Dimensional Fund Advisors LP Makes New $3.63 Million Investment in RingCentral, Inc. (NYSE:RNG)

Dimensional Fund Advisors LP purchased a new position in RingCentral, Inc. (NYSE:RNG) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 128,766 shares of the software maker’s stock, valued at approximately $3,630,000. Dimensional Fund Advisors LP owned 0.14% of RingCentral at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of RNG. Capital World Investors boosted its holdings in RingCentral by 7.3% in the 1st quarter. Capital World Investors now owns 12,139,394 shares of the software maker’s stock worth $421,723,000 after buying an additional 825,156 shares during the period. Vanguard Group Inc. grew its stake in RingCentral by 5.2% during the first quarter. Vanguard Group Inc. now owns 10,909,549 shares of the software maker’s stock valued at $378,998,000 after acquiring an additional 538,325 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its stake in RingCentral by 163.1% during the first quarter. Jacobs Levy Equity Management Inc. now owns 310,991 shares of the software maker’s stock valued at $10,804,000 after acquiring an additional 192,766 shares in the last quarter. Jupiter Asset Management Ltd. increased its holdings in RingCentral by 404.2% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 219,187 shares of the software maker’s stock valued at $6,181,000 after acquiring an additional 175,715 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its stake in RingCentral by 289.4% in the 1st quarter. Russell Investments Group Ltd. now owns 153,806 shares of the software maker’s stock worth $5,343,000 after purchasing an additional 114,304 shares in the last quarter. 98.61% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CFO Sonalee Elizabeth Parekh sold 9,913 shares of RingCentral stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $33.45, for a total value of $331,589.85. Following the completion of the transaction, the chief financial officer now owns 358,622 shares in the company, valued at $11,995,905.90. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other RingCentral news, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $33.45, for a total transaction of $331,589.85. Following the completion of the transaction, the chief financial officer now owns 358,622 shares of the company’s stock, valued at $11,995,905.90. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Vaibhav Agarwal sold 1,985 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total value of $62,329.00. Following the completion of the sale, the chief financial officer now owns 135,560 shares of the company’s stock, valued at $4,256,584. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 103,824 shares of company stock valued at $3,386,396 in the last three months. 6.76% of the stock is currently owned by corporate insiders.

RingCentral Price Performance

Shares of RNG opened at $31.32 on Friday. The company’s fifty day moving average price is $31.58 and its 200-day moving average price is $31.89. RingCentral, Inc. has a 1-year low of $25.08 and a 1-year high of $38.35. The firm has a market capitalization of $2.88 billion, a PE ratio of -21.02, a price-to-earnings-growth ratio of 2.41 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 analysts’ consensus estimates of $0.88 by $0.03. The firm had revenue of $592.91 million for the quarter, compared to analyst estimates of $586.39 million. During the same period last year, the firm earned ($0.03) EPS. The company’s revenue for the quarter was up 9.9% compared to the same quarter last year. As a group, research analysts anticipate that RingCentral, Inc. will post 0.63 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on RNG. Deutsche Bank Aktiengesellschaft raised their price target on RingCentral from $42.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, August 6th. StockNews.com lowered shares of RingCentral from a “strong-buy” rating to a “buy” rating in a research report on Friday, September 6th. Wells Fargo & Company boosted their target price on shares of RingCentral from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Robert W. Baird increased their price target on shares of RingCentral from $35.00 to $36.00 and gave the company a “neutral” rating in a report on Monday, August 5th. Finally, Rosenblatt Securities raised shares of RingCentral from a “neutral” rating to a “buy” rating and increased their target price for the company from $35.00 to $45.00 in a research note on Friday, August 2nd. Eight investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $40.07.

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.