Victory Capital Management Inc. Has $4.45 Million Position in RingCentral, Inc. (NYSE:RNG)

Victory Capital Management Inc. reduced its position in shares of RingCentral, Inc. (NYSE:RNG) by 4.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 127,006 shares of the software maker’s stock after selling 6,509 shares during the quarter. Victory Capital Management Inc. owned 0.14% of RingCentral worth $4,446,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. 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 valued at $19,266,000 after purchasing an additional 134,928 shares during the period. Hennessy Advisors Inc. acquired a new position in shares of RingCentral in the fourth quarter worth $59,055,000. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of RingCentral by 65.9% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 381,178 shares of the software maker’s stock worth $12,057,000 after acquiring an additional 151,433 shares during the last quarter. Beaumont Financial Advisors LLC acquired a new position in shares of RingCentral in the fourth quarter worth $262,000. Finally, Foundry Partners LLC acquired a new position in shares of RingCentral in the third quarter worth $8,886,000. 98.61% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on RNG shares. Barclays dropped their price target on shares of RingCentral from $37.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Friday, February 21st. Raymond James dropped their price target on shares of RingCentral from $45.00 to $40.00 and set an “outperform” rating on the stock in a research note on Friday, February 21st. StockNews.com cut shares of RingCentral from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 9th. Wells Fargo & Company reiterated an “underweight” rating and issued a $30.00 price objective (down from $38.00) on shares of RingCentral in a report on Tuesday, January 7th. Finally, Rosenblatt Securities decreased their price objective on shares of RingCentral from $45.00 to $40.00 and set a “buy” rating for the company in a report on Friday, February 21st. One analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, RingCentral has an average rating of “Hold” and a consensus price target of $37.69.

Insider Activity

In other RingCentral news, CEO Vladimir Shmunis sold 66,112 shares of the firm’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 directly owns 568,300 shares of the company’s stock, valued at approximately $16,384,089. This trade represents a 10.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP John H. Marlow sold 22,979 shares of the firm’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $28.82, for a total transaction of $662,254.78. Following the completion of the transaction, the senior vice president now directly owns 348,599 shares in the company, valued at approximately $10,046,623.18. The trade was a 6.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 247,740 shares of company stock valued at $7,099,279 over the last three months. 6.97% of the stock is owned by insiders.

RingCentral Trading Up 2.7 %

NYSE RNG opened at $27.04 on Friday. The firm has a market cap of $2.45 billion, a price-to-earnings ratio of -42.24, a PEG ratio of 1.27 and a beta of 1.20. The company has a 50 day moving average of $32.12 and a 200-day moving average of $33.68. RingCentral, Inc. has a 1-year low of $26.22 and a 1-year high of $42.19.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Thursday, February 20th. The software maker reported $0.23 EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $612.37 million. On average, analysts forecast that RingCentral, Inc. will post 1.29 earnings per share for the current 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.