Mackenzie Financial Corp Purchases 65,552 Shares of Ringcentral, Inc. (NYSE:RNG)

Key Points

• Mackenzie Financial Corp increased its stake in RingCentral, Inc. by 51.5%, now owning approximately 192,958 shares valued at $4.78 million.
• Wall Street analysts have varied ratings on RingCentral, with a consensus rating of "Hold" and an average price target of $33.08, despite target price adjustments from multiple firms.
• Company insiders have sold a total of 244,647 shares worth over $6.5 million in the last 90 days, indicating potential profit-taking amidst fluctuating share prices.

Mackenzie Financial Corp increased its holdings in shares of Ringcentral, Inc. (NYSE:RNG - Free Report) by 51.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 192,958 shares of the software maker's stock after acquiring an additional 65,552 shares during the period. Mackenzie Financial Corp owned about 0.21% of Ringcentral worth $4,778,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of RNG. Capital World Investors lifted its holdings 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 in the last quarter. Ameriprise Financial Inc. lifted its holdings in Ringcentral by 2.2% during the fourth quarter. Ameriprise Financial Inc. now owns 6,513,731 shares of the software maker's stock worth $228,050,000 after acquiring an additional 142,538 shares in the last quarter. First Trust Advisors LP lifted its holdings 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 in the last quarter. Renaissance Technologies LLC lifted its holdings in Ringcentral by 11.1% during the fourth quarter. Renaissance Technologies LLC now owns 1,795,300 shares of the software maker's stock worth $62,853,000 after acquiring an additional 180,000 shares in the last quarter. Finally, AQR Capital Management LLC lifted its holdings in Ringcentral by 24.5% during the fourth quarter. AQR Capital Management LLC now owns 1,612,270 shares of the software maker's stock worth $56,446,000 after acquiring an additional 317,689 shares in the last quarter. 98.61% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, CAO Tarun Arora sold 7,776 shares of the business's stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $28.00, for a total value of $217,728.00. Following the completion of the sale, the chief accounting officer directly owned 114,497 shares in the company, valued at approximately $3,205,916. The trade was a 6.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP John H. Marlow sold 19,442 shares of the business'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 sale, the senior vice president owned 333,006 shares of the company's stock, valued at approximately $8,801,348.58. This trade represents a 5.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 244,647 shares of company stock valued at $6,531,804 in the last quarter. Company insiders own 6.97% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Wedbush reduced their target price on Ringcentral from $38.00 to $30.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. UBS Group dropped their price target on Ringcentral from $38.00 to $33.00 and set a "neutral" rating on the stock in a research note on Friday, May 9th. Needham & Company LLC assumed coverage on Ringcentral in a research note on Friday, May 9th. They issued a "buy" rating and a $36.00 price target on the stock. Wells Fargo & Company dropped their price target on Ringcentral from $30.00 to $22.00 and set an "underweight" rating on the stock in a research note on Tuesday, April 22nd. Finally, Morgan Stanley dropped their price target 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. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Ringcentral presently has a consensus rating of "Hold" and an average target price of $31.67.

Ringcentral Trading Up 0.5%

Shares of NYSE:RNG traded up $0.12 during trading on Monday, reaching $23.75. 1,541,727 shares of the stock were exchanged, compared to its average volume of 1,534,536. Ringcentral, Inc. has a 12 month low of $20.58 and a 12 month high of $42.19. The firm has a market cap of $2.14 billion, a PE ratio of -53.99, a PEG ratio of 0.76 and a beta of 1.28. The stock has a 50-day moving average price of $27.17 and a 200-day moving average price of $27.84.

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 (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.04. The business 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 15.63% and a negative net margin of 1.65%. The firm's revenue for the quarter was up 4.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.87 earnings per share. On average, sell-side analysts expect that Ringcentral, Inc. will post 1.29 earnings per share for the current fiscal year.

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.