First Trust Advisors LP Acquires 527,901 Shares of RingCentral, Inc. (NYSE:RNG)

First Trust Advisors LP boosted its holdings in RingCentral, Inc. (NYSE:RNG) by 35.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,009,286 shares of the software maker’s stock after acquiring an additional 527,901 shares during the quarter. First Trust Advisors LP owned 2.22% of RingCentral worth $70,345,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Venturi Wealth Management LLC lifted its position in shares of RingCentral by 55.2% during the 4th quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker’s stock worth $101,000 after buying an additional 1,028 shares during the period. KBC Group NV boosted its stake in shares of RingCentral by 30.8% in the 4th quarter. KBC Group NV now owns 3,478 shares of the software maker’s stock valued at $122,000 after purchasing an additional 819 shares in the last quarter. Harvest Fund Management Co. Ltd bought a new stake in shares of RingCentral in the 4th quarter worth about $173,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in RingCentral by 10.4% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker’s stock valued at $176,000 after purchasing an additional 468 shares during the last quarter. Finally, Central Pacific Bank Trust Division boosted its position in 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 buying an additional 1,194 shares in the last quarter. Institutional investors own 98.61% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Vladimir Shmunis sold 123,560 shares of the business’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $28.56, for a total value of $3,528,873.60. Following the sale, the chief executive officer now directly owns 444,740 shares in the company, valued at $12,701,774.40. The trade was a 21.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP John H. Marlow sold 35,089 shares of RingCentral 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 $1,002,141.84. Following the completion of the sale, the senior vice president now directly owns 313,510 shares in the company, valued at approximately $8,953,845.60. This represents a 10.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 247,740 shares of company stock worth $7,099,279 over the last ninety days. 6.97% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on RNG shares. Mizuho reduced their target price on RingCentral from $32.00 to $25.00 and set a “neutral” rating on the stock in a report on Tuesday, April 15th. Morgan Stanley cut their price target on RingCentral from $40.00 to $29.00 and set an “equal weight” rating for the company in a report on Wednesday, April 16th. StockNews.com cut shares of RingCentral from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, April 1st. Robert W. Baird decreased their price target on shares of RingCentral from $38.00 to $32.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 25th. Finally, Piper Sandler reduced their price objective on RingCentral from $38.00 to $31.00 and set a “neutral” rating on the stock in a report on Friday, February 21st. One analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $36.00.

RingCentral Trading Down 2.7 %

RingCentral stock opened at $22.16 on Tuesday. The firm has a market capitalization of $2.01 billion, a P/E ratio of -34.63, a PEG ratio of 1.27 and a beta of 1.30. The business has a 50-day moving average of $26.70 and a 200-day moving average of $32.53. RingCentral, Inc. has a 1 year low of $20.59 and a 1 year high of $42.19.

RingCentral (NYSE:RNG) last issued its earnings results on Thursday, February 20th. The software maker reported $0.23 EPS for the quarter, missing the consensus estimate 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 net margin of 2.43% and a negative return on equity of 12.34%. Research analysts anticipate that RingCentral, Inc. will post 1.29 EPS for the current fiscal year.

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.