Vanguard Group Inc. Sells 74,430 Shares of RingCentral, Inc. (NYSE:RNG)

Vanguard Group Inc. cut its holdings in RingCentral, Inc. (NYSE:RNG - Free Report) by 0.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 11,667,475 shares of the software maker's stock after selling 74,430 shares during the period. Vanguard Group Inc. owned 12.90% of RingCentral worth $408,478,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the business. Hennessy Advisors Inc. acquired a new position in shares of RingCentral during the fourth quarter worth approximately $59,055,000. Valley Wealth Managers Inc. bought a new stake in RingCentral in the 4th quarter valued at $20,792,000. Fort Washington Investment Advisors Inc. OH grew its position in RingCentral by 32.5% in the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 550,304 shares of the software maker's stock worth $19,266,000 after purchasing an additional 134,928 shares during the last quarter. Great Lakes Advisors LLC bought a new position in shares of RingCentral during the 4th quarter worth about $4,340,000. Finally, Harel Insurance Investments & Financial Services Ltd. raised its position in shares of RingCentral by 106.9% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 185,205 shares of the software maker's stock valued at $6,484,000 after buying an additional 95,684 shares during the last quarter. Institutional investors and hedge funds own 98.61% of the company's stock.

Wall Street Analysts Forecast Growth

RNG has been the topic of several research reports. Robert W. Baird lowered their price target on RingCentral from $38.00 to $32.00 and set a "neutral" rating on the stock in a research note on Tuesday, February 25th. Needham & Company LLC decreased their target price on shares of RingCentral from $42.00 to $36.00 and set a "buy" rating on the stock in a research report on Friday, February 21st. Barclays lowered their price objective on RingCentral from $37.00 to $31.00 and set an "equal weight" rating on the stock in a research note on Friday, February 21st. StockNews.com downgraded RingCentral from a "strong-buy" rating to a "buy" rating in a research report on Tuesday, April 1st. Finally, Morgan Stanley upped their price target on RingCentral from $38.00 to $40.00 and gave the company an "equal weight" rating in a research report on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $37.69.

Insider Transactions at RingCentral

In other RingCentral news, SVP John H. Marlow sold 35,089 shares of the firm's stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $28.56, for a total value of $1,002,141.84. Following the transaction, the senior vice president now directly owns 313,510 shares of the company's stock, valued at approximately $8,953,845.60. This trade represents a 10.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Vladimir Shmunis sold 66,112 shares of the company's stock in a transaction on Friday, February 21st. The shares were sold at an average price of $28.83, for a total transaction of $1,906,008.96. Following the sale, the chief executive officer now owns 568,300 shares of the company's stock, valued at $16,384,089. The trade was a 10.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 247,740 shares of company stock worth $7,099,279 in the last quarter. 6.97% of the stock is owned by company insiders.

RingCentral Stock Down 1.5 %

NYSE:RNG traded down $0.35 during trading hours on Monday, hitting $22.26. 2,473,536 shares of the stock were exchanged, compared to its average volume of 1,308,179. The company has a market capitalization of $2.02 billion, a P/E ratio of -34.79, a price-to-earnings-growth ratio of 1.27 and a beta of 1.30. The company's 50 day moving average is $29.60 and its two-hundred day moving average is $33.23. RingCentral, Inc. has a twelve month low of $20.59 and a twelve month high of $42.19.

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 (EPS) for the quarter, missing the consensus estimate of $0.96 by ($0.73). The firm had revenue of $614.51 million during the quarter, compared to the consensus estimate of $612.37 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. On average, equities research analysts expect that RingCentral, Inc. will post 1.29 EPS for the current year.

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.