Mackenzie Financial Corp Boosts Stock Holdings in RingCentral, Inc. (NYSE:RNG)

Mackenzie Financial Corp raised its holdings in RingCentral, Inc. (NYSE:RNG - Free Report) by 56.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 127,406 shares of the software maker's stock after acquiring an additional 45,848 shares during the quarter. Mackenzie Financial Corp owned about 0.14% of RingCentral worth $4,460,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in RingCentral during the fourth quarter worth $49,000. Venturi Wealth Management LLC lifted its position in RingCentral by 55.2% during the 4th quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker's stock worth $101,000 after buying an additional 1,028 shares in the last quarter. KBC Group NV raised its holdings in RingCentral by 30.8% during the 4th quarter. KBC Group NV now owns 3,478 shares of the software maker's stock worth $122,000 after purchasing an additional 819 shares during the last quarter. Quarry LP raised its holdings in RingCentral by 84.1% during the 4th quarter. Quarry LP now owns 3,501 shares of the software maker's stock worth $123,000 after purchasing an additional 1,599 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd bought a new stake in RingCentral during the 4th quarter worth about $173,000. Institutional investors own 98.61% of the company's stock.

Insider Activity at RingCentral

In related news, SVP John H. Marlow sold 29,173 shares of the business's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $26.56, for a total transaction of $774,834.88. Following the completion of the transaction, the senior vice president now owns 352,448 shares in the company, valued at approximately $9,361,018.88. The trade was a 7.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Vaibhav Agarwal sold 2,247 shares of the business's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $27.97, for a total transaction of $62,848.59. Following the completion of the sale, the chief financial officer now directly owns 120,982 shares of the company's stock, valued at approximately $3,383,866.54. This trade represents a 1.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 215,686 shares of company stock valued at $5,727,463. 6.97% of the stock is owned by corporate insiders.

RingCentral Trading Down 0.2%

Shares of NYSE RNG traded down $0.04 during trading hours on Friday, reaching $25.94. The stock had a trading volume of 805,341 shares, compared to its average volume of 1,338,452. The business's fifty day moving average price is $25.17 and its two-hundred day moving average price is $30.94. The firm has a market cap of $2.33 billion, a price-to-earnings ratio of -40.53, a P/E/G ratio of 1.27 and a beta of 1.33. RingCentral, Inc. has a 52-week low of $20.59 and a 52-week high of $42.19.

RingCentral (NYSE:RNG - Get Free Report) last issued its quarterly 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 company 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 2.43% and a negative return on equity of 12.34%. RingCentral's quarterly revenue was up 4.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.87 EPS. Equities research analysts anticipate that RingCentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Mizuho increased their target price on RingCentral from $25.00 to $27.00 and gave the stock a "neutral" rating in a research note on Monday, May 12th. Piper Sandler lifted their price objective on shares of RingCentral from $25.00 to $28.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th. Wall Street Zen raised shares of RingCentral from a "buy" rating to a "strong-buy" rating in a research report on Tuesday, May 13th. Needham & Company LLC initiated coverage on shares of RingCentral in a research note on Friday, May 9th. They issued a "buy" rating and a $36.00 price objective for the company. Finally, 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 note on Friday, February 21st. One investment 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. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $33.08.

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.