Ringcentral, Inc. (NYSE:RNG) Shares Bought by Primecap Management Co. CA

Key Points

• Primecap Management Co. CA increased its stake in Ringcentral by 475.8% during the first quarter, acquiring an additional 297,400 shares to own approximately 0.40% of the company valued at $8,911,000.
• Analysts have issued mixed ratings for Ringcentral, with a consensus "Hold" rating and an average price target of $30.62, indicating differing expectations for the stock's performance.
• Insider transactions revealed that Ringcentral's CFO and SVP recently sold shares, indicating a significant decrease in their ownership positions, with a total of 244,647 shares sold in the last three months.

Primecap Management Co. CA boosted its position in shares of Ringcentral, Inc. (NYSE:RNG - Free Report) by 475.8% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 359,900 shares of the software maker's stock after buying an additional 297,400 shares during the quarter. Primecap Management Co. CA owned 0.40% of Ringcentral worth $8,911,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of RNG. Capital World Investors lifted 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 purchasing an additional 591,398 shares during the last quarter. First Trust Advisors LP raised its holdings 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 worth $70,345,000 after purchasing an additional 527,901 shares in the last quarter. Wellington Management Group LLP purchased a new stake in shares of Ringcentral during the fourth quarter worth about $15,630,000. AQR Capital Management LLC grew its stake in shares of 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 during the last quarter. Finally, Jupiter Asset Management Ltd. grew its stake in shares of Ringcentral by 29.0% during the first quarter. Jupiter Asset Management Ltd. now owns 1,365,724 shares of the software maker's stock worth $33,815,000 after acquiring an additional 306,971 shares during the last quarter. 98.61% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CFO Vaibhav Agarwal sold 14,969 shares of the business's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $26.88, for a total value of $402,366.72. Following the transaction, the chief financial officer owned 153,900 shares of the company's stock, valued at approximately $4,136,832. The trade was a 8.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 transaction, the senior vice president directly owned 333,006 shares in the company, valued at approximately $8,801,348.58. The trade was a 5.52% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 244,647 shares of company stock valued at $6,531,804 over the last 90 days. Insiders own 6.97% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on RNG shares. Piper Sandler upped their target price on Ringcentral from $25.00 to $28.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. UBS Group reduced their price target on Ringcentral from $33.00 to $32.00 and set a "neutral" rating for the company in a report on Wednesday. Wall Street Zen raised shares of Ringcentral from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 5th. Wells Fargo & Company dropped their target price on shares of Ringcentral from $30.00 to $22.00 and set an "underweight" rating for the company in a report on Tuesday, April 22nd. Finally, Needham & Company LLC started coverage on Ringcentral in a research report on Friday, May 9th. They issued a "buy" rating and a $36.00 price target for the company. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $30.62.

Ringcentral Stock Down 1.2%

NYSE RNG traded down $0.36 during trading on Friday, hitting $28.76. The stock had a trading volume of 2,181,524 shares, compared to its average volume of 1,821,533. The company has a market capitalization of $2.59 billion, a PE ratio of -205.41, a PEG ratio of 1.47 and a beta of 1.28. The firm has a 50 day moving average price of $27.27 and a 200 day moving average price of $27.64. Ringcentral, Inc. has a twelve month low of $20.58 and a twelve month high of $42.19.

Ringcentral (NYSE:RNG - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The software maker reported $1.06 EPS for the quarter, topping analysts' consensus estimates of $1.02 by $0.04. Ringcentral had a negative return on equity of 19.09% and a negative net margin of 0.50%. The business had revenue of $620.40 million during the quarter, compared to the consensus estimate of $617.90 million. During the same period in the previous year, the company posted $0.91 earnings per share. The business's revenue for the quarter was up 4.6% on a year-over-year basis. On average, sell-side analysts anticipate that Ringcentral, Inc. will post 1.29 earnings per share for the current year.

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.