RingCentral, Inc. (NYSE:RNG) Shares Sold by Vanguard Group Inc.

Vanguard Group Inc. trimmed its holdings in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 0.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,667,475 shares of the software maker's stock after selling 74,430 shares during the quarter. Vanguard Group Inc. owned approximately 12.90% of RingCentral worth $408,478,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Fort Washington Investment Advisors Inc. OH increased its holdings 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 acquiring an additional 134,928 shares in the last quarter. Hennessy Advisors Inc. acquired a new stake in shares of RingCentral in the fourth quarter valued at about $59,055,000. Beaumont Financial Advisors LLC purchased a new stake in shares of RingCentral during the fourth quarter worth about $262,000. 272 Capital LP acquired a new position in shares of RingCentral during the 3rd quarter worth about $436,000. Finally, Harel Insurance Investments & Financial Services Ltd. lifted its stake in RingCentral by 106.9% in the 4th 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 in the last quarter. Hedge funds and other institutional investors own 98.61% of the company's stock.

Insider Transactions at RingCentral

In other RingCentral news, CEO Vladimir Shmunis sold 123,560 shares of the company's stock in a transaction on Monday, February 24th. The stock was sold at an average price of $28.56, for a total transaction of $3,528,873.60. Following the transaction, the chief executive officer now directly owns 444,740 shares in the company, valued at $12,701,774.40. This represents a 21.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction, the senior vice president now owns 313,510 shares of the company's stock, valued at approximately $8,953,845.60. This represents a 10.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 247,740 shares of company stock worth $7,099,279. 6.97% of the stock is currently owned by company insiders.

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Analysts Set New Price Targets

RNG has been the subject of several research reports. Piper Sandler cut their price objective on RingCentral from $38.00 to $31.00 and set a "neutral" rating for the company in a research note on Friday, February 21st. Wells Fargo & Company reissued an "underweight" rating and issued a $30.00 price objective (down from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th. UBS Group decreased their price objective on RingCentral from $40.00 to $38.00 and set a "neutral" rating on the stock in a report on Friday, February 21st. Barclays dropped their target price on shares of RingCentral from $37.00 to $31.00 and set an "equal weight" rating for the company in a report on Friday, February 21st. Finally, StockNews.com downgraded shares of RingCentral from a "strong-buy" rating to a "buy" rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, RingCentral currently has an average rating of "Hold" and an average price target of $37.69.

RingCentral Stock Down 7.0 %

NYSE:RNG traded down $1.71 on Friday, hitting $22.59. The stock had a trading volume of 2,188,522 shares, compared to its average volume of 1,301,147. The company has a fifty day moving average price of $29.85 and a two-hundred day moving average price of $33.24. RingCentral, Inc. has a 1-year low of $22.14 and a 1-year high of $42.19. The stock has a market cap of $2.05 billion, a price-to-earnings ratio of -35.30, a PEG ratio of 1.27 and a beta of 1.20.

RingCentral (NYSE:RNG - Get Free Report) last released its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 EPS for the quarter, missing analysts' consensus estimates of $0.96 by ($0.73). The business had revenue of $614.51 million during the quarter, compared to analyst estimates of $612.37 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. As a group, analysts anticipate that RingCentral, Inc. will post 1.29 earnings per share 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.