RingCentral, Inc. (NYSE:RNG) Stock Position Lifted by Sanctuary Advisors LLC

Sanctuary Advisors LLC raised its stake in RingCentral, Inc. (NYSE:RNG - Free Report) by 457.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 31,412 shares of the software maker's stock after buying an additional 25,775 shares during the period. Sanctuary Advisors LLC's holdings in RingCentral were worth $1,118,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Savant Capital LLC purchased a new stake in shares of RingCentral in the fourth quarter valued at $258,000. Empowered Funds LLC acquired a new position in RingCentral in the 4th quarter valued at about $367,000. Gagnon Securities LLC raised its stake in RingCentral by 5.6% in the 4th quarter. Gagnon Securities LLC now owns 7,703 shares of the software maker's stock valued at $270,000 after purchasing an additional 407 shares during the last quarter. KBC Group NV lifted its holdings in RingCentral by 30.8% in the 4th quarter. KBC Group NV now owns 3,478 shares of the software maker's stock valued at $122,000 after purchasing an additional 819 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. boosted its stake in shares of RingCentral by 106.9% during the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 185,205 shares of the software maker's stock worth $6,484,000 after purchasing an additional 95,684 shares during the last quarter. 98.61% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Vladimir Shmunis sold 123,560 shares of the 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 $3,528,873.60. Following the completion of the transaction, the chief executive officer now directly owns 444,740 shares in the company, valued at $12,701,774.40. This trade represents a 21.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Robert I. Theis sold 1,457 shares of the firm's stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $37.79, for a total transaction of $55,060.03. Following the transaction, the director now owns 28,690 shares in the company, valued at $1,084,195.10. This represents a 4.83 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 260,831 shares of company stock valued at $7,642,238. Company insiders own 6.97% of the company's stock.

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Wall Street Analyst Weigh In

Several brokerages recently issued reports on RNG. Barclays reduced their price objective on shares of RingCentral from $37.00 to $31.00 and set an "equal weight" rating on the stock in a research note on Friday, February 21st. Rosenblatt Securities reduced their price target on RingCentral from $45.00 to $40.00 and set a "buy" rating on the stock in a research note on Friday, February 21st. Mizuho decreased their price objective on RingCentral from $42.00 to $36.00 and set a "neutral" rating on the stock in a report on Monday, February 10th. Wells Fargo & Company reiterated an "underweight" rating and issued a $30.00 target price (down from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th. Finally, Robert W. Baird decreased 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. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, RingCentral has an average rating of "Hold" and a consensus price target of $37.69.

RingCentral Trading Down 0.6 %

RNG traded down $0.19 during trading on Friday, reaching $28.42. 2,036,359 shares of the company were exchanged, compared to its average volume of 1,352,845. The stock has a market cap of $2.57 billion, a P/E ratio of -44.40, a PEG ratio of 1.27 and a beta of 1.01. RingCentral, Inc. has a 52 week low of $26.98 and a 52 week high of $42.19. The firm has a 50 day moving average of $33.86 and a 200 day moving average of $34.12.

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 (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 the consensus estimate of $612.37 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. As a group, analysts forecast that RingCentral, Inc. will post 1.29 earnings per share for the current fiscal 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.