Primecap Management Co. CA Has $8.91 Million Holdings in Ringcentral, Inc. (NYSE:RNG)

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 first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 359,900 shares of the software maker's stock after acquiring an additional 297,400 shares during the period. Primecap Management Co. CA owned 0.40% of Ringcentral worth $8,911,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC grew its stake in shares of Ringcentral by 13.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 12,966 shares of the software maker's stock valued at $321,000 after purchasing an additional 1,586 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its holdings in Ringcentral by 116.9% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 44,524 shares of the software maker's stock valued at $1,102,000 after buying an additional 23,997 shares during the period. Northern Trust Corp lifted its holdings in Ringcentral by 2.3% in the fourth quarter. Northern Trust Corp now owns 529,746 shares of the software maker's stock valued at $18,546,000 after buying an additional 11,911 shares during the period. Wealth Enhancement Advisory Services LLC acquired a new position in Ringcentral in the fourth quarter valued at approximately $545,000. Finally, Robeco Institutional Asset Management B.V. lifted its holdings in Ringcentral by 57.2% in the first quarter. Robeco Institutional Asset Management B.V. now owns 9,924 shares of the software maker's stock valued at $246,000 after buying an additional 3,611 shares during the period. Institutional investors and hedge funds own 98.61% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on RNG shares. Wells Fargo & Company cut their target price on shares of Ringcentral from $30.00 to $22.00 and set an "underweight" rating on the stock in a report on Tuesday, April 22nd. Oppenheimer upgraded shares of Ringcentral from a "market perform" rating to an "outperform" rating and set a $35.00 price objective on the stock in a report on Wednesday, August 6th. KeyCorp assumed coverage on shares of Ringcentral in a report on Friday, June 6th. They set a "sector weight" rating on the stock. Piper Sandler raised their price objective on shares of Ringcentral from $25.00 to $28.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. Finally, Morgan Stanley decreased their target price on shares of Ringcentral from $40.00 to $29.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 16th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Ringcentral presently has an average rating of "Hold" and a consensus price target of $30.62.

Ringcentral Trading Up 1.5%

Shares of NYSE:RNG traded up $0.40 on Tuesday, reaching $27.49. 532,927 shares of the company's stock were exchanged, compared to its average volume of 1,438,896. The company has a fifty day moving average of $27.29 and a 200-day moving average of $27.54. Ringcentral, Inc. has a twelve month low of $20.58 and a twelve month high of $42.19. The company has a market capitalization of $2.47 billion, a price-to-earnings ratio of -196.38, a PEG ratio of 1.47 and a beta of 1.28.

Ringcentral (NYSE:RNG - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The software maker reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.04. Ringcentral had a negative net margin of 0.50% and a negative return on equity of 19.63%. The business had revenue of $620.40 million for the quarter, compared to analyst estimates of $617.90 million. During the same quarter last year, the business posted $0.91 EPS. The firm's revenue for the quarter was up 4.6% on a year-over-year basis. As a group, equities research analysts forecast that Ringcentral, Inc. will post 1.29 EPS for the current fiscal year.

Insider Transactions at Ringcentral

In other Ringcentral news, COO Kira Makagon sold 21,185 shares of the firm's stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $27.69, for a total value of $586,612.65. Following the sale, the chief operating officer owned 413,131 shares in the company, valued at $11,439,597.39. This trade represents a 4.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Vaibhav Agarwal sold 14,969 shares of the company's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $26.88, for a total transaction of $402,366.72. Following the completion of the transaction, the chief financial officer owned 153,900 shares of the company's stock, valued at approximately $4,136,832. This trade represents a 8.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 244,647 shares of company stock valued at $6,531,804. Corporate insiders own 6.97% of the company's stock.

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.