Wellington Management Group LLP Sells 1,387 Shares of RingCentral, Inc. (NYSE:RNG)

Wellington Management Group LLP lessened its position in shares of RingCentral, Inc. (NYSE:RNG) by 0.9% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 153,058 shares of the software maker’s stock after selling 1,387 shares during the period. Wellington Management Group LLP owned 0.17% of RingCentral worth $5,196,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of RNG. Intellectus Partners LLC raised its position in shares of RingCentral by 4.3% in the 4th quarter. Intellectus Partners LLC now owns 8,550 shares of the software maker’s stock worth $290,000 after acquiring an additional 350 shares in the last quarter. Treasurer of the State of North Carolina grew its stake in RingCentral by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 37,832 shares of the software maker’s stock worth $1,284,000 after purchasing an additional 360 shares during the period. 1492 Capital Management LLC increased its holdings in RingCentral by 1.0% in the fourth quarter. 1492 Capital Management LLC now owns 36,751 shares of the software maker’s stock worth $1,248,000 after purchasing an additional 363 shares in the last quarter. Simplicity Solutions LLC lifted its stake in RingCentral by 4.5% in the fourth quarter. Simplicity Solutions LLC now owns 10,761 shares of the software maker’s stock valued at $365,000 after buying an additional 467 shares during the period. Finally, Nisa Investment Advisors LLC boosted its holdings in shares of RingCentral by 100.0% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the software maker’s stock worth $34,000 after buying an additional 500 shares in the last quarter. Institutional investors and hedge funds own 98.61% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on RNG shares. Needham & Company LLC reiterated a “buy” rating and set a $42.00 target price on shares of RingCentral in a research report on Monday, May 20th. Piper Sandler upped 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. Wells Fargo & Company reduced their target price on RingCentral from $33.00 to $28.00 and set an “equal weight” rating for the company in a research note on Friday, June 21st. UBS Group upped their price target on RingCentral from $37.00 to $40.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 8th. Finally, Mizuho raised their price objective on RingCentral from $36.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. Ten investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $39.00.

RingCentral Stock Performance

NYSE:RNG opened at $28.20 on Friday. RingCentral, Inc. has a 52 week low of $25.08 and a 52 week high of $43.28. The firm has a 50-day moving average price of $32.20 and a two-hundred day moving average price of $32.97. The firm has a market cap of $2.60 billion, a price-to-earnings ratio of -18.93, a price-to-earnings-growth ratio of 2.40 and a beta of 1.02.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Tuesday, May 7th. The software maker reported $0.06 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.05. The business had revenue of $584.21 million for the quarter, compared to analysts’ expectations of $577.81 million. As a group, sell-side analysts forecast that RingCentral, Inc. will post 0.54 earnings per share for the current year.

Insider Transactions at RingCentral

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

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.