Boston Partners Boosts Holdings in RingCentral, Inc. (NYSE:RNG)

Boston Partners boosted its position in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 82.9% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 51,401 shares of the software maker's stock after buying an additional 23,301 shares during the quarter. Boston Partners owned approximately 0.06% of RingCentral worth $1,800,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Quarry LP grew its stake in shares of RingCentral by 106.7% in the third 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. KBC Group NV lifted its holdings in RingCentral by 38.9% in the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker's stock worth $84,000 after buying an additional 744 shares during the period. Venturi Wealth Management LLC grew its position in shares of RingCentral by 55.2% in the 4th 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 last quarter. Point72 DIFC Ltd increased its stake in shares of RingCentral by 301.1% during the third quarter. Point72 DIFC Ltd now owns 5,535 shares of the software maker's stock valued at $175,000 after buying an additional 4,155 shares during the period. Finally, Central Pacific Bank Trust Division lifted its stake in RingCentral by 31.1% in the fourth quarter. Central Pacific Bank Trust Division now owns 5,033 shares of the software maker's stock worth $176,000 after acquiring an additional 1,194 shares during the period. Hedge funds and other institutional investors own 98.61% of the company's stock.

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RingCentral Stock Performance

Shares of RNG traded down $0.26 on Wednesday, hitting $27.58. 848,970 shares of the stock traded hands, compared to its average volume of 1,550,380. RingCentral, Inc. has a one year low of $26.22 and a one year high of $42.19. The company has a market capitalization of $2.50 billion, a PE ratio of -43.09, a P/E/G ratio of 1.27 and a beta of 1.20. The business has a 50 day simple moving average of $31.22 and a 200 day simple moving average of $33.48.

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 company had revenue of $614.51 million during the quarter, compared to the consensus estimate of $612.37 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. On average, equities analysts expect that RingCentral, Inc. will post 1.29 earnings per share for the current year.

Analysts Set New Price Targets

RNG has been the subject of several research reports. UBS Group decreased their price objective on shares of RingCentral from $40.00 to $38.00 and set a "neutral" rating for the company in a report on Friday, February 21st. Rosenblatt Securities lowered 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. Raymond James reduced their target price on RingCentral from $45.00 to $40.00 and set an "outperform" rating on the stock in a report on Friday, February 21st. 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. Finally, StockNews.com upgraded RingCentral from a "buy" rating to a "strong-buy" rating in a report on Monday, March 17th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $37.69.

Insider Buying and Selling

In other news, SVP John H. Marlow sold 35,089 shares of the business's stock in a transaction on Monday, February 24th. The shares were sold at an average price of $28.56, for a total transaction of $1,002,141.84. Following the completion of the sale, the senior vice president now owns 313,510 shares of the company's stock, valued at $8,953,845.60. The trade was a 10.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Vladimir Shmunis sold 123,560 shares of the firm's stock in a transaction on Monday, February 24th. The stock was sold at an average price of $28.56, for a total value of $3,528,873.60. Following the completion of the transaction, the chief executive officer now directly owns 444,740 shares in the company, valued at approximately $12,701,774.40. This represents a 21.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 247,740 shares of company stock valued at $7,099,279. 6.97% of the stock is owned by insiders.

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.