Russell Investments Group Ltd. Purchases 67,007 Shares of RingCentral, Inc. (NYSE:RNG)

Russell Investments Group Ltd. grew its position in RingCentral, Inc. (NYSE:RNG) by 40.1% in the fourth 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 acquiring an additional 67,007 shares during the quarter. Russell Investments Group Ltd. owned 0.26% of RingCentral worth $8,227,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the company. Sovereign Financial Group Inc. raised its position in RingCentral by 4.0% in the fourth quarter. Sovereign Financial Group Inc. now owns 10,079 shares of the software maker’s stock worth $353,000 after purchasing an additional 386 shares in the last quarter. Gagnon Securities LLC grew its stake in shares of 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 period. Xponance Inc. raised its holdings in shares of RingCentral by 4.2% in the 4th quarter. Xponance Inc. now owns 10,664 shares of the software maker’s stock worth $373,000 after buying an additional 426 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of RingCentral by 10.4% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker’s stock worth $176,000 after buying an additional 468 shares during the period. Finally, Private Advisor Group LLC boosted its stake in RingCentral by 9.6% in the 4th quarter. Private Advisor Group LLC now owns 8,896 shares of the software maker’s stock valued at $311,000 after buying an additional 777 shares in the last quarter. Institutional investors and hedge funds own 98.61% of the company’s stock.

Insider Buying and Selling

In other news, CEO Vladimir Shmunis sold 123,560 shares of the business’s stock in a transaction 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 owns 444,740 shares of the company’s stock, valued at $12,701,774.40. The trade was a 21.74 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP John H. Marlow sold 22,979 shares of the company’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $28.82, for a total transaction of $662,254.78. Following the completion of the sale, the senior vice president now owns 348,599 shares of the company’s stock, valued at approximately $10,046,623.18. This represents a 6.18 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 247,740 shares of company stock valued at $7,099,279 over the last three months. Company insiders own 6.97% of the company’s stock.

RingCentral Stock Down 1.0 %

RNG stock opened at $22.87 on Friday. RingCentral, Inc. has a twelve month low of $20.59 and a twelve month high of $42.19. The company has a market cap of $2.07 billion, a P/E ratio of -35.73, a PEG ratio of 1.27 and a beta of 1.30. The business has a fifty day moving average of $28.14 and a 200-day moving average of $32.88.

RingCentral (NYSE:RNG) last released its earnings results 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 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, equities research analysts anticipate that RingCentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have issued reports on RNG. Raymond James dropped their price objective on RingCentral from $45.00 to $40.00 and set an “outperform” rating for the company in a research note on Friday, February 21st. StockNews.com downgraded shares of RingCentral from a “strong-buy” rating to a “buy” rating in a report on Tuesday, April 1st. Mizuho decreased their price objective on shares of RingCentral from $42.00 to $36.00 and set a “neutral” rating on the stock in a research note on Monday, February 10th. Robert W. Baird cut their target price on shares of RingCentral from $38.00 to $32.00 and set a “neutral” rating for the company in a research note on Tuesday, February 25th. Finally, Needham & Company LLC reduced their target price on RingCentral from $42.00 to $36.00 and set a “buy” rating on the stock in a report on Friday, February 21st. One analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $37.69.

RingCentral Company 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.