Wealth Enhancement Advisory Services LLC Takes Position in RingCentral, Inc. (NYSE:RNG)

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

A number of other institutional investors have also made changes to their positions in RNG. Arrowstreet Capital Limited Partnership grew its holdings in shares of RingCentral by 414.3% in 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 purchasing an additional 1,164,241 shares in the last quarter. Valley Wealth Managers Inc. acquired a new position in shares of RingCentral in the fourth quarter valued at approximately $20,792,000. Capital World Investors grew its holdings in shares of RingCentral by 5.9% in the fourth quarter. Capital World Investors now owns 10,663,441 shares of the software maker's stock valued at $373,327,000 after purchasing an additional 591,398 shares in the last quarter. First Trust Advisors LP grew its holdings in shares of RingCentral by 35.6% in the fourth quarter. First Trust Advisors LP now owns 2,009,286 shares of the software maker's stock valued at $70,345,000 after purchasing an additional 527,901 shares in the last quarter. Finally, Wellington Management Group LLP acquired a new position in shares of RingCentral in the fourth quarter valued at approximately $15,630,000. 98.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

RNG has been the subject of a number of research reports. Mizuho lifted their price objective on shares of RingCentral from $25.00 to $27.00 and gave the company a "neutral" rating in a report on Monday, May 12th. Wells Fargo & Company dropped their price objective on shares of RingCentral from $30.00 to $22.00 and set an "underweight" rating for the company in a report on Tuesday, April 22nd. UBS Group decreased their price target on shares of RingCentral from $38.00 to $33.00 and set a "neutral" rating for the company in a research note on Friday, May 9th. Wall Street Zen downgraded shares of RingCentral from a "strong-buy" rating to a "buy" rating in a research note on Saturday, June 7th. Finally, Morgan Stanley decreased their price target on shares of RingCentral from $40.00 to $29.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, RingCentral has an average rating of "Hold" and a consensus target price of $33.08.

Insider Transactions at RingCentral

In other news, SVP John H. Marlow sold 19,442 shares of RingCentral stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $26.43, for a total value of $513,852.06. Following the transaction, the senior vice president now directly owns 333,006 shares of the company's stock, valued at $8,801,348.58. The trade was a 5.52% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Vaibhav Agarwal sold 2,247 shares of RingCentral stock in a transaction on Friday, May 16th. The shares were sold at an average price of $27.97, for a total transaction of $62,848.59. Following the completion of the transaction, the chief financial officer now directly owns 120,982 shares in the company, valued at $3,383,866.54. The trade was a 1.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 215,686 shares of company stock worth $5,727,463. 6.97% of the stock is currently owned by insiders.

RingCentral Price Performance

Shares of NYSE:RNG traded down $0.53 during trading on Friday, hitting $25.91. 1,625,433 shares of the company were exchanged, compared to its average volume of 1,333,996. The stock has a market capitalization of $2.33 billion, a P/E ratio of -40.48, a PEG ratio of 1.27 and a beta of 1.27. RingCentral, Inc. has a 12-month low of $20.59 and a 12-month high of $42.19. The firm's 50 day moving average price is $25.59 and its 200-day moving average price is $30.21.

RingCentral (NYSE:RNG - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The software maker reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.04. The business had revenue of $612.06 million during the quarter, compared to the consensus estimate of $610.53 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The company's revenue was up 4.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.87 EPS. As a group, equities research analysts anticipate that RingCentral, Inc. will post 1.29 EPS for the current year.

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.