Ringcentral, Inc. (NYSE:RNG) Shares Bought by Cambridge Investment Research Advisors Inc.

Cambridge Investment Research Advisors Inc. increased its holdings in Ringcentral, Inc. (NYSE:RNG - Free Report) by 116.9% during the first quarter, according to 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 quarter. Cambridge Investment Research Advisors Inc.'s holdings in Ringcentral were worth $1,102,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of RNG. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in shares of Ringcentral during the fourth quarter worth $49,000. Quarry LP grew its position in Ringcentral by 84.1% in 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. Harvest Fund Management Co. Ltd purchased a new position in Ringcentral in the 4th quarter valued at $173,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Ringcentral by 10.4% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker's stock valued at $176,000 after buying an additional 468 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in 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 last quarter. 98.61% of the stock is owned by institutional investors and hedge funds.

Ringcentral Price Performance

RNG traded up $0.46 during trading on Friday, reaching $29.93. 750,576 shares of the stock were exchanged, compared to its average volume of 1,319,936. The business's 50 day moving average price is $27.00 and its two-hundred day moving average price is $28.95. The company has a market capitalization of $2.69 billion, a price-to-earnings ratio of -68.01, a P/E/G ratio of 0.96 and a beta of 1.29. Ringcentral, Inc. has a 1 year low of $20.59 and a 1 year high of $42.19.

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

Insider Activity at Ringcentral

In other Ringcentral news, CEO Vladimir Shmunis sold 54,899 shares of the business's stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $26.44, for a total transaction of $1,451,529.56. Following the sale, the chief executive officer directly owned 552,820 shares in the company, valued at approximately $14,616,560.80. The trade was a 9.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Tarun Arora sold 7,776 shares of the company's stock in a transaction on Friday, June 27th. The shares were sold at an average price of $28.00, for a total value of $217,728.00. Following the completion of the sale, the chief accounting officer owned 114,497 shares in the company, valued at $3,205,916. This represents a 6.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 244,647 shares of company stock valued at $6,531,804 in the last 90 days. 6.97% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on RNG. Morgan Stanley lowered their price objective on shares of Ringcentral from $40.00 to $29.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 16th. Raymond James Financial lowered their price objective on shares of Ringcentral from $40.00 to $35.00 and set an "outperform" rating on the stock in a research report on Friday, May 9th. Piper Sandler lifted their price objective on shares of Ringcentral from $25.00 to $28.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. UBS Group lowered their price objective on shares of Ringcentral from $38.00 to $33.00 and set a "neutral" rating on the stock in a research report on Friday, May 9th. Finally, Wedbush decreased their price target on Ringcentral from $38.00 to $30.00 and set a "neutral" rating on the stock in a research note on Friday, May 9th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Ringcentral has an average rating of "Hold" and a consensus price target of $33.08.

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.