New Century Financial Group LLC Invests $271,000 in Ringcentral, Inc. (NYSE:RNG)

New Century Financial Group LLC purchased 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 (SEC). The fund purchased 10,957 shares of the software maker's stock, valued at approximately $271,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Kayne Anderson Rudnick Investment Management LLC purchased a new stake in shares of Ringcentral during the 4th quarter valued at $49,000. Venturi Wealth Management LLC grew its position in Ringcentral by 55.2% during the fourth quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker's stock valued at $101,000 after buying an additional 1,028 shares during the period. Quarry LP increased its holdings in Ringcentral by 84.1% during the fourth quarter. Quarry LP now owns 3,501 shares of the software maker's stock worth $123,000 after buying an additional 1,599 shares during the last quarter. GAMMA Investing LLC increased its holdings in Ringcentral by 1,803.3% during the first quarter. GAMMA Investing LLC now owns 5,843 shares of the software maker's stock worth $145,000 after buying an additional 5,536 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd bought a new stake in Ringcentral in the fourth quarter worth about $173,000. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO Vladimir Shmunis sold 54,899 shares of the stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $26.44, for a total value of $1,451,529.56. Following the transaction, the chief executive officer now owns 552,820 shares of the company's stock, valued at $14,616,560.80. This represents a 9.03% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Vaibhav Agarwal sold 2,247 shares of the firm'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 sale, the chief financial officer now owns 120,982 shares in the company, valued at approximately $3,383,866.54. This trade represents a 1.82% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 215,686 shares of company stock worth $5,727,463. Corporate insiders own 6.97% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on RNG shares. Wall Street Zen downgraded shares of Ringcentral from a "strong-buy" rating to a "buy" rating in a research report on Saturday, June 7th. Robert W. Baird reduced their price objective on Ringcentral from $38.00 to $32.00 and set a "neutral" rating for the company in a report on Tuesday, February 25th. Wells Fargo & Company decreased their target price on Ringcentral from $30.00 to $22.00 and set an "underweight" rating for the company in a research report on Tuesday, April 22nd. Needham & Company LLC started coverage on Ringcentral in a research report on Friday, May 9th. They set a "buy" rating and a $36.00 price target on the stock. Finally, UBS Group cut their price target on Ringcentral from $38.00 to $33.00 and set a "neutral" rating for the company in a research note on Friday, May 9th. 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.com, the stock has a consensus rating of "Hold" and an average target price of $33.08.

Ringcentral Price Performance

RNG stock traded down $0.14 during mid-day trading on Tuesday, reaching $26.93. 1,471,721 shares of the company traded hands, compared to its average volume of 1,335,025. The company has a fifty day moving average price of $25.75 and a 200-day moving average price of $30.06. Ringcentral, Inc. has a 52-week low of $20.59 and a 52-week high of $42.19. The company has a market capitalization of $2.42 billion, a P/E ratio of -61.20, a P/E/G ratio of 0.87 and a beta of 1.27.

Ringcentral (NYSE:RNG - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The software maker reported $1.00 EPS for the quarter, beating analysts' consensus estimates 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 net margin of 1.65% and a negative return on equity of 15.63%. Ringcentral's revenue was up 4.8% compared to the same quarter last year. During the same period last year, the business earned $0.87 earnings per share. As a group, analysts forecast that Ringcentral, Inc. will post 1.29 EPS for the current 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.