First Trust Advisors LP Grows Holdings in RingCentral, Inc. (NYSE:RNG)

First Trust Advisors LP raised its holdings in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 35.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,009,286 shares of the software maker's stock after purchasing an additional 527,901 shares during the period. First Trust Advisors LP owned 2.22% of RingCentral worth $70,345,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in RNG. Venturi Wealth Management LLC raised its stake in RingCentral by 55.2% in the fourth quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker's stock valued at $101,000 after buying an additional 1,028 shares during the last quarter. KBC Group NV increased its holdings in shares of RingCentral by 30.8% during the fourth quarter. KBC Group NV now owns 3,478 shares of the software maker's stock valued at $122,000 after acquiring an additional 819 shares in the last quarter. Harvest Fund Management Co. Ltd purchased a new position in shares of RingCentral in the 4th quarter valued at approximately $173,000. Central Pacific Bank Trust Division boosted its stake 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 worth $176,000 after purchasing an additional 1,194 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its position in RingCentral by 10.4% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker's stock worth $176,000 after purchasing an additional 468 shares during the last quarter. Hedge funds and other institutional investors own 98.61% of the company's stock.

Insider Activity

In other RingCentral news, CEO Vladimir Shmunis sold 66,112 shares of the company's stock in a transaction on Friday, February 21st. The stock was sold at an average price of $28.83, for a total transaction of $1,906,008.96. Following the transaction, the chief executive officer now directly owns 568,300 shares in the company, valued at $16,384,089. This represents a 10.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP John H. Marlow sold 22,979 shares of RingCentral stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $28.82, for a total value of $662,254.78. Following the completion of the transaction, the senior vice president now directly owns 348,599 shares of the company's stock, valued at approximately $10,046,623.18. This represents a 6.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 247,740 shares of company stock valued at $7,099,279. 6.97% of the stock is currently owned by insiders.

RingCentral Price Performance

NYSE RNG traded up $0.10 during trading hours on Friday, reaching $25.11. The company's stock had a trading volume of 692,369 shares, compared to its average volume of 1,335,346. The firm has a market capitalization of $2.28 billion, a price-to-earnings ratio of -39.23, a P/E/G ratio of 1.27 and a beta of 1.30. The company's 50-day moving average is $26.07 and its two-hundred day moving average is $32.36. RingCentral, Inc. has a 1-year low of $20.59 and a 1-year high of $42.19.

RingCentral (NYSE:RNG - Get Free Report) last announced its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 earnings per share for the quarter, missing analysts' consensus estimates of $0.96 by ($0.73). RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The firm had revenue of $614.51 million during the quarter, compared to analysts' expectations of $612.37 million. Equities analysts forecast that RingCentral, Inc. will post 1.29 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have commented on RNG. Raymond James lowered their price target on RingCentral from $45.00 to $40.00 and set an "outperform" rating for the company in a research report on Friday, February 21st. Rosenblatt Securities decreased their target price on RingCentral from $40.00 to $28.00 and set a "buy" rating for the company in a report on Thursday. Robert W. Baird dropped their target price on RingCentral from $38.00 to $32.00 and set a "neutral" rating on the stock in a research report on Tuesday, February 25th. Mizuho reduced their price target on shares of RingCentral from $32.00 to $25.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. Finally, Wells Fargo & Company dropped their price objective on shares of RingCentral from $30.00 to $22.00 and set an "underweight" rating on the stock in a report on Tuesday. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target 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.