RingCentral, Inc. (NYSE:RNG) Shares Sold by Bokf Na

BOKF NA decreased its position in RingCentral, Inc. (NYSE:RNG - Free Report) by 23.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 54,096 shares of the software maker's stock after selling 16,429 shares during the quarter. BOKF NA owned 0.06% of RingCentral worth $1,782,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Kayne Anderson Rudnick Investment Management LLC purchased a new stake in RingCentral during the fourth quarter valued at $49,000. Venturi Wealth Management LLC boosted its holdings in shares of RingCentral by 55.2% in the 4th quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker's stock worth $101,000 after purchasing an additional 1,028 shares during the period. KBC Group NV boosted its holdings in shares of RingCentral by 30.8% in the 4th quarter. KBC Group NV now owns 3,478 shares of the software maker's stock worth $122,000 after purchasing an additional 819 shares during the period. Quarry LP boosted its holdings in shares of RingCentral by 84.1% in the 4th quarter. Quarry LP now owns 3,501 shares of the software maker's stock worth $123,000 after purchasing an additional 1,599 shares during the period. Finally, Harvest Fund Management Co. Ltd purchased a new position in shares of RingCentral in the 4th quarter worth approximately $173,000. Institutional investors own 98.61% of the company's stock.

Insiders Place Their Bets

In other news, CEO Vladimir Shmunis sold 123,560 shares of the company'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 sale, the chief executive officer now directly owns 444,740 shares of the company's stock, valued at $12,701,774.40. This represents a 21.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP John H. Marlow sold 35,089 shares of the stock in a transaction dated 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 sale, the senior vice president now directly owns 313,510 shares in the company, valued at $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 quarter, insiders have sold 247,740 shares of company stock valued at $7,099,279. Insiders own 6.97% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Needham & Company LLC assumed coverage on shares of RingCentral in a research report on Friday, May 9th. They set a "buy" rating and a $36.00 price objective on the stock. Wedbush reduced their price objective on shares of RingCentral from $38.00 to $30.00 and set a "neutral" rating on the stock in a research report on Friday, May 9th. UBS Group reduced their price objective on shares of RingCentral from $38.00 to $33.00 and set a "neutral" rating on the stock in a research report on Friday, May 9th. Wells Fargo & Company reduced their price objective on shares of RingCentral from $30.00 to $22.00 and set an "underweight" rating on the stock in a research report on Tuesday, April 22nd. Finally, Rosenblatt Securities reduced their price objective on shares of RingCentral from $40.00 to $28.00 and set a "buy" rating on the stock in a research report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $32.77.

RingCentral Stock Performance

RNG traded down $0.49 during trading on Wednesday, hitting $27.85. 427,209 shares of the stock were exchanged, compared to its average volume of 1,340,035. The firm has a 50 day simple moving average of $25.29 and a 200 day simple moving average of $31.77. The firm has a market cap of $2.53 billion, a price-to-earnings ratio of -43.52, a P/E/G ratio of 1.27 and a beta of 1.33. 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 announced its earnings results on Thursday, May 8th. The software maker reported $1.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.04. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. The business had revenue of $612.06 million for the quarter, compared to analysts' expectations of $610.53 million. During the same quarter last year, the firm earned $0.87 EPS. The business's revenue for the quarter was up 4.8% on a year-over-year basis. As a group, equities analysts anticipate that RingCentral, Inc. will post 1.29 earnings per share for the current fiscal year.

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.