RingCentral, Inc. (NYSE:RNG) Stake Boosted by Fort Washington Investment Advisors Inc. OH

Fort Washington Investment Advisors Inc. OH boosted its position in RingCentral, Inc. (NYSE:RNG - Free Report) by 32.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 550,304 shares of the software maker's stock after purchasing an additional 134,928 shares during the period. Fort Washington Investment Advisors Inc. OH owned about 0.61% of RingCentral worth $19,266,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in RNG. Commonwealth Equity Services LLC lifted its stake in shares of RingCentral by 19.5% in the second quarter. Commonwealth Equity Services LLC now owns 8,378 shares of the software maker's stock valued at $236,000 after purchasing an additional 1,366 shares during the period. American Century Companies Inc. lifted its position in shares of RingCentral by 195.7% during the 2nd quarter. American Century Companies Inc. now owns 38,622 shares of the software maker's stock valued at $1,089,000 after acquiring an additional 25,561 shares during the period. Dimensional Fund Advisors LP purchased a new stake in shares of RingCentral during the 2nd quarter worth approximately $3,630,000. Amalgamated Bank grew its holdings in shares of RingCentral by 176.5% in the 2nd quarter. Amalgamated Bank now owns 15,581 shares of the software maker's stock worth $439,000 after acquiring an additional 9,946 shares during the period. Finally, Hsbc Holdings PLC increased its stake in RingCentral by 29.1% in the 2nd quarter. Hsbc Holdings PLC now owns 30,520 shares of the software maker's stock valued at $860,000 after purchasing an additional 6,875 shares in the last quarter. Hedge funds and other institutional investors own 98.61% of the company's stock.

Insider Transactions at RingCentral

In related news, CEO Vladimir Shmunis sold 66,451 shares of the firm's stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $34.96, for a total transaction of $2,323,126.96. Following the sale, the chief executive officer now directly owns 479,468 shares in the company, valued at approximately $16,762,201.28. This trade represents a 12.17 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP John H. Marlow sold 23,284 shares of the company's stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $34.96, for a total value of $814,008.64. Following the completion of the transaction, the senior vice president now owns 357,818 shares of the company's stock, valued at approximately $12,509,317.28. This represents a 6.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 115,188 shares of company stock valued at $4,113,047 over the last 90 days. Corporate insiders own 6.97% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on RNG. Piper Sandler raised their target price on shares of RingCentral from $31.00 to $38.00 and gave the company a "neutral" rating in a report on Friday, November 8th. Needham & Company LLC reissued a "buy" rating and set a $42.00 price objective on shares of RingCentral in a research note on Monday, November 11th. Morgan Stanley upped 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. Rosenblatt Securities reissued a "buy" rating and set a $45.00 price target on shares of RingCentral in a research report on Friday, November 8th. Finally, StockNews.com upgraded RingCentral from a "buy" rating to a "strong-buy" rating in a research report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $41.29.

RingCentral Stock Performance

RingCentral stock traded up $0.31 during midday trading on Thursday, reaching $34.39. The stock had a trading volume of 763,174 shares, compared to its average volume of 1,207,673. The stock has a market capitalization of $3.11 billion, a PE ratio of -32.44, a price-to-earnings-growth ratio of 1.41 and a beta of 0.99. The stock's 50-day simple moving average is $36.63 and its 200 day simple moving average is $33.99. RingCentral, Inc. has a twelve month low of $26.98 and a twelve month high of $42.19.

RingCentral (NYSE:RNG - Get Free Report) last issued its earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.14 by $0.10. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. The business had revenue of $608.77 million during the quarter, compared to analysts' expectations of $601.91 million. Equities analysts predict that RingCentral, Inc. will post 0.84 earnings per share for the current fiscal year.

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.