Hennessy Advisors Inc. Reduces Stock Position in RingCentral, Inc. (NYSE:RNG)

Hennessy Advisors Inc. trimmed its holdings in RingCentral, Inc. (NYSE:RNG - Free Report) by 8.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,536,500 shares of the software maker's stock after selling 150,300 shares during the period. RingCentral comprises about 1.3% of Hennessy Advisors Inc.'s investment portfolio, making the stock its 22nd biggest position. Hennessy Advisors Inc. owned about 1.69% of RingCentral worth $38,044,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Arrowstreet Capital Limited Partnership lifted its position in shares of RingCentral by 414.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,445,245 shares of the software maker's stock worth $50,598,000 after buying an additional 1,164,241 shares in the last quarter. Valley Wealth Managers Inc. bought a new stake in RingCentral during the fourth quarter worth approximately $20,792,000. Capital World Investors increased its stake in RingCentral by 5.9% during the fourth quarter. Capital World Investors now owns 10,663,441 shares of the software maker's stock worth $373,327,000 after acquiring an additional 591,398 shares during the last quarter. First Trust Advisors LP increased its stake in RingCentral by 35.6% during the fourth quarter. First Trust Advisors LP now owns 2,009,286 shares of the software maker's stock worth $70,345,000 after acquiring an additional 527,901 shares during the last quarter. Finally, Wellington Management Group LLP bought a new stake in RingCentral during the fourth quarter worth approximately $15,630,000. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at RingCentral

In other RingCentral news, CFO Vaibhav Agarwal sold 2,247 shares of the company's stock in a transaction 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 directly owns 120,982 shares in the company, valued at $3,383,866.54. This represents a 1.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP John H. Marlow sold 29,173 shares of the company's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $26.56, for a total value of $774,834.88. Following the transaction, the senior vice president now owns 352,448 shares in the company, valued at $9,361,018.88. This trade represents a 7.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 215,686 shares of company stock worth $5,727,463. Insiders own 6.97% of the company's stock.

RingCentral Price Performance

NYSE RNG traded down $0.53 during trading hours on Friday, reaching $25.91. The company's stock had a trading volume of 1,625,433 shares, compared to its average volume of 1,333,996. RingCentral, Inc. has a 1-year low of $20.59 and a 1-year high of $42.19. The company's 50-day moving average is $25.59 and its two-hundred day moving average is $30.16. The firm has a market capitalization of $2.33 billion, a price-to-earnings ratio of -40.48, a P/E/G ratio of 1.27 and a beta of 1.27.

RingCentral (NYSE:RNG - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The software maker reported $1.00 EPS for the quarter, topping the consensus estimate of $0.96 by $0.04. The company had revenue of $612.06 million during the quarter, compared to analyst estimates of $610.53 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. RingCentral's quarterly revenue was up 4.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.87 EPS. Equities analysts forecast that RingCentral, Inc. will post 1.29 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on RNG shares. Piper Sandler boosted their price objective on RingCentral from $25.00 to $28.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. Rosenblatt Securities reaffirmed a "buy" rating and set a $32.00 target price on shares of RingCentral in a research note on Monday, May 19th. Barclays cut their target price on RingCentral from $37.00 to $31.00 and set an "equal weight" rating on the stock in a research note on Friday, February 21st. Wedbush reduced their price objective on RingCentral from $38.00 to $30.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. Finally, Robert W. Baird reduced their price objective on RingCentral from $38.00 to $32.00 and set a "neutral" rating on the stock in a report on Tuesday, February 25th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus 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.