Envestnet Asset Management Inc. Lowers Position in Ringcentral, Inc. (NYSE:RNG)

Key Points

• Envestnet Asset Management Inc. reduced its stake in Ringcentral, Inc. by 74.4%, selling 75,967 shares, leaving them with 26,110 shares worth approximately $646,000.
• Several institutions, including Bank of New York Mellon Corp and Allspring Global Investments Holdings LLC, have adjusted their positions, with the former increasing its stake by 8.2%.
• Wall Street analysts have mixed ratings for Ringcentral, with an average rating of "Hold" and a target price of $31.67, while some analysts upgraded their price objectives for the stock.

Envestnet Asset Management Inc. cut its holdings in shares of Ringcentral, Inc. (NYSE:RNG - Free Report) by 74.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 26,110 shares of the software maker's stock after selling 75,967 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Ringcentral were worth $646,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Bank of New York Mellon Corp lifted its holdings in Ringcentral by 8.2% during the 1st quarter. Bank of New York Mellon Corp now owns 548,765 shares of the software maker's stock worth $13,587,000 after buying an additional 41,486 shares in the last quarter. World Investment Advisors acquired a new stake in shares of Ringcentral in the 1st quarter valued at $1,156,000. Harel Insurance Investments & Financial Services Ltd. raised its holdings in shares of Ringcentral by 5.1% in the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 194,709 shares of the software maker's stock valued at $4,821,000 after purchasing an additional 9,504 shares in the last quarter. Goodman Advisory Group LLC acquired a new stake in shares of Ringcentral in the 1st quarter valued at $302,000. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of Ringcentral by 13.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 12,966 shares of the software maker's stock valued at $321,000 after purchasing an additional 1,586 shares in the last quarter. 98.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on RNG shares. Wells Fargo & Company reduced their price objective on shares of Ringcentral from $30.00 to $22.00 and set an "underweight" rating on the stock in a report on Tuesday, April 22nd. Piper Sandler raised their price objective on shares of Ringcentral from $25.00 to $28.00 and gave the company a "neutral" rating in a report on Friday, May 9th. Oppenheimer upgraded shares of Ringcentral from a "market perform" rating to an "outperform" rating and set a $35.00 price objective on the stock in a report on Wednesday. Wall Street Zen upgraded shares of Ringcentral from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 5th. Finally, Needham & Company LLC began coverage on shares of Ringcentral in a research report on Friday, May 9th. They issued a "buy" rating and a $36.00 price target for the company. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $30.62.

Ringcentral Stock Performance

Ringcentral stock traded down $0.48 during midday trading on Friday, hitting $28.64. 725,397 shares of the company's stock were exchanged, compared to its average volume of 1,429,811. Ringcentral, Inc. has a 12-month low of $20.58 and a 12-month high of $42.19. The stock has a market cap of $2.58 billion, a price-to-earnings ratio of -204.35, a price-to-earnings-growth ratio of 0.97 and a beta of 1.28. The firm's 50 day simple moving average is $27.21 and its 200 day simple moving average is $27.72.

Ringcentral (NYSE:RNG - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The software maker reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.04. Ringcentral had a negative net margin of 0.50% and a negative return on equity of 19.09%. The company had revenue of $620.40 million for the quarter, compared to the consensus estimate of $617.90 million. During the same period last year, the firm posted $0.91 EPS. Ringcentral's revenue for the quarter was up 4.6% on a year-over-year basis. On average, equities research analysts forecast that Ringcentral, Inc. will post 1.29 EPS for the current fiscal year.

Insider Activity at Ringcentral

In other Ringcentral news, CFO Vaibhav Agarwal sold 14,969 shares of the firm's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $26.88, for a total transaction of $402,366.72. Following the transaction, the chief financial officer directly owned 153,900 shares of the company's stock, valued at approximately $4,136,832. This trade represents a 8.86% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Vladimir Shmunis sold 94,956 shares of the firm's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $26.56, for a total transaction of $2,522,031.36. Following the transaction, the chief executive officer directly owned 607,719 shares in the company, valued at $16,141,016.64. The trade was a 13.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 244,647 shares of company stock worth $6,531,804 in the last three months. 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.