Legal & General Group Plc Reduces Stock Holdings in RingCentral, Inc. (NYSE:RNG)

Legal & General Group Plc trimmed its position in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 12.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 80,607 shares of the software maker's stock after selling 11,985 shares during the period. Legal & General Group Plc owned about 0.09% of RingCentral worth $2,822,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Hennessy Advisors Inc. purchased a new position in shares of RingCentral during the fourth quarter worth approximately $59,055,000. Arrowstreet Capital Limited Partnership raised its position in RingCentral by 414.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,445,245 shares of the software maker's stock worth $50,598,000 after purchasing an additional 1,164,241 shares during the period. Geode Capital Management LLC lifted its stake in RingCentral by 4.6% in the fourth quarter. Geode Capital Management LLC now owns 1,349,667 shares of the software maker's stock worth $47,267,000 after purchasing an additional 58,814 shares during the last quarter. Jupiter Asset Management Ltd. boosted its position in RingCentral by 4.7% during the fourth quarter. Jupiter Asset Management Ltd. now owns 1,058,753 shares of the software maker's stock valued at $37,067,000 after buying an additional 47,827 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of RingCentral by 1.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 832,197 shares of the software maker's stock worth $29,135,000 after buying an additional 10,110 shares during the period. Institutional investors own 98.61% of the company's stock.

RingCentral Price Performance

NYSE:RNG traded up $0.10 during mid-day trading on Friday, hitting $25.11. 692,369 shares of the company's stock were exchanged, compared to its average volume of 1,341,970. The company has a market cap of $2.28 billion, a PE ratio of -39.23, a P/E/G ratio of 1.27 and a beta of 1.30. RingCentral, Inc. has a one year low of $20.59 and a one year high of $42.19. The business has a fifty day moving average price of $25.90 and a 200 day moving average price of $32.34.

RingCentral (NYSE:RNG - Get Free Report) last posted 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). The company had revenue of $614.51 million during the quarter, compared to analysts' expectations of $612.37 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. On average, equities analysts forecast that RingCentral, Inc. will post 1.29 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Vladimir Shmunis sold 123,560 shares of the company's 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 transaction, the chief executive officer now directly owns 444,740 shares of the company's stock, valued at approximately $12,701,774.40. This represents a 21.74 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP John H. Marlow sold 22,979 shares of RingCentral stock in a transaction 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 approximately $10,046,623.18. The trade was a 6.18 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 247,740 shares of company stock worth $7,099,279 in the last quarter. Corporate insiders own 6.97% of the company's stock.

Analysts Set New Price Targets

RNG has been the topic of several recent research reports. Robert W. Baird reduced their price target on RingCentral from $38.00 to $32.00 and set a "neutral" rating on the stock in a research report on Tuesday, February 25th. StockNews.com cut shares of RingCentral from a "strong-buy" rating to a "buy" rating in a research report on Tuesday, April 1st. Piper Sandler decreased their price objective on shares of RingCentral from $38.00 to $31.00 and set a "neutral" rating on the stock in a research report on Friday, February 21st. UBS Group dropped their target price on shares of RingCentral from $40.00 to $38.00 and set a "neutral" rating for the company in a report on Friday, February 21st. Finally, Wells Fargo & Company reduced their price target on RingCentral from $30.00 to $22.00 and set an "underweight" rating on the stock in a report on Tuesday, April 22nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $34.46.

About RingCentral

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.