Capital World Investors Boosts Stock Position in RingCentral, Inc. (NYSE:RNG)

Capital World Investors lifted its holdings in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 5.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,663,441 shares of the software maker's stock after buying an additional 591,398 shares during the quarter. Capital World Investors owned about 11.79% of RingCentral worth $373,327,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Fort Washington Investment Advisors Inc. OH lifted its stake in 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 worth $19,266,000 after purchasing an additional 134,928 shares in the last quarter. Hennessy Advisors Inc. purchased a new stake in shares of RingCentral in the 4th quarter valued at about $59,055,000. Beaumont Financial Advisors LLC bought a new stake in shares of RingCentral during the 4th quarter valued at about $262,000. 272 Capital LP purchased a new position in shares of RingCentral during the third quarter worth about $436,000. Finally, Harel Insurance Investments & Financial Services Ltd. increased its holdings in shares of RingCentral by 106.9% in the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 185,205 shares of the software maker's stock worth $6,484,000 after buying an additional 95,684 shares during the last quarter. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

RingCentral Price Performance

RingCentral stock traded up $0.10 during mid-day trading on Friday, reaching $25.11. 692,369 shares of the company traded hands, compared to its average volume of 1,335,346. The company has a market capitalization of $2.28 billion, a price-to-earnings ratio of -39.23, a price-to-earnings-growth ratio of 1.27 and a beta of 1.30. RingCentral, Inc. has a fifty-two week low of $20.59 and a fifty-two week high of $42.19. The firm's fifty day moving average is $26.07 and its two-hundred day moving average is $32.36.

RingCentral (NYSE:RNG - Get Free Report) last issued its quarterly earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.73). RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. The business had revenue of $614.51 million during the quarter, compared to analyst estimates of $612.37 million. As a group, equities research analysts predict that RingCentral, Inc. will post 1.29 earnings per share for the current year.

Insider Activity

In related news, CEO Vladimir Shmunis sold 123,560 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now owns 444,740 shares of the company's stock, valued at approximately $12,701,774.40. This trade represents a 21.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP John H. Marlow sold 35,089 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 value of $1,002,141.84. Following the transaction, the senior vice president now owns 313,510 shares in the company, valued at approximately $8,953,845.60. This represents a 10.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 247,740 shares of company stock worth $7,099,279 over the last three months. 6.97% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Raymond James decreased 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. Robert W. Baird dropped their price objective on RingCentral from $38.00 to $32.00 and set a "neutral" rating for the company in a research note on Tuesday, February 25th. Piper Sandler lowered their price target on shares of RingCentral from $38.00 to $31.00 and set a "neutral" rating for the company in a report on Friday, February 21st. Rosenblatt Securities decreased their price objective on shares of RingCentral from $40.00 to $28.00 and set a "buy" rating on the stock in a research report on Thursday. Finally, Barclays reduced their price target on RingCentral from $37.00 to $31.00 and set an "equal weight" rating on the stock in a report on Friday, February 21st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $34.46.

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.