Fluent Financial LLC Invests $623,000 in RingCentral, Inc. (NYSE:RNG)

Fluent Financial LLC acquired a new position in RingCentral, Inc. (NYSE:RNG - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 17,807 shares of the software maker's stock, valued at approximately $623,000.

Other institutional investors also recently modified their holdings of the company. Northern Trust Corp increased its position in shares of RingCentral by 2.3% in the fourth quarter. Northern Trust Corp now owns 529,746 shares of the software maker's stock worth $18,546,000 after purchasing an additional 11,911 shares during the last quarter. Private Advisor Group LLC raised its holdings in RingCentral by 9.6% in the fourth quarter. Private Advisor Group LLC now owns 8,896 shares of the software maker's stock worth $311,000 after purchasing an additional 777 shares in the last quarter. Deutsche Bank AG raised its holdings in RingCentral by 18.8% in the fourth quarter. Deutsche Bank AG now owns 75,154 shares of the software maker's stock worth $2,631,000 after purchasing an additional 11,902 shares in the last quarter. Geode Capital Management LLC raised its holdings in RingCentral by 4.6% in the fourth quarter. Geode Capital Management LLC now owns 1,349,667 shares of the software maker's stock worth $47,267,000 after purchasing an additional 58,814 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of RingCentral by 18.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 686,714 shares of the software maker's stock valued at $24,045,000 after acquiring an additional 107,609 shares in the last quarter. 98.61% of the stock is currently owned by institutional investors.

Insider Transactions at RingCentral

In other RingCentral news, CFO Vaibhav Agarwal sold 2,247 shares of the stock in a transaction that occurred on Friday, May 16th. The stock was 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 SEC, which can be accessed through this hyperlink. Also, SVP John H. Marlow sold 19,442 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the senior vice president now owns 333,006 shares in the company, valued at approximately $8,801,348.58. This trade represents a 5.52% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 215,686 shares of company stock worth $5,727,463 over the last quarter. 6.97% of the stock is currently owned by insiders.

RingCentral Stock Down 0.2%

RNG traded down $0.04 during trading hours on Friday, reaching $25.94. 805,341 shares of the company's stock traded hands, compared to its average volume of 1,338,448. The firm has a 50-day moving average price of $25.17 and a 200 day moving average price of $30.94. RingCentral, Inc. has a 52-week low of $20.59 and a 52-week high of $42.19. The firm has a market capitalization of $2.33 billion, a PE ratio of -40.53, a PEG ratio of 1.27 and a beta of 1.33.

RingCentral (NYSE:RNG - Get Free Report) last posted 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 company had revenue of $612.06 million during the quarter, compared to analysts' expectations of $610.53 million. During the same quarter in the previous year, the business earned $0.87 EPS. RingCentral's revenue was up 4.8% compared to the same quarter last year. Equities analysts predict that RingCentral, Inc. will post 1.29 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Morgan Stanley dropped their price objective on RingCentral from $40.00 to $29.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 16th. Barclays lowered their price objective on RingCentral from $37.00 to $31.00 and set an "equal weight" rating on the stock in a research report on Friday, February 21st. Wall Street Zen raised RingCentral from a "buy" rating to a "strong-buy" rating in a research report on Tuesday, May 13th. Raymond James lowered their price objective on RingCentral from $40.00 to $35.00 and set an "outperform" rating on the stock in a research report on Friday, May 9th. Finally, Piper Sandler lifted their price objective on RingCentral from $25.00 to $28.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus 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.