Goodman Advisory Group LLC Takes $302,000 Position in Ringcentral, Inc. (NYSE:RNG)

Goodman Advisory Group LLC bought a new position in shares of Ringcentral, Inc. (NYSE:RNG - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 12,203 shares of the software maker's stock, valued at approximately $302,000.

Other large investors have also made changes to their positions in the company. Rafferty Asset Management LLC increased its position in shares of Ringcentral by 1.7% during the 4th quarter. Rafferty Asset Management LLC now owns 19,685 shares of the software maker's stock worth $689,000 after purchasing an additional 325 shares during the last quarter. Xponance Inc. boosted its stake in Ringcentral by 4.2% during the fourth quarter. Xponance Inc. now owns 10,664 shares of the software maker's stock worth $373,000 after buying an additional 426 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Ringcentral by 10.4% in 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 during the period. Private Advisor Group LLC lifted its holdings in shares of Ringcentral by 9.6% in the 4th quarter. Private Advisor Group LLC now owns 8,896 shares of the software maker's stock worth $311,000 after acquiring an additional 777 shares during the last quarter. Finally, Federated Hermes Inc. lifted its holdings in shares of Ringcentral by 4.1% in the 4th quarter. Federated Hermes Inc. now owns 24,739 shares of the software maker's stock worth $866,000 after acquiring an additional 985 shares during the last quarter. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, 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 transaction of $2,522,031.36. Following the completion of the sale, the chief executive officer owned 607,719 shares of the company's stock, valued at approximately $16,141,016.64. This trade represents a 13.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP John H. Marlow sold 29,173 shares of the company's stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $26.56, for a total transaction of $774,834.88. Following the transaction, the senior vice president owned 352,448 shares in the company, valued at approximately $9,361,018.88. This trade represents a 7.64% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 244,647 shares of company stock valued at $6,531,804. Corporate insiders own 6.97% of the company's stock.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Wall Street Zen lowered shares of Ringcentral from a "strong-buy" rating to a "buy" rating in a research note on Saturday, June 7th. Wells Fargo & Company cut their target price on shares of Ringcentral from $30.00 to $22.00 and set an "underweight" rating on the stock in a research note on Tuesday, April 22nd. KeyCorp began coverage on shares of Ringcentral in a research report on Friday, June 6th. They issued a "sector weight" rating for the company. Raymond James Financial dropped their price target on shares of Ringcentral from $40.00 to $35.00 and set an "outperform" rating for the company in a research note on Friday, May 9th. Finally, Morgan Stanley cut 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. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Ringcentral presently has an average rating of "Hold" and a consensus price target of $33.08.

Ringcentral Trading Up 3.1%

NYSE:RNG traded up $0.87 during trading hours on Tuesday, hitting $29.22. 1,732,776 shares of the stock traded hands, compared to its average volume of 1,319,089. The firm has a market cap of $2.63 billion, a price-to-earnings ratio of -66.41, a PEG ratio of 0.91 and a beta of 1.29. The firm has a 50 day moving average price of $26.68 and a 200 day moving average price of $29.20. Ringcentral, Inc. has a fifty-two week low of $20.59 and a fifty-two week high of $42.19.

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, topping analysts' consensus estimates of $0.96 by $0.04. The business had revenue of $612.06 million for the quarter, compared to the consensus estimate of $610.53 million. Ringcentral had a negative net margin of 1.65% and a negative return on equity of 15.63%. Ringcentral's revenue for the quarter was up 4.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.87 earnings per share. Research analysts predict that Ringcentral, Inc. will post 1.29 EPS for the current year.

Ringcentral 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.