Teacher Retirement System of Texas Purchases 20,132 Shares of RingCentral, Inc. (NYSE:RNG)

Teacher Retirement System of Texas increased its holdings in RingCentral, Inc. (NYSE:RNG - Free Report) by 46.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 63,441 shares of the software maker's stock after purchasing an additional 20,132 shares during the quarter. Teacher Retirement System of Texas owned 0.07% of RingCentral worth $2,221,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Hennessy Advisors Inc. purchased a new stake in shares of RingCentral during the fourth quarter valued at approximately $59,055,000. Valley Wealth Managers Inc. purchased a new stake in RingCentral during the 4th quarter valued at $20,792,000. Fort Washington Investment Advisors Inc. OH grew 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 during the last quarter. Great Lakes Advisors LLC purchased a new position in shares of RingCentral in the fourth quarter valued at about $4,340,000. Finally, Harel Insurance Investments & Financial Services Ltd. raised its stake 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 acquiring an additional 95,684 shares during the last quarter. 98.61% of the stock is owned by institutional investors.

RingCentral Stock Performance

Shares of RNG traded down $1.67 during mid-day trading on Friday, reaching $25.61. The company had a trading volume of 1,240,554 shares, compared to its average volume of 1,292,934. RingCentral, Inc. has a 52 week low of $25.47 and a 52 week high of $42.19. The company has a market capitalization of $2.32 billion, a price-to-earnings ratio of -40.01, a price-to-earnings-growth ratio of 1.27 and a beta of 1.20. The firm has a 50-day moving average price of $30.82 and a 200 day moving average price of $33.46.

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RingCentral (NYSE:RNG - Get Free Report) last released its earnings results 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 company had revenue of $614.51 million during the quarter, compared to analysts' expectations 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, research analysts forecast that RingCentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently issued reports on RNG shares. Wells Fargo & Company restated an "underweight" rating and set a $30.00 price target (down previously from $38.00) on shares of RingCentral in a report on Tuesday, January 7th. Robert W. Baird reduced their target price on RingCentral from $38.00 to $32.00 and set a "neutral" rating on the stock in a research note on Tuesday, February 25th. Piper Sandler dropped their price target on RingCentral from $38.00 to $31.00 and set a "neutral" rating for the company in a research note on Friday, February 21st. UBS Group reduced their price objective on shares of RingCentral from $40.00 to $38.00 and set a "neutral" rating on the stock in a research report on Friday, February 21st. Finally, Raymond James dropped their target price on shares of RingCentral from $45.00 to $40.00 and set an "outperform" rating for the company in a research report on Friday, February 21st. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $37.69.

Insider Buying and Selling at RingCentral

In other news, SVP John H. Marlow sold 35,089 shares of the business'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 transaction of $1,002,141.84. Following the completion of the transaction, the senior vice president now directly owns 313,510 shares of the company's stock, valued at $8,953,845.60. The trade was a 10.07 % 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, CEO Vladimir Shmunis sold 123,560 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 444,740 shares in the company, valued at $12,701,774.40. This represents a 21.74 % decrease in their position. 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 owned by corporate insiders.

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.