Dimensional Fund Advisors LP Buys New Shares in RingCentral, Inc. (NYSE:RNG)

Dimensional Fund Advisors LP acquired a new stake in shares of RingCentral, Inc. (NYSE:RNG - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 128,766 shares of the software maker's stock, valued at approximately $3,630,000. Dimensional Fund Advisors LP owned 0.14% of RingCentral as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also added to or reduced their stakes in RNG. Versant Capital Management Inc lifted its stake in RingCentral by 138.3% during the second quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker's stock worth $32,000 after purchasing an additional 664 shares during the last quarter. Newbridge Financial Services Group Inc. boosted its position in RingCentral by 438.1% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 1,200 shares of the software maker's stock valued at $41,000 after buying an additional 977 shares during the period. Hexagon Capital Partners LLC increased 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 purchasing an additional 410 shares during the period. PNC Financial Services Group Inc. increased its stake in shares of RingCentral by 13.6% in the fourth 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 during the period. Finally, Commonwealth Equity Services LLC raised its holdings in RingCentral by 19.5% during the 2nd quarter. Commonwealth Equity Services LLC now owns 8,378 shares of the software maker's stock valued at $236,000 after buying an additional 1,366 shares during the last quarter. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at RingCentral

In related news, CFO Vaibhav Agarwal sold 1,985 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $31.40, for a total transaction of $62,329.00. Following the sale, the chief financial officer now directly owns 135,560 shares of the company's stock, valued at $4,256,584. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the firm's stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $33.45, for a total value of $331,589.85. Following the transaction, the chief financial officer now directly owns 358,622 shares in the company, valued at $11,995,905.90. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Vaibhav Agarwal sold 1,985 shares of the company's stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total value of $62,329.00. Following the sale, the chief financial officer now owns 135,560 shares of the company's stock, valued at approximately $4,256,584. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 103,824 shares of company stock worth $3,386,396 over the last quarter. 6.76% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts have recently commented on RNG shares. Wells Fargo & Company upped their price objective on shares of RingCentral from $28.00 to $35.00 and gave the company an "equal weight" rating in a research note on Friday, August 2nd. StockNews.com cut RingCentral from a "strong-buy" rating to a "buy" rating in a report on Friday, September 6th. Deutsche Bank Aktiengesellschaft boosted their target price on RingCentral from $42.00 to $45.00 and gave the company a "buy" rating in a research note on Tuesday, August 6th. Northland Securities raised their price target on RingCentral from $43.00 to $50.00 and gave the stock an "outperform" rating in a research note on Friday, August 2nd. Finally, Needham & Company LLC reissued a "buy" rating and set a $42.00 price objective on shares of RingCentral in a research report on Monday, August 5th. Eight equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, RingCentral currently has an average rating of "Moderate Buy" and a consensus target price of $40.07.

RingCentral Trading Up 4.4 %

RingCentral stock traded up $1.38 during mid-day trading on Friday, hitting $32.73. The company had a trading volume of 1,231,236 shares, compared to its average volume of 1,229,388. RingCentral, Inc. has a 12 month low of $25.08 and a 12 month high of $38.35. The stock's 50 day moving average price is $31.58 and its two-hundred day moving average price is $31.89.

RingCentral (NYSE:RNG - Get Free Report) last announced its quarterly earnings results on Thursday, August 1st. The software maker reported $0.91 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.88 by $0.03. The firm had revenue of $592.91 million during the quarter, compared to the consensus estimate of $586.39 million. The business's revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.03) EPS. As a group, equities analysts predict that RingCentral, Inc. will post 0.63 earnings per share for the current fiscal year.

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.