New Century Financial Group LLC Acquires New Holdings in RingCentral, Inc. (NYSE:RNG)

New Century Financial Group LLC purchased a new stake in shares of RingCentral, Inc. (NYSE:RNG - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 10,957 shares of the software maker's stock, valued at approximately $271,000.

Several other institutional investors have also recently made changes to their positions in the company. Capital World Investors increased its position in shares of 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 period. Ameriprise Financial Inc. increased its holdings in RingCentral by 2.2% in the fourth quarter. Ameriprise Financial Inc. now owns 6,513,731 shares of the software maker's stock valued at $228,050,000 after buying an additional 142,538 shares during the last quarter. First Trust Advisors LP boosted its stake in RingCentral by 35.6% in the fourth quarter. First Trust Advisors LP now owns 2,009,286 shares of the software maker's stock valued at $70,345,000 after acquiring an additional 527,901 shares in the last quarter. Renaissance Technologies LLC boosted its stake in RingCentral by 11.1% in the fourth quarter. Renaissance Technologies LLC now owns 1,795,300 shares of the software maker's stock valued at $62,853,000 after acquiring an additional 180,000 shares in the last quarter. Finally, AQR Capital Management LLC boosted its stake in RingCentral by 24.5% in the fourth quarter. AQR Capital Management LLC now owns 1,612,270 shares of the software maker's stock valued at $56,446,000 after acquiring an additional 317,689 shares in the last quarter. Hedge funds and other institutional investors own 98.61% of the company's stock.

RingCentral Stock Performance

Shares of NYSE:RNG traded down $0.53 during trading on Friday, reaching $25.91. The company had a trading volume of 1,625,433 shares, compared to its average volume of 1,333,996. The firm's fifty day moving average is $25.59 and its 200 day moving average is $30.21. The firm has a market capitalization of $2.33 billion, a PE ratio of -40.48, a price-to-earnings-growth ratio of 1.27 and a beta of 1.27. RingCentral, Inc. has a twelve month low of $20.59 and a twelve month high of $42.19.

RingCentral (NYSE:RNG - Get Free Report) last issued its 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 firm had revenue of $612.06 million during the quarter, compared to analysts' expectations of $610.53 million. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The firm's revenue for the quarter was up 4.8% compared to the same quarter last year. During the same period last year, the firm posted $0.87 earnings per share. Equities analysts predict that RingCentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Wall Street Zen downgraded shares of RingCentral from a "strong-buy" rating to a "buy" rating in a research note on Saturday, June 7th. Mizuho raised their price objective on shares of RingCentral from $25.00 to $27.00 and gave the company a "neutral" rating in a research report on Monday, May 12th. Raymond James reduced their price objective on shares of RingCentral from $40.00 to $35.00 and set an "outperform" rating for the company in a research report on Friday, May 9th. Needham & Company LLC began coverage on shares of RingCentral in a research report on Friday, May 9th. They set a "buy" rating and a $36.00 price target for the company. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued a $32.00 target price on shares of RingCentral in a research note on Monday, May 19th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, RingCentral currently has a consensus rating of "Hold" and a consensus price target of $33.08.

Insiders Place Their Bets

In other RingCentral news, CEO Vladimir Shmunis sold 54,899 shares of the firm's 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 sale, the chief executive officer now directly owns 552,820 shares in the company, valued at $14,616,560.80. This trade represents a 9.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP John H. Marlow sold 19,442 shares of the firm's stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $26.43, for a total transaction of $513,852.06. Following the completion of the sale, the senior vice president now owns 333,006 shares in the company, valued at $8,801,348.58. This 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 215,686 shares of company stock worth $5,727,463 in the last quarter. 6.97% of the stock is currently owned by corporate insiders.

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.