Vanguard Group Inc. Acquires 382,343 Shares of RingCentral, Inc. (NYSE:RNG)

Vanguard Group Inc. increased its holdings in shares of RingCentral, Inc. (NYSE:RNG) by 3.8% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 10,371,224 shares of the software maker’s stock after purchasing an additional 382,343 shares during the period. Vanguard Group Inc. owned 11.23% of RingCentral worth $352,103,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Sylebra Capital LLC bought a new stake in RingCentral during the 3rd quarter valued at $242,462,000. Ameriprise Financial Inc. boosted its holdings in shares of RingCentral by 515.7% in the 3rd quarter. Ameriprise Financial Inc. now owns 2,716,470 shares of the software maker’s stock valued at $80,489,000 after buying an additional 2,275,245 shares in the last quarter. First Trust Advisors LP grew its position in shares of RingCentral by 15.9% in the 4th 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. Norges Bank bought a new position in shares of RingCentral during the 4th quarter worth approximately $30,471,000. Finally, Charles Schwab Investment Management Inc. lifted its position in RingCentral by 0.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 732,545 shares of the software maker’s stock valued at $24,870,000 after acquiring an additional 2,303 shares during the last quarter. 98.61% of the stock is owned by hedge funds and other institutional investors.

RingCentral Stock Performance

Shares of RNG stock opened at $27.99 on Friday. The firm’s 50 day moving average price is $32.20 and its 200-day moving average price is $32.96. RingCentral, Inc. has a one year low of $25.08 and a one year high of $43.28. The firm has a market cap of $2.58 billion, a P/E ratio of -18.79, a P/E/G ratio of 2.33 and a beta of 1.02.

RingCentral (NYSE:RNG) last posted its earnings results on Tuesday, May 7th. The software maker reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.05. The firm had revenue of $584.21 million for the quarter, compared to analyst estimates of $577.81 million. As a group, research analysts predict that RingCentral, Inc. will post 0.54 EPS for the current fiscal year.

Insider Activity at RingCentral

In other RingCentral news, CFO Vaibhav Agarwal sold 11,406 shares of the business’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $36.01, for a total value of $410,730.06. Following the completion of the transaction, the chief financial officer now owns 158,784 shares in the company, valued at $5,717,811.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CFO Sonalee Elizabeth Parekh sold 8,478 shares of RingCentral stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $34.85, for a total value of $295,458.30. Following the completion of the transaction, the chief financial officer now owns 388,919 shares in the company, valued at approximately $13,553,827.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Vaibhav Agarwal sold 11,406 shares of the company’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $36.01, for a total transaction of $410,730.06. Following the sale, the chief financial officer now owns 158,784 shares in the company, valued at $5,717,811.84. The disclosure for this sale can be found here. Over the last quarter, insiders sold 21,868 shares of company stock worth $774,736. Corporate insiders own 6.76% of the company’s stock.

Analyst Ratings Changes

RNG has been the topic of several analyst reports. Morgan Stanley cut their price target on shares of RingCentral from $35.00 to $32.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 17th. UBS Group increased their price objective on shares of RingCentral from $37.00 to $40.00 and gave the company a “neutral” rating in a research report on Wednesday, May 8th. Needham & Company LLC reissued a “buy” rating and set a $42.00 target price on shares of RingCentral in a research report on Monday, May 20th. Deutsche Bank Aktiengesellschaft raised their price target on shares of RingCentral from $38.00 to $42.00 and gave the stock a “buy” rating in a report on Thursday, May 9th. Finally, Piper Sandler boosted their price objective on shares of RingCentral from $31.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, May 8th. Ten analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $39.00.

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.