Wealth Enhancement Advisory Services LLC Makes New Investment in RingCentral, Inc. (NYSE:RNG)

Wealth Enhancement Advisory Services LLC acquired a new stake in RingCentral, Inc. (NYSE:RNG - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 15,567 shares of the software maker's stock, valued at approximately $545,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Arrowstreet Capital Limited Partnership grew its stake in shares of RingCentral by 414.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,445,245 shares of the software maker's stock valued at $50,598,000 after acquiring an additional 1,164,241 shares in the last quarter. Valley Wealth Managers Inc. acquired a new stake in RingCentral in the fourth quarter valued at $20,792,000. Capital World Investors increased its position in shares of RingCentral by 5.9% in the 4th quarter. Capital World Investors now owns 10,663,441 shares of the software maker's stock worth $373,327,000 after purchasing an additional 591,398 shares during the last quarter. First Trust Advisors LP lifted its position in shares of RingCentral by 35.6% during the fourth quarter. First Trust Advisors LP now owns 2,009,286 shares of the software maker's stock worth $70,345,000 after purchasing an additional 527,901 shares during the last quarter. Finally, Wellington Management Group LLP acquired a new stake in RingCentral during the fourth quarter valued at approximately $15,630,000. Institutional investors and hedge funds own 98.61% of the company's stock.

Insiders Place Their Bets

In other news, CEO Vladimir Shmunis sold 94,956 shares of the business's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $26.56, for a total transaction of $2,522,031.36. Following the transaction, the chief executive officer now owns 607,719 shares in the company, valued at approximately $16,141,016.64. The trade was a 13.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP John H. Marlow sold 29,173 shares of the company's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $26.56, for a total value of $774,834.88. Following the completion of the transaction, the senior vice president now directly owns 352,448 shares of the company's stock, valued at approximately $9,361,018.88. This trade represents a 7.64% decrease in their position. The disclosure for this sale can be found here. Insiders sold 215,686 shares of company stock valued at $5,727,463 over the last quarter. Insiders own 6.97% of the company's stock.

RingCentral Stock Performance

Shares of RNG stock traded down $0.43 during trading on Thursday, hitting $26.42. 1,227,726 shares of the company were exchanged, compared to its average volume of 1,339,109. The business's 50-day simple moving average is $25.41 and its 200 day simple moving average is $30.44. The firm has a market capitalization of $2.38 billion, a price-to-earnings ratio of -41.28, a P/E/G ratio of 1.27 and a beta of 1.27. RingCentral, Inc. has a twelve month low of $20.59 and a twelve month high of $42.19.

RingCentral (NYSE:RNG - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The software maker reported $1.00 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 firm had revenue of $612.06 million during the quarter, compared to analysts' expectations of $610.53 million. During the same quarter last year, the firm earned $0.87 earnings per share. The business's revenue for the quarter was up 4.8% on a year-over-year basis. On average, equities analysts forecast that RingCentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on RNG. Needham & Company LLC started coverage on shares of RingCentral in a research note on Friday, May 9th. They set a "buy" rating and a $36.00 target price for the company. Piper Sandler raised their target price on RingCentral from $25.00 to $28.00 and gave the company a "neutral" rating in a research note on Friday, May 9th. Wall Street Zen lowered shares of RingCentral from a "strong-buy" rating to a "buy" rating in a research note on Saturday, June 7th. Wedbush reduced their price objective on shares of RingCentral from $38.00 to $30.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Finally, Morgan Stanley lowered their price objective on shares of RingCentral from $40.00 to $29.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $33.08.

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.