Cambridge Investment Research Advisors Inc. Raises Holdings in Ringcentral, Inc. (NYSE:RNG)

Cambridge Investment Research Advisors Inc. lifted its position in Ringcentral, Inc. (NYSE:RNG - Free Report) by 116.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 44,524 shares of the software maker's stock after acquiring an additional 23,997 shares during the period. Cambridge Investment Research Advisors Inc.'s holdings in Ringcentral were worth $1,102,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Kayne Anderson Rudnick Investment Management LLC acquired a new position in Ringcentral during the fourth quarter valued at $49,000. Quarry LP raised its stake in shares of Ringcentral by 84.1% during the 4th quarter. Quarry LP now owns 3,501 shares of the software maker's stock valued at $123,000 after buying an additional 1,599 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Ringcentral by 1,803.3% in the 1st quarter. GAMMA Investing LLC now owns 5,843 shares of the software maker's stock valued at $145,000 after buying an additional 5,536 shares during the period. Harvest Fund Management Co. Ltd acquired a new position in shares of Ringcentral in the 4th quarter valued at about $173,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Ringcentral by 10.4% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker's stock worth $176,000 after buying an additional 468 shares during the last quarter. Hedge funds and other institutional investors own 98.61% of the company's stock.

Insider Buying and Selling

In other Ringcentral news, SVP John H. Marlow sold 19,442 shares of the company's stock in a transaction on Thursday, May 22nd. The stock was 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 directly owned 333,006 shares in the company, valued at $8,801,348.58. This represents a 5.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Vaibhav Agarwal sold 14,969 shares of the firm's stock in a transaction 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 completion of the sale, the chief financial officer directly owned 153,900 shares of the company's stock, valued at $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. Insiders have sold 244,647 shares of company stock worth $6,531,804 in the last 90 days. Corporate insiders own 6.97% of the company's stock.

Ringcentral Stock Up 0.3%

Shares of NYSE RNG traded up $0.10 during midday trading on Tuesday, hitting $29.68. The stock had a trading volume of 1,308,537 shares, compared to its average volume of 1,327,076. Ringcentral, Inc. has a 1 year low of $20.59 and a 1 year high of $42.19. The company has a market capitalization of $2.67 billion, a PE ratio of -67.45, a P/E/G ratio of 0.95 and a beta of 1.29. The stock has a 50 day simple moving average of $27.18 and a 200-day simple moving average of $28.90.

Ringcentral (NYSE:RNG - Get Free Report) last announced its earnings results on Thursday, May 8th. The software maker reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.04. The company had revenue of $612.06 million for the quarter, compared to analysts' expectations of $610.53 million. Ringcentral had a negative net margin of 1.65% and a negative return on equity of 15.63%. The firm's quarterly revenue was up 4.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.87 EPS. As a group, analysts expect that Ringcentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have issued reports on RNG shares. Wedbush decreased their price target on Ringcentral from $38.00 to $30.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Mizuho increased their price target on shares of Ringcentral from $25.00 to $27.00 and gave the stock a "neutral" rating in a report on Monday, May 12th. KeyCorp initiated coverage on shares of Ringcentral in a research report on Friday, June 6th. They set a "sector weight" rating on the stock. Morgan Stanley decreased their price objective 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. Finally, Wall Street Zen raised shares of Ringcentral from a "buy" rating to a "strong-buy" rating in a research note on Saturday. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Ringcentral presently has an average rating of "Hold" and a consensus target price of $33.08.

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.