Charles Schwab Investment Management Inc. Has $26 Million Stock Position in RingCentral, Inc. (NYSE:RNG)

Charles Schwab Investment Management Inc. lifted its holdings in RingCentral, Inc. (NYSE:RNG - Free Report) by 7.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 822,087 shares of the software maker's stock after purchasing an additional 59,570 shares during the period. Charles Schwab Investment Management Inc. owned 0.90% of RingCentral worth $26,003,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Point72 DIFC Ltd acquired a new position in RingCentral in the 2nd quarter valued at approximately $39,000. Venturi Wealth Management LLC increased its stake in RingCentral by 150.4% in the third quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker's stock valued at $59,000 after acquiring an additional 1,119 shares during the period. KBC Group NV raised its position in RingCentral by 38.9% in the third quarter. KBC Group NV now owns 2,659 shares of the software maker's stock worth $84,000 after purchasing an additional 744 shares in the last quarter. Central Pacific Bank Trust Division bought a new position in RingCentral during the third quarter worth about $121,000. Finally, CWM LLC boosted its holdings in RingCentral by 595.9% during the third quarter. CWM LLC now owns 4,746 shares of the software maker's stock valued at $150,000 after purchasing an additional 4,064 shares in the last quarter. 98.61% of the stock is currently owned by institutional investors.

RingCentral Trading Down 3.2 %

NYSE:RNG traded down $1.29 during trading hours on Thursday, reaching $38.50. 1,118,121 shares of the stock were exchanged, compared to its average volume of 1,230,186. The firm has a 50 day moving average of $34.74 and a 200 day moving average of $32.76. RingCentral, Inc. has a twelve month low of $26.98 and a twelve month high of $40.98.

RingCentral (NYSE:RNG - Get Free Report) last released its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, beating the consensus estimate of $0.14 by $0.10. The company had revenue of $608.77 million during the quarter, compared to the consensus estimate of $601.91 million. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. As a group, analysts expect that RingCentral, Inc. will post 0.84 EPS for the current fiscal year.

Insider Transactions at RingCentral

In other RingCentral news, SVP John H. Marlow sold 23,284 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $34.96, for a total transaction of $814,008.64. Following the transaction, the senior vice president now owns 357,818 shares in the company, valued at $12,509,317.28. This trade represents a 6.11 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Vladimir Shmunis sold 66,451 shares of the business's stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $34.96, for a total transaction of $2,323,126.96. Following the completion of the sale, the chief executive officer now directly owns 479,468 shares of the company's stock, valued at approximately $16,762,201.28. The trade was a 12.17 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 104,082 shares of company stock worth $3,632,417. 6.76% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms recently commented on RNG. StockNews.com upgraded RingCentral from a "buy" rating to a "strong-buy" rating in a research report on Monday, November 11th. Needham & Company LLC restated a "buy" rating and issued a $42.00 target price on shares of RingCentral in a research note on Monday, November 11th. Rosenblatt Securities restated a "buy" rating and issued a $45.00 price target on shares of RingCentral in a research report on Friday, November 8th. Raymond James dropped their price target on RingCentral from $52.00 to $50.00 and set a "strong-buy" rating for the company in a report on Friday, November 8th. Finally, Piper Sandler increased their price objective on shares of RingCentral from $31.00 to $38.00 and gave the stock a "neutral" rating in a report on Friday, November 8th. Eight analysts have rated the stock with a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, RingCentral has an average rating of "Moderate Buy" and a consensus price target of $40.73.

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.