LPL Financial LLC Raises Position in RingCentral, Inc. (NYSE:RNG)

LPL Financial LLC boosted its stake in RingCentral, Inc. (NYSE:RNG - Free Report) by 19.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 68,429 shares of the software maker's stock after acquiring an additional 11,270 shares during the period. LPL Financial LLC owned 0.08% of RingCentral worth $2,396,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Venturi Wealth Management LLC increased its position in shares of RingCentral by 55.2% during the fourth quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker's stock worth $101,000 after buying an additional 1,028 shares during the period. KBC Group NV lifted its stake in shares of RingCentral by 30.8% in the 4th quarter. KBC Group NV now owns 3,478 shares of the software maker's stock valued at $122,000 after purchasing an additional 819 shares during the period. Harvest Fund Management Co. Ltd bought a new stake in shares of RingCentral during the 4th quarter valued at about $173,000. Central Pacific Bank Trust Division increased its holdings in RingCentral by 31.1% in the fourth 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, Sanctuary Advisors LLC bought a new position in shares of RingCentral during the 3rd quarter worth approximately $178,000. Institutional investors and hedge funds own 98.61% of the company's stock.

RingCentral Trading Up 0.9 %

Shares of RNG stock traded up $0.21 during trading on Friday, hitting $22.76. The company's stock had a trading volume of 804,131 shares, compared to its average volume of 1,334,540. The business has a fifty day moving average of $26.95 and a 200-day moving average of $32.57. RingCentral, Inc. has a 52 week low of $20.59 and a 52 week high of $42.19. The company has a market cap of $2.07 billion, a PE ratio of -35.57, a P/E/G ratio of 1.27 and a beta of 1.30.

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). RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The company had revenue of $614.51 million for the quarter, compared to the consensus estimate of $612.37 million. As a group, research analysts predict that RingCentral, Inc. will post 1.29 EPS for the current year.

Insiders Place Their Bets

In other news, SVP John H. Marlow sold 35,089 shares of the firm's stock in a transaction on Monday, February 24th. The stock was sold at an average price of $28.56, for a total value of $1,002,141.84. Following the completion of the transaction, the senior vice president now directly owns 313,510 shares of the company's stock, valued at $8,953,845.60. This trade represents a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Vladimir Shmunis sold 123,560 shares of the stock in a transaction dated 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 sale, the chief executive officer now directly owns 444,740 shares in the company, valued at $12,701,774.40. This trade represents a 21.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 247,740 shares of company stock valued at $7,099,279 over the last ninety days. 6.97% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on RNG shares. Needham & Company LLC lowered their price objective on shares of RingCentral from $42.00 to $36.00 and set a "buy" rating for the company in a research note on Friday, February 21st. Rosenblatt Securities dropped their price objective on shares of RingCentral from $45.00 to $40.00 and set a "buy" rating on the stock in a report on Friday, February 21st. Barclays cut their price objective on shares of RingCentral from $37.00 to $31.00 and set an "equal weight" rating on the stock 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. Finally, Wells Fargo & Company reiterated an "underweight" rating and issued a $30.00 price target (down previously from $38.00) on shares of RingCentral in a report on Tuesday, January 7th. One investment 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 data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $36.00.

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.