RingCentral, Inc. (NYSE:RNG) Position Increased by Dimensional Fund Advisors LP

Dimensional Fund Advisors LP increased its holdings in RingCentral, Inc. (NYSE:RNG - Free Report) by 18.6% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 686,714 shares of the software maker's stock after purchasing an additional 107,609 shares during the period. Dimensional Fund Advisors LP owned approximately 0.76% of RingCentral worth $24,045,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Sovereign Financial Group Inc. increased its stake in RingCentral by 4.0% in the 4th 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 during the period. Gagnon Securities LLC raised its holdings in shares of RingCentral by 5.6% during the fourth quarter. Gagnon Securities LLC now owns 7,703 shares of the software maker's stock valued at $270,000 after acquiring an additional 407 shares in the last quarter. Xponance Inc. lifted its position 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 purchasing an additional 426 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of RingCentral by 10.4% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker's stock valued at $176,000 after buying an additional 468 shares during the period. Finally, Private Advisor Group LLC boosted its position in RingCentral by 9.6% during the 4th quarter. Private Advisor Group LLC now owns 8,896 shares of the software maker's stock valued at $311,000 after acquiring an additional 777 shares in the last quarter. Institutional investors own 98.61% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Raymond James lowered their price objective on RingCentral from $40.00 to $35.00 and set an "outperform" rating for the company in a research note on Friday. StockNews.com raised RingCentral from a "buy" rating to a "strong-buy" rating in a research note on Monday, May 5th. Morgan Stanley reduced their target price on RingCentral from $40.00 to $29.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 16th. Rosenblatt Securities cut their target price on RingCentral from $40.00 to $28.00 and set a "buy" rating on the stock in a research note on Thursday, April 24th. Finally, Mizuho lowered their price target on shares of RingCentral from $32.00 to $25.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $32.62.

RingCentral Stock Performance

Shares of RingCentral stock traded up $0.40 on Monday, reaching $28.12. The company had a trading volume of 195,956 shares, compared to its average volume of 1,336,151. The firm has a market cap of $2.55 billion, a PE ratio of -43.96, a PEG ratio of 1.27 and a beta of 1.33. RingCentral, Inc. has a 52-week low of $20.59 and a 52-week high of $42.19. The firm's 50 day moving average price is $25.27 and its two-hundred day moving average price is $31.83.

RingCentral (NYSE:RNG - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The software maker reported $1.00 earnings per share for the quarter, beating analysts' consensus estimates of $0.96 by $0.04. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The business had revenue of $612.06 million for the quarter, compared to analyst estimates of $610.53 million. During the same period last year, the business earned $0.87 EPS. The company's revenue was up 4.8% on a year-over-year basis. As a group, sell-side analysts predict that RingCentral, Inc. will post 1.29 EPS for the current year.

Insider Buying and Selling

In other RingCentral news, CEO Vladimir Shmunis sold 66,112 shares of the stock in a transaction on Friday, February 21st. The stock was sold at an average price of $28.83, for a total transaction of $1,906,008.96. Following the sale, the chief executive officer now owns 568,300 shares in the company, valued at approximately $16,384,089. This represents a 10.42% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP John H. Marlow sold 35,089 shares of the business's stock in a transaction dated 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 position. The disclosure for this sale can be found here. Insiders have sold 247,740 shares of company stock valued at $7,099,279 over the last quarter. Company insiders own 6.97% of the company's stock.

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.