grew its stake in shares of RingCentral by 15.9% during the fourth quarter. First Trust Advisors LP now owns 1,991,917 shares of the software maker’s stock worth $67,626,000 after buying an additional 273,109 shares during the last quarter. 98.61% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently commented on RNG. Needham & Company LLC reiterated a “buy” rating and issued a $42.00 price target on shares of RingCentral in a research note on Monday, August 5th. Rosenblatt Securities raised RingCentral from a “neutral” rating to a “buy” rating and lifted their price target for the company from $35.00 to $45.00 in a research note on Friday, August 2nd. Robert W. Baird boosted their price target on RingCentral from $35.00 to $36.00 and gave the stock a “neutral” rating in a report on Monday, August 5th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of RingCentral from $42.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, August 6th. Finally, Northland Securities boosted their target price on shares of RingCentral from $43.00 to $50.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Eight investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $40.07.

RingCentral Trading Up 0.1 %

Shares of RingCentral stock opened at $30.06 on Thursday. The business has a 50-day moving average price of $32.20 and a two-hundred day moving average price of $32.37. RingCentral, Inc. has a 1-year low of $25.08 and a 1-year high of $38.35. The company has a market cap of $2.77 billion, a P/E ratio of -20.17, a PEG ratio of 2.21 and a beta of 1.03.

RingCentral (NYSE:RNG) last released its earnings results on Thursday, August 1st. The software maker reported $0.91 EPS for the quarter, topping the consensus estimate of $0.88 by $0.03. The business had revenue of $592.91 million for the quarter, compared to analyst estimates of $586.39 million. During the same period in the prior year, the business earned ($0.03) EPS. The company’s revenue for the quarter was up 9.9% on a year-over-year basis. Equities research analysts forecast that RingCentral, Inc. will post 0.63 EPS for the current fiscal year.

Insider Activity

In related news, CEO Vladimir Shmunis sold 62,244 shares of the stock in a transaction 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 transaction, the chief executive officer now directly owns 573,725 shares of the company’s stock, valued at $18,651,799.75. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CFO Vaibhav Agarwal sold 1,985 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $28.20, for a total transaction of $55,977.00. Following the completion of the sale, the chief financial officer now owns 156,799 shares in the company, valued at $4,421,731.80. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Vladimir Shmunis sold 62,244 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $32.51, for a total value of $2,023,552.44. Following the transaction, the chief executive officer now directly owns 573,725 shares in the company, valued at $18,651,799.75. The disclosure for this sale can be found here. Insiders sold 103,824 shares of company stock worth $3,380,044 in the last quarter. 6.76% of the stock is owned by corporate insiders.

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.