American Century Companies Inc. Boosts Holdings in RingCentral, Inc. (NYSE:RNG)

American Century Companies Inc. boosted its position in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 195.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 38,622 shares of the software maker's stock after acquiring an additional 25,561 shares during the period. American Century Companies Inc.'s holdings in RingCentral were worth $1,089,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. Versant Capital Management Inc grew its stake in RingCentral by 138.3% in the 2nd quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker's stock worth $32,000 after buying an additional 664 shares in the last quarter. Newbridge Financial Services Group Inc. grew its stake in RingCentral by 438.1% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 1,200 shares of the software maker's stock worth $41,000 after buying an additional 977 shares in the last quarter. Hexagon Capital Partners LLC grew its stake in RingCentral by 44.1% in the 1st quarter. Hexagon Capital Partners LLC now owns 1,340 shares of the software maker's stock worth $47,000 after buying an additional 410 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in RingCentral by 13.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 4,522 shares of the software maker's stock worth $154,000 after buying an additional 540 shares in the last quarter. Finally, Commonwealth Equity Services LLC grew its stake in RingCentral by 19.5% in the 2nd quarter. Commonwealth Equity Services LLC now owns 8,378 shares of the software maker's stock worth $236,000 after buying an additional 1,366 shares in the last quarter. Hedge funds and other institutional investors own 98.61% of the company's stock.

Analyst Ratings Changes

A number of research firms have commented on RNG. Rosenblatt Securities raised shares of RingCentral from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $35.00 to $45.00 in a research note on Friday, August 2nd. Robert W. Baird upped their price objective on shares of RingCentral from $35.00 to $36.00 and gave the company a "neutral" rating in a research note on Monday, August 5th. StockNews.com cut shares of RingCentral from a "strong-buy" rating to a "buy" rating in a research note on Friday, September 6th. Needham & Company LLC reaffirmed a "buy" rating and issued a $42.00 price objective on shares of RingCentral in a research note on Monday, August 5th. Finally, Piper Sandler cut their price objective on shares of RingCentral from $32.00 to $31.00 and set a "neutral" rating for the company in a research note on Wednesday, July 10th. Eight equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $40.07.

RingCentral Stock Down 3.0 %

Shares of NYSE:RNG traded down $0.96 on Tuesday, hitting $30.67. The company had a trading volume of 821,345 shares, compared to its average volume of 1,202,604. The firm's 50-day simple moving average is $32.06 and its two-hundred day simple moving average is $32.08. RingCentral, Inc. has a 1 year low of $25.08 and a 1 year high of $38.35. The firm has a market capitalization of $2.83 billion, a price-to-earnings ratio of -20.58, a P/E/G ratio of 2.38 and a beta of 1.03.

RingCentral (NYSE:RNG - Get Free Report) last posted its earnings results on Thursday, August 1st. The software maker reported $0.91 EPS for the quarter, topping the consensus estimate of $0.88 by $0.03. The company had revenue of $592.91 million during the quarter, compared to analysts' expectations of $586.39 million. During the same period in the prior year, the business posted ($0.03) earnings per share. The company's revenue for the quarter was up 9.9% on a year-over-year basis. Equities research analysts anticipate that RingCentral, Inc. will post 0.63 EPS for the current year.

Insider Activity at RingCentral

In related news, CFO Vaibhav Agarwal sold 10,184 shares of RingCentral stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $32.88, for a total transaction of $334,849.92. Following the completion of the transaction, the chief financial officer now directly owns 137,545 shares of the company's stock, valued at approximately $4,522,479.60. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other RingCentral news, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the firm's stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $33.45, for a total transaction of $331,589.85. Following the completion of the sale, the chief financial officer now directly owns 358,622 shares in the company, valued at approximately $11,995,905.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Vaibhav Agarwal sold 10,184 shares of the firm's stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $32.88, for a total transaction of $334,849.92. Following the sale, the chief financial officer now owns 137,545 shares of the company's stock, valued at $4,522,479.60. The disclosure for this sale can be found here. Insiders sold a total of 101,839 shares of company stock valued at $3,324,067 in the last three months. Company insiders own 6.76% of the company's stock.

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.