Rhumbline Advisers Sells 3,835 Shares of RingCentral, Inc. (NYSE:RNG)

Rhumbline Advisers lessened its stake in RingCentral, Inc. (NYSE:RNG) by 3.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 100,417 shares of the software maker’s stock after selling 3,835 shares during the quarter. Rhumbline Advisers owned about 0.11% of RingCentral worth $3,516,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Hennessy Advisors Inc. bought a new stake in shares of RingCentral during the 4th quarter worth approximately $59,055,000. Pacer Advisors Inc. raised its position in RingCentral by 45.3% during the third quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock valued at $83,483,000 after purchasing an additional 822,892 shares in the last quarter. Foundry Partners LLC acquired a new position in RingCentral during the third quarter valued at approximately $8,886,000. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of RingCentral by 65.9% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 381,178 shares of the software maker’s stock valued at $12,057,000 after purchasing an additional 151,433 shares in the last quarter. Finally, Algert Global LLC boosted its holdings in shares of RingCentral by 80.8% in the 3rd quarter. Algert Global LLC now owns 317,734 shares of the software maker’s stock valued at $10,050,000 after purchasing an additional 141,999 shares in the last quarter. Institutional investors own 98.61% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on RNG shares. Wedbush upped their price objective on RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Wells Fargo & Company restated an “underweight” rating and issued a $30.00 price target (down from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th. Raymond James lowered their price objective on shares of RingCentral from $45.00 to $40.00 and set an “outperform” rating for the company in a research report on Friday, February 21st. StockNews.com upgraded shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Finally, Rosenblatt Securities decreased their target price on shares of RingCentral from $45.00 to $40.00 and set a “buy” rating on the stock in a research note on Friday, February 21st. One equities research 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 company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $37.69.

Insider Buying and Selling at RingCentral

In other news, SVP John H. Marlow sold 8,720 shares of the business’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $42.05, for a total value of $366,676.00. Following the transaction, the senior vice president now directly owns 334,869 shares of the company’s stock, valued at $14,081,241.45. The trade was a 2.54 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Vladimir Shmunis sold 123,560 shares of the company’s stock in a transaction dated Monday, February 24th. The shares were 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 owns 444,740 shares in the company, valued at approximately $12,701,774.40. The trade was a 21.74 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 260,831 shares of company stock valued at $7,642,238. 6.97% of the stock is currently owned by company insiders.

RingCentral Stock Down 0.6 %

Shares of RingCentral stock opened at $28.42 on Friday. The stock has a market cap of $2.57 billion, a price-to-earnings ratio of -44.40, a P/E/G ratio of 1.27 and a beta of 1.01. RingCentral, Inc. has a twelve month low of $26.98 and a twelve month high of $42.19. The company’s fifty day moving average is $33.86 and its 200 day moving average is $34.12.

RingCentral (NYSE:RNG) last released 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 net margin of 2.43% and a negative return on equity of 12.34%. The company had revenue of $614.51 million during the quarter, compared to the consensus estimate of $612.37 million. As a group, equities analysts anticipate 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.