RingCentral, Inc. (NYSE:RNG) Shares Acquired by Russell Investments Group Ltd.

Russell Investments Group Ltd. grew its holdings in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 40.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 234,256 shares of the software maker's stock after purchasing an additional 67,007 shares during the period. Russell Investments Group Ltd. owned approximately 0.26% of RingCentral worth $8,227,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of RNG. Hennessy Advisors Inc. acquired a new stake in shares of RingCentral during the 4th quarter valued at approximately $59,055,000. Arrowstreet Capital Limited Partnership raised its stake in shares of RingCentral by 414.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,445,245 shares of the software maker's stock worth $50,598,000 after buying an additional 1,164,241 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of RingCentral by 4.6% in the 4th quarter. Geode Capital Management LLC now owns 1,349,667 shares of the software maker's stock worth $47,267,000 after buying an additional 58,814 shares in the last quarter. Jupiter Asset Management Ltd. grew its stake in RingCentral by 4.7% in the 4th quarter. Jupiter Asset Management Ltd. now owns 1,058,753 shares of the software maker's stock valued at $37,067,000 after acquiring an additional 47,827 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in RingCentral by 1.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 832,197 shares of the software maker's stock worth $29,135,000 after acquiring an additional 10,110 shares during the last quarter. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Barclays reduced their target price 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. Needham & Company LLC decreased their price target on shares of RingCentral from $42.00 to $36.00 and set a "buy" rating on the stock in a research note on Friday, February 21st. Rosenblatt Securities cut their price objective on shares of RingCentral from $45.00 to $40.00 and set a "buy" rating for the company in a research report on Friday, February 21st. UBS Group lowered their target price on shares of RingCentral from $40.00 to $38.00 and set a "neutral" rating for the company in a research note on Friday, February 21st. Finally, Raymond James reduced their price target on RingCentral from $45.00 to $40.00 and set an "outperform" rating on the stock in a research note on Friday, February 21st. One 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. Based on data from MarketBeat, RingCentral currently has a consensus rating of "Hold" and an average target price of $36.00.

Insider Buying and Selling at RingCentral

In other news, SVP John H. Marlow sold 35,089 shares of RingCentral stock in a transaction that occurred 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 completion of the transaction, the senior vice president now owns 313,510 shares in the company, valued at approximately $8,953,845.60. This trade represents a 10.07 % decrease in their position. 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 firm's stock in a transaction on Friday, February 21st. The stock was sold at an average price of $28.83, for a total value of $1,906,008.96. Following the transaction, the chief executive officer now owns 568,300 shares in the company, valued at $16,384,089. This trade represents a 10.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 247,740 shares of company stock worth $7,099,279 in the last ninety days. 6.97% of the stock is owned by insiders.

RingCentral Price Performance

RingCentral stock traded up $0.21 during midday trading on Friday, hitting $22.76. 804,131 shares of the stock were exchanged, compared to its average volume of 1,333,419. The company has a 50 day moving average price of $27.18 and a two-hundred day moving average price of $32.62. The firm has a market cap of $2.07 billion, a P/E ratio of -35.57, a P/E/G ratio of 1.27 and a beta of 1.30. RingCentral, Inc. has a 1 year low of $20.59 and a 1 year high of $42.19.

RingCentral (NYSE:RNG - Get Free Report) last issued its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 earnings per share for the quarter, missing analysts' consensus estimates of $0.96 by ($0.73). The business had revenue of $614.51 million for 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 predict 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.