Capital World Investors Sells 761,402 Shares of RingCentral, Inc. (NYSE:RNG)

Capital World Investors reduced its position in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 6.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,314,238 shares of the software maker's stock after selling 761,402 shares during the period. Capital World Investors owned about 12.07% of RingCentral worth $384,118,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Janney Montgomery Scott LLC purchased a new stake in RingCentral during the 4th quarter worth approximately $938,000. Panagora Asset Management Inc. grew its holdings in RingCentral by 24.0% during the 4th quarter. Panagora Asset Management Inc. now owns 119,844 shares of the software maker's stock worth $4,069,000 after acquiring an additional 23,184 shares in the last quarter. Monaco Asset Management SAM bought a new stake in shares of RingCentral in the 4th quarter worth about $1,358,000. Ameriprise Financial Inc. raised its stake in shares of RingCentral by 515.7% in the 3rd quarter. Ameriprise Financial Inc. now owns 2,716,470 shares of the software maker's stock valued at $80,489,000 after purchasing an additional 2,275,245 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in RingCentral by 4.9% in the third quarter. Vanguard Group Inc. now owns 9,988,881 shares of the software maker's stock valued at $295,971,000 after buying an additional 469,280 shares during the last quarter. 98.61% of the stock is owned by institutional investors and hedge funds.

RingCentral Stock Down 0.1 %

RNG stock traded down $0.05 during trading hours on Thursday, hitting $34.86. The company's stock had a trading volume of 784,787 shares, compared to its average volume of 1,117,496. The stock has a 50 day moving average price of $33.10 and a two-hundred day moving average price of $33.07. RingCentral, Inc. has a 12 month low of $25.08 and a 12 month high of $43.28. The company has a market capitalization of $3.21 billion, a PE ratio of -23.51, a price-to-earnings-growth ratio of 2.94 and a beta of 1.02.

RingCentral (NYSE:RNG - Get Free Report) last issued its quarterly earnings data on Tuesday, May 7th. The software maker reported $0.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.01 by $0.05. The business had revenue of $584.21 million during the quarter, compared to the consensus estimate of $577.81 million. Sell-side analysts expect that RingCentral, Inc. will post 0.54 earnings per share for the current year.

Insider Activity at RingCentral

In other RingCentral news, CFO Vaibhav Agarwal sold 1,984 shares of the company's stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $34.55, for a total transaction of $68,547.20. Following the completion of the sale, the chief financial officer now owns 114,656 shares of the company's stock, valued at $3,961,364.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Sonalee Elizabeth Parekh sold 8,478 shares of the firm's stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $34.85, for a total value of $295,458.30. Following the sale, the chief financial officer now owns 388,919 shares in the company, valued at $13,553,827.15. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Vaibhav Agarwal sold 1,984 shares of the company's stock in a transaction on Monday, April 1st. The shares were sold at an average price of $34.55, for a total transaction of $68,547.20. Following the transaction, the chief financial officer now owns 114,656 shares of the company's stock, valued at $3,961,364.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 35,981 shares of company stock valued at $1,266,432. Corporate insiders own 6.76% of the company's stock.

Analyst Ratings Changes

Several research firms recently issued reports on RNG. The Goldman Sachs Group dropped their price target on RingCentral from $38.00 to $34.00 and set a "neutral" rating on the stock in a research report on Wednesday, February 21st. Wells Fargo & Company raised their target price on shares of RingCentral from $31.00 to $33.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 8th. Mizuho raised their price target on RingCentral from $36.00 to $38.00 and gave the stock a "buy" rating in a report on Wednesday, May 8th. Wedbush reaffirmed a "neutral" rating and issued a $40.00 target price on shares of RingCentral in a research report on Thursday, May 9th. Finally, Morgan Stanley reduced their price target on shares of RingCentral from $35.00 to $32.00 and set an "equal weight" rating for the company in a report on Wednesday, April 17th. Ten equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $39.28.

RingCentral 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.