Bank of New York Mellon Corp Reduces Holdings in RingCentral, Inc. (NYSE:RNG)

Bank of New York Mellon Corp decreased its position in shares of RingCentral, Inc. (NYSE:RNG) by 1.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 507,279 shares of the software maker’s stock after selling 7,829 shares during the period. Bank of New York Mellon Corp owned about 0.56% of RingCentral worth $17,760,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Fort Washington Investment Advisors Inc. OH boosted its holdings in shares of RingCentral by 32.5% in the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 550,304 shares of the software maker’s stock valued at $19,266,000 after buying an additional 134,928 shares during the period. Hennessy Advisors Inc. acquired a new position in RingCentral during the 4th quarter valued at about $59,055,000. Connor Clark & Lunn Investment Management Ltd. boosted 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 valued at $12,057,000 after purchasing an additional 151,433 shares during the period. Beaumont Financial Advisors LLC acquired a new position in RingCentral during the 4th quarter valued at about $262,000. Finally, Foundry Partners LLC acquired a new position in RingCentral during the 3rd quarter valued at about $8,886,000. Institutional investors own 98.61% of the company’s stock.

RingCentral Price Performance

NYSE RNG opened at $26.76 on Wednesday. RingCentral, Inc. has a 12 month low of $26.64 and a 12 month high of $42.19. The company’s 50 day simple moving average is $32.62 and its 200 day simple moving average is $33.83. The company has a market capitalization of $2.43 billion, a P/E ratio of -41.82, a PEG ratio of 1.27 and a beta of 1.20.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share (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 firm had revenue of $614.51 million for the quarter, compared to analyst estimates of $612.37 million. On average, analysts anticipate that RingCentral, Inc. will post 1.29 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have issued reports on RNG. Wells Fargo & Company reissued an “underweight” rating and set a $30.00 target price (down from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th. UBS Group reduced their target price on shares of RingCentral from $40.00 to $38.00 and set a “neutral” rating for the company in a research note on Friday, February 21st. Rosenblatt Securities reduced their price target on shares of RingCentral from $45.00 to $40.00 and set a “buy” rating for the company in a research note on Friday, February 21st. Mizuho reduced their price target on shares of RingCentral from $42.00 to $36.00 and set a “neutral” rating for the company in a research note on Monday, February 10th. Finally, Barclays reduced their price target on shares of RingCentral from $37.00 to $31.00 and set an “equal weight” rating for the company in a research note on Friday, February 21st. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $37.69.

Insider Activity

In other RingCentral news, CEO Vladimir Shmunis sold 66,112 shares of the company’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $28.83, for a total value of $1,906,008.96. Following the transaction, the chief executive officer now owns 568,300 shares in the company, valued at approximately $16,384,089. This represents a 10.42 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ned D. Segal sold 2,914 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $41.60, for a total transaction of $121,222.40. Following the completion of the transaction, the director now owns 10,633 shares in the company, valued at approximately $442,332.80. This represents a 21.51 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 250,654 shares of company stock worth $7,220,502 over the last 90 days. 6.97% of the stock is owned by company insiders.

RingCentral 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.