Wellington Management Group LLP Makes New $15.63 Million Investment in RingCentral, Inc. (NYSE:RNG)

Wellington Management Group LLP acquired a new position in RingCentral, Inc. (NYSE:RNG - Free Report) during the fourth quarter, according to the company in its most recent filing with the SEC. The fund acquired 446,446 shares of the software maker's stock, valued at approximately $15,630,000. Wellington Management Group LLP owned approximately 0.49% of RingCentral at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Quarry LP increased its position in shares of RingCentral by 106.7% in the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker's stock worth $60,000 after purchasing an additional 982 shares during the last quarter. Venturi Wealth Management LLC boosted its position in shares of RingCentral by 55.2% during the fourth quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker's stock worth $101,000 after buying an additional 1,028 shares during the period. KBC Group NV grew its position in RingCentral by 30.8% in the 4th quarter. KBC Group NV now owns 3,478 shares of the software maker's stock valued at $122,000 after buying an additional 819 shares in the last quarter. Harvest Fund Management Co. Ltd bought a new stake in shares of RingCentral in the 4th quarter worth $173,000. Finally, Central Pacific Bank Trust Division lifted its holdings in RingCentral by 31.1% in the 4th quarter. Central Pacific Bank Trust Division now owns 5,033 shares of the software maker's stock valued at $176,000 after acquiring an additional 1,194 shares during the last quarter. 98.61% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at RingCentral

In other news, SVP John H. Marlow sold 35,089 shares of the 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 transaction, the senior vice president now directly owns 313,510 shares in the company, valued at approximately $8,953,845.60. This represents a 10.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Vladimir Shmunis sold 123,560 shares of RingCentral stock in a transaction on Monday, February 24th. The stock was sold at an average price of $28.56, for a total transaction of $3,528,873.60. Following the completion of the transaction, 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. Insiders sold 247,740 shares of company stock valued at $7,099,279 over the last three months. Company insiders own 6.97% of the company's stock.

RingCentral Stock Performance

Shares of RNG stock traded down $0.04 during mid-day trading on Monday, hitting $22.87. The company's stock had a trading volume of 68,899 shares, compared to its average volume of 1,543,729. RingCentral, Inc. has a 52 week low of $20.58 and a 52 week high of $42.19. The company's fifty day simple moving average is $28.14 and its 200-day simple moving average is $32.89. The company has a market cap of $2.07 billion, a PE ratio of -35.71, a P/E/G ratio of 1.27 and a beta of 1.30.

RingCentral (NYSE:RNG - Get Free Report) last announced 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 business had revenue of $614.51 million for the quarter, compared to the consensus estimate of $612.37 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. On average, equities analysts anticipate that RingCentral, Inc. will post 1.29 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have commented on RNG. Robert W. Baird reduced their price objective on shares of RingCentral from $38.00 to $32.00 and set a "neutral" rating for the company in a research note on Tuesday, February 25th. Raymond James reduced their price objective 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. Needham & Company LLC lowered their price objective on shares of RingCentral from $42.00 to $36.00 and set a "buy" rating for the company in a research report on Friday, February 21st. Wells Fargo & Company reissued an "underweight" rating and issued a $30.00 target price (down from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th. Finally, 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 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 company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price 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.