Allspring Global Investments Holdings LLC Sells 3,251 Shares of RingCentral, Inc. (NYSE:RNG)

Allspring Global Investments Holdings LLC lessened its holdings in shares of RingCentral, Inc. (NYSE:RNG) by 22.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 11,380 shares of the software maker’s stock after selling 3,251 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in RingCentral were worth $398,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Pacer Advisors Inc. raised its stake in RingCentral by 45.3% during the 3rd quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock worth $83,483,000 after buying an additional 822,892 shares during the period. Hennessy Advisors Inc. acquired a new stake in RingCentral during the 4th quarter worth $59,055,000. Charles Schwab Investment Management Inc. raised its stake in RingCentral by 7.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 822,087 shares of the software maker’s stock worth $26,003,000 after buying an additional 59,570 shares during the period. Fort Washington Investment Advisors Inc. OH raised its stake in RingCentral by 32.5% during the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 550,304 shares of the software maker’s stock worth $19,266,000 after buying an additional 134,928 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. raised its stake in RingCentral by 65.9% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 381,178 shares of the software maker’s stock worth $12,057,000 after buying an additional 151,433 shares during the period. Institutional investors and hedge funds own 98.61% of the company’s stock.

Insider Buying and Selling

In related news, SVP John H. Marlow sold 35,089 shares of RingCentral stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $28.56, for a total transaction of $1,002,141.84. Following the completion of the transaction, the senior vice president now owns 313,510 shares in the company, valued at approximately $8,953,845.60. This trade represents a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Ned D. Segal sold 2,914 shares of RingCentral stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $41.60, for a total value of $121,222.40. Following the transaction, the director now owns 10,633 shares of the company’s stock, valued at $442,332.80. The trade was a 21.51 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 260,831 shares of company stock worth $7,642,238. Company insiders own 6.97% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Wedbush raised their price objective on RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Rosenblatt Securities dropped their price target on RingCentral from $45.00 to $40.00 and set a “buy” rating on the stock in a research note on Friday. Barclays dropped their price target on RingCentral from $37.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Friday. Wells Fargo & Company reissued an “underweight” rating and issued a $30.00 price target (down previously from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th. Finally, Raymond James dropped their price target on RingCentral from $45.00 to $40.00 and set an “outperform” rating on the stock in a research note on Friday. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $38.15.

RingCentral Stock Performance

NYSE:RNG opened at $28.93 on Tuesday. The stock’s 50-day simple moving average is $34.60 and its 200 day simple moving average is $34.23. The company has a market cap of $2.62 billion, a P/E ratio of -45.21, a P/E/G ratio of 1.27 and a beta of 1.01. RingCentral, Inc. has a 52-week low of $26.98 and a 52-week high of $42.19.

RingCentral (NYSE:RNG) last posted its quarterly earnings results on Thursday, February 20th. The software maker reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.73). RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. The business had revenue of $614.51 million for the quarter, compared to the consensus estimate of $612.37 million. As a group, equities analysts predict that RingCentral, Inc. will post 1.29 earnings per share for the current fiscal year.

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.