Bank of New York Mellon Corp Boosts Stock Position in Ringcentral, Inc. (NYSE:RNG)

Bank of New York Mellon Corp raised its position in Ringcentral, Inc. (NYSE:RNG - Free Report) by 8.2% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 548,765 shares of the software maker's stock after acquiring an additional 41,486 shares during the period. Bank of New York Mellon Corp owned approximately 0.60% of Ringcentral worth $13,587,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in RNG. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in shares of Ringcentral in the fourth quarter valued at about $49,000. Quarry LP increased its holdings in Ringcentral by 84.1% during the 4th quarter. Quarry LP now owns 3,501 shares of the software maker's stock valued at $123,000 after acquiring an additional 1,599 shares in the last quarter. GAMMA Investing LLC increased its holdings in Ringcentral by 1,803.3% during the 1st quarter. GAMMA Investing LLC now owns 5,843 shares of the software maker's stock valued at $145,000 after acquiring an additional 5,536 shares in the last quarter. Harvest Fund Management Co. Ltd purchased a new position in Ringcentral during the 4th quarter valued at about $173,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in 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 valued at $176,000 after acquiring an additional 468 shares in the last quarter. Institutional investors and hedge funds own 98.61% of the company's stock.

Insider Buying and Selling at Ringcentral

In other Ringcentral news, CEO Vladimir Shmunis sold 54,899 shares of the firm's stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $26.44, for a total value of $1,451,529.56. Following the completion of the sale, the chief executive officer owned 552,820 shares of the company's stock, valued at approximately $14,616,560.80. This trade represents a 9.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Kira Makagon sold 21,185 shares of Ringcentral stock in a transaction on Friday, June 27th. The stock was sold at an average price of $27.69, for a total value of $586,612.65. Following the sale, the chief operating officer owned 413,131 shares in the company, valued at $11,439,597.39. This trade represents a 4.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 244,647 shares of company stock valued at $6,531,804 over the last ninety days. Insiders own 6.97% of the company's stock.

Ringcentral Price Performance

Shares of Ringcentral stock traded up $0.08 during trading on Friday, hitting $26.65. 1,417,857 shares of the company were exchanged, compared to its average volume of 1,335,252. The firm's fifty day moving average price is $27.33 and its 200 day moving average price is $28.39. Ringcentral, Inc. has a 1-year low of $20.59 and a 1-year high of $42.19. The firm has a market capitalization of $2.40 billion, a P/E ratio of -60.57, a price-to-earnings-growth ratio of 0.86 and a beta of 1.29.

Ringcentral (NYSE:RNG - Get Free Report) last posted its quarterly earnings results 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. The business had revenue of $612.06 million for the quarter, compared to analysts' expectations of $610.53 million. Ringcentral had a negative return on equity of 15.63% and a negative net margin of 1.65%. The firm's revenue for the quarter was up 4.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.87 EPS. As a group, equities research analysts anticipate that Ringcentral, Inc. will post 1.29 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on RNG shares. Raymond James Financial lowered their target price on shares of Ringcentral from $40.00 to $35.00 and set an "outperform" rating for the company in a report on Friday, May 9th. UBS Group reduced their price target 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. Needham & Company LLC began coverage on shares of Ringcentral in a research report on Friday, May 9th. They set a "buy" rating and a $36.00 price target on the stock. Piper Sandler lifted their price target on shares of Ringcentral from $25.00 to $28.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. Finally, Morgan Stanley reduced their price target on shares of Ringcentral from $40.00 to $29.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 16th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $33.08.

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.