Fort Washington Investment Advisors Inc. OH Grows Stock Position in RingCentral, Inc. (NYSE:RNG)

Fort Washington Investment Advisors Inc. OH boosted its holdings in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 42.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 783,742 shares of the software maker's stock after buying an additional 233,438 shares during the period. Fort Washington Investment Advisors Inc. OH owned approximately 0.86% of RingCentral worth $19,405,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Northern Trust Corp increased its holdings 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 valued at $18,546,000 after purchasing an additional 11,911 shares during the period. Wealth Enhancement Advisory Services LLC acquired a new position in shares of RingCentral in the fourth quarter valued at about $545,000. Private Advisor Group LLC increased its holdings in shares of RingCentral by 9.6% in the fourth quarter. Private Advisor Group LLC now owns 8,896 shares of the software maker's stock valued at $311,000 after purchasing an additional 777 shares during the period. Deutsche Bank AG increased its holdings in shares of RingCentral by 18.8% in the fourth quarter. Deutsche Bank AG now owns 75,154 shares of the software maker's stock valued at $2,631,000 after purchasing an additional 11,902 shares during the period. Finally, Geode Capital Management LLC increased its holdings in shares of RingCentral by 4.6% in the fourth quarter. Geode Capital Management LLC now owns 1,349,667 shares of the software maker's stock valued at $47,267,000 after purchasing an additional 58,814 shares during the period. 98.61% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO Vladimir Shmunis sold 94,956 shares of the company's stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 607,719 shares in the company, valued at $16,141,016.64. This represents a 13.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP John H. Marlow sold 19,442 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $26.43, for a total value of $513,852.06. Following the sale, the senior vice president now owns 333,006 shares of the company's stock, valued at $8,801,348.58. This trade represents a 5.52% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 215,686 shares of company stock worth $5,727,463 over the last 90 days. 6.97% of the stock is owned by insiders.

RingCentral Price Performance

Shares of RingCentral stock traded up $1.09 on Monday, reaching $27.02. 1,372,310 shares of the company were exchanged, compared to its average volume of 1,334,157. The stock's 50 day moving average price is $25.70 and its 200-day moving average price is $30.08. The company has a market cap of $2.43 billion, a P/E ratio of -42.21, a price-to-earnings-growth ratio of 1.27 and a beta of 1.27. RingCentral, Inc. has a 1-year low of $20.59 and a 1-year high of $42.19.

RingCentral (NYSE:RNG - Get Free Report) last posted its earnings results 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 firm had revenue of $612.06 million during the quarter, compared to analysts' expectations of $610.53 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. The firm's revenue was up 4.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.87 earnings per share. On average, research analysts predict that RingCentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

RNG has been the topic of a number of recent research reports. Wall Street Zen downgraded RingCentral from a "strong-buy" rating to a "buy" rating in a research note on Saturday, June 7th. Needham & Company LLC initiated coverage on RingCentral in a research note on Friday, May 9th. They issued a "buy" rating and a $36.00 target price on the stock. Raymond James lowered their target price on RingCentral from $40.00 to $35.00 and set an "outperform" rating on the stock in a research note on Friday, May 9th. Morgan Stanley lowered their target price 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. Finally, KeyCorp started coverage on RingCentral in a research note on Friday, June 6th. They issued a "sector weight" rating on the stock. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat, RingCentral presently has a consensus rating of "Hold" and an average target price 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.