Charles Schwab Investment Management Inc. Raises Stock Holdings in RingCentral, Inc. (NYSE:RNG)

Charles Schwab Investment Management Inc. boosted its stake in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 1.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm 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 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. Sovereign Financial Group Inc. raised its stake in shares of RingCentral by 4.0% during the fourth quarter. Sovereign Financial Group Inc. now owns 10,079 shares of the software maker's stock valued at $353,000 after acquiring an additional 386 shares during the last quarter. Gagnon Securities LLC increased its holdings in RingCentral by 5.6% during the 4th quarter. Gagnon Securities LLC now owns 7,703 shares of the software maker's stock valued at $270,000 after purchasing an additional 407 shares during the period. KBC Group NV raised its position in RingCentral by 38.9% during the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker's stock valued at $84,000 after purchasing an additional 744 shares during the last quarter. 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. Finally, Quarry LP lifted its holdings in 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 buying an additional 982 shares during the period. 98.61% of the stock is currently owned by institutional investors.

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Wall Street Analyst Weigh In

RNG has been the subject of several research analyst reports. Barclays dropped their target price on shares of RingCentral from $37.00 to $31.00 and set an "equal weight" rating for the company in a research report on Friday, February 21st. Piper Sandler decreased their target price on RingCentral from $38.00 to $31.00 and set a "neutral" rating for the company in a research report on Friday, February 21st. Rosenblatt Securities dropped their price target on RingCentral from $45.00 to $40.00 and set a "buy" rating on the stock in a research report on Friday, February 21st. Morgan Stanley raised their price objective on RingCentral from $38.00 to $40.00 and gave the company an "equal weight" rating in a research report on Wednesday, December 18th. Finally, Wells Fargo & Company reiterated an "underweight" rating and issued a $30.00 price target (down from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th. One analyst has rated the stock with a sell rating, seven have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $37.69.

RingCentral Stock Performance

NYSE:RNG traded down $0.15 during trading hours on Friday, reaching $26.89. The stock had a trading volume of 1,121,138 shares, compared to its average volume of 1,260,647. The stock has a market capitalization of $2.44 billion, a PE ratio of -42.01, a PEG ratio of 1.27 and a beta of 1.20. RingCentral, Inc. has a 52 week low of $26.22 and a 52 week high of $42.19. The company has a 50 day moving average price of $31.53 and a two-hundred day moving average price of $33.50.

RingCentral (NYSE:RNG - Get Free Report) last announced 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 the consensus estimate of $612.37 million. Equities research analysts predict that RingCentral, Inc. will post 1.29 EPS for the current year.

Insider Activity

In other news, SVP John H. Marlow sold 22,979 shares of the firm's stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $28.82, for a total value of $662,254.78. Following the completion of the sale, the senior vice president now directly owns 348,599 shares of the company's stock, valued at $10,046,623.18. This trade represents a 6.18 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Vladimir Shmunis sold 123,560 shares of the business's stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $28.56, for a total value of $3,528,873.60. Following 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 position. The disclosure for this sale can be found here. In 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 corporate insiders.

RingCentral 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.