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

Cambridge Investment Research Advisors Inc. grew its holdings in Ringcentral, Inc. (NYSE:RNG - Free Report) by 116.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor 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 reporting period.

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

Insider Buying and Selling at Ringcentral

In other Ringcentral news, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Tarun Arora sold 7,776 shares of the firm's stock in a transaction on Friday, June 27th. The stock was 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 directly owned 114,497 shares of the company's stock, valued at $3,205,916. This trade represents a 6.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 244,647 shares of company stock worth $6,531,804. 6.97% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms recently commented on RNG. Morgan Stanley decreased their target price on Ringcentral from $40.00 to $29.00 and set an "equal weight" rating for the company in a report on Wednesday, April 16th. Raymond James Financial decreased their target price on Ringcentral from $40.00 to $35.00 and set an "outperform" rating for the company in a report on Friday, May 9th. KeyCorp began coverage on Ringcentral in a report on Friday, June 6th. They set a "sector weight" rating for the company. Mizuho lifted their target price on Ringcentral from $25.00 to $27.00 and gave the stock a "neutral" rating in a report on Monday, May 12th. Finally, Wall Street Zen raised Ringcentral from a "buy" rating to a "strong-buy" rating in a report on Saturday. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Ringcentral currently has an average rating of "Hold" and an average target price of $33.08.

Ringcentral Stock Down 0.9%

Shares of RNG stock traded down $0.27 during trading hours on Monday, hitting $29.60. 2,943,583 shares of the company's stock were exchanged, compared to its average volume of 1,326,440. The firm has a market cap of $2.66 billion, a P/E ratio of -67.27, a P/E/G ratio of 0.96 and a beta of 1.29. The firm has a 50 day moving average of $27.09 and a two-hundred day moving average of $28.90. Ringcentral, Inc. has a fifty-two week low of $20.59 and a fifty-two week high of $42.19.

Ringcentral (NYSE:RNG - Get Free Report) last announced its earnings results on Thursday, May 8th. The software maker reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.04. The business had revenue of $612.06 million during 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%. The business's quarterly revenue was up 4.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.87 EPS. On average, equities analysts forecast that Ringcentral, Inc. will post 1.29 earnings per share for the current fiscal year.

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.