Charles Schwab Investment Management Inc. Buys 10,110 Shares of RingCentral, Inc. (NYSE:RNG)

Charles Schwab Investment Management Inc. increased its stake in shares of RingCentral, Inc. (NYSE:RNG) by 1.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 832,197 shares of the software maker’s stock after acquiring an additional 10,110 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.92% of RingCentral worth $29,135,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of RNG. Plato Investment Management Ltd lifted its holdings in RingCentral by 27,590.6% in the 4th quarter. Plato Investment Management Ltd now owns 8,861 shares of the software maker’s stock worth $311,000 after buying an additional 8,829 shares during the period. Ieq Capital LLC purchased a new stake in RingCentral in the 4th quarter worth approximately $2,169,000. Private Advisor Group LLC lifted its holdings in RingCentral by 9.6% in the 4th quarter. Private Advisor Group LLC now owns 8,896 shares of the software maker’s stock worth $311,000 after buying an additional 777 shares during the period. Valley Wealth Managers Inc. purchased a new stake in RingCentral in the 4th quarter worth approximately $20,792,000. Finally, Kestra Investment Management LLC lifted its holdings in RingCentral by 55.7% in the 4th quarter. Kestra Investment Management LLC now owns 11,159 shares of the software maker’s stock worth $391,000 after buying an additional 3,992 shares during the period. 98.61% of the stock is currently owned by institutional investors.

Insider Transactions at RingCentral

In other RingCentral news, SVP John H. Marlow sold 35,089 shares of the stock in a transaction on 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 sale, the senior vice president now owns 313,510 shares of the company’s stock, valued at approximately $8,953,845.60. This trade represents a 10.07 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Vladimir Shmunis sold 66,112 shares of the stock in a transaction 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 sale, the chief executive officer now directly owns 568,300 shares in the company, valued at $16,384,089. This trade represents a 10.42 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 247,740 shares of company stock worth $7,099,279. 6.97% of the stock is currently owned by company insiders.

RingCentral Stock Performance

RingCentral stock opened at $27.12 on Tuesday. The stock has a market cap of $2.46 billion, a PE ratio of -42.37, a price-to-earnings-growth ratio of 1.27 and a beta of 1.20. RingCentral, Inc. has a one year low of $26.22 and a one year high of $42.19. The stock has a fifty day moving average of $31.93 and a 200 day moving average of $33.64.

RingCentral (NYSE:RNG) last issued 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). The company had revenue of $614.51 million during the quarter, compared to analysts’ expectations of $612.37 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. As a group, sell-side analysts predict that RingCentral, Inc. will post 1.29 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on RNG. Morgan Stanley raised their target price on RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 18th. Needham & Company LLC lowered their target price on RingCentral from $42.00 to $36.00 and set a “buy” rating for the company in a research note on Friday, February 21st. Raymond James lowered their target price on RingCentral from $45.00 to $40.00 and set an “outperform” rating for the company in a research note on Friday, February 21st. Barclays dropped their target price on RingCentral from $37.00 to $31.00 and set an “equal weight” rating on the stock in a report on Friday, February 21st. Finally, Robert W. Baird dropped their target price on RingCentral from $38.00 to $32.00 and set a “neutral” rating on the stock in a report on Tuesday, February 25th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $37.69.

About RingCentral

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.