Deutsche Bank AG Has $2.63 Million Holdings in RingCentral, Inc. (NYSE:RNG)

Deutsche Bank AG lifted its holdings in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 18.8% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 75,154 shares of the software maker's stock after buying an additional 11,902 shares during the period. Deutsche Bank AG owned about 0.08% of RingCentral worth $2,631,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently made changes to their positions in RNG. Diker Management LLC bought a new stake in shares of RingCentral during the 4th quarter valued at approximately $1,225,000. Centiva Capital LP boosted its position in RingCentral by 22.4% in the fourth quarter. Centiva Capital LP now owns 15,629 shares of the software maker's stock valued at $547,000 after buying an additional 2,858 shares in the last quarter. Brevan Howard Capital Management LP boosted its position in RingCentral by 96.2% in the fourth quarter. Brevan Howard Capital Management LP now owns 34,159 shares of the software maker's stock valued at $1,196,000 after buying an additional 16,750 shares in the last quarter. Captrust Financial Advisors bought a new stake in shares of RingCentral during the fourth quarter worth $225,000. Finally, Caxton Associates LP acquired a new position in shares of RingCentral during the fourth quarter worth $2,663,000. Institutional investors own 98.61% of the company's stock.

RingCentral Price Performance

Shares of RNG traded up $0.47 during trading hours on Tuesday, hitting $26.40. 749,265 shares of the stock were exchanged, compared to its average volume of 1,338,634. RingCentral, Inc. has a fifty-two week low of $20.59 and a fifty-two week high of $42.19. The business has a 50-day moving average of $25.27 and a 200-day moving average of $31.12. The firm has a market capitalization of $2.37 billion, a P/E ratio of -41.25, a price-to-earnings-growth ratio of 1.27 and a beta of 1.33.

RingCentral (NYSE:RNG - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The software maker reported $1.00 earnings per share for the quarter, topping 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 the consensus estimate of $610.53 million. During the same period last year, the business posted $0.87 EPS. The business's revenue was up 4.8% compared to the same quarter last year. As a group, analysts forecast that RingCentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Insider Transactions at RingCentral

In other news, CFO Vaibhav Agarwal sold 2,247 shares of the company's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $27.97, for a total transaction of $62,848.59. Following the transaction, the chief financial officer now owns 120,982 shares in the company, valued at approximately $3,383,866.54. This represents a 1.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Vladimir Shmunis sold 94,956 shares of the firm'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 $2,522,031.36. Following the completion of the sale, the chief executive officer now directly owns 607,719 shares of the company's stock, valued at $16,141,016.64. This trade represents a 13.51% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 215,686 shares of company stock valued at $5,727,463 in the last quarter. 6.97% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms recently weighed in on RNG. Barclays cut their price objective on RingCentral from $37.00 to $31.00 and set an "equal weight" rating on the stock in a report on Friday, February 21st. Morgan Stanley cut their price target 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. Robert W. Baird reduced their price target on RingCentral from $38.00 to $32.00 and set a "neutral" rating on the stock in a report on Tuesday, February 25th. Mizuho upped their price objective on RingCentral from $25.00 to $27.00 and gave the company a "neutral" rating in a research note on Monday, May 12th. Finally, Wall Street Zen upgraded shares of RingCentral from a "buy" rating to a "strong-buy" rating in a research report on Tuesday, May 13th. 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 issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $33.08.

About RingCentral

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.