Ringcentral, Inc. (NYSE:RNG) Stock Position Decreased by Valley Wealth Managers Inc.

Key Points

• Valley Wealth Managers Inc. decreased its position in RingCentral by 11.9% in Q1, owning 523,067 shares valued at $12.95 million.
• Institutional investors dominate RingCentral, holding 98.61% of the company's stock, with multiple investors adjusting their positions during the fourth quarter.
• Analysts have set a consensus price target of $33.08 for RingCentral shares, reflecting varying ratings and adjustments from several financial institutions.

Valley Wealth Managers Inc. trimmed its position in shares of Ringcentral, Inc. (NYSE:RNG - Free Report) by 11.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 523,067 shares of the software maker's stock after selling 70,817 shares during the quarter. Valley Wealth Managers Inc. owned approximately 0.58% of Ringcentral worth $12,951,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also made changes to their positions in the company. Capital World Investors lifted its stake in Ringcentral by 5.9% in the fourth quarter. Capital World Investors now owns 10,663,441 shares of the software maker's stock valued at $373,327,000 after acquiring an additional 591,398 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in shares of Ringcentral by 2.2% during the 4th quarter. Ameriprise Financial Inc. now owns 6,513,731 shares of the software maker's stock valued at $228,050,000 after purchasing an additional 142,538 shares in the last quarter. First Trust Advisors LP raised its holdings in shares of Ringcentral by 35.6% during the 4th quarter. First Trust Advisors LP now owns 2,009,286 shares of the software maker's stock valued at $70,345,000 after purchasing an additional 527,901 shares in the last quarter. Renaissance Technologies LLC lifted its stake in shares of Ringcentral by 11.1% in the 4th quarter. Renaissance Technologies LLC now owns 1,795,300 shares of the software maker's stock valued at $62,853,000 after purchasing an additional 180,000 shares during the last quarter. Finally, AQR Capital Management LLC boosted its holdings in Ringcentral by 24.5% in the fourth quarter. AQR Capital Management LLC now owns 1,612,270 shares of the software maker's stock worth $56,446,000 after purchasing an additional 317,689 shares in the last quarter. Institutional investors own 98.61% of the company's stock.

Analysts Set New Price Targets

RNG has been the subject of a number of analyst reports. Rosenblatt Securities reaffirmed a "buy" rating and issued a $32.00 price target on shares of Ringcentral in a research report on Monday, May 19th. Mizuho raised their price objective on Ringcentral from $25.00 to $27.00 and gave the company a "neutral" rating in a research note on Monday, May 12th. Wedbush reduced their target price on Ringcentral from $38.00 to $30.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Morgan Stanley lowered their price target on Ringcentral from $40.00 to $29.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 16th. Finally, Needham & Company LLC began coverage on shares of Ringcentral in a research report on Friday, May 9th. They issued a "buy" rating and a $36.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $33.08.

Ringcentral Trading Down 2.3%

Shares of RNG stock opened at $26.70 on Friday. The firm has a market capitalization of $2.40 billion, a P/E ratio of -60.67, a price-to-earnings-growth ratio of 0.88 and a beta of 1.29. Ringcentral, Inc. has a 1 year low of $20.58 and a 1 year high of $42.19. The firm's fifty day simple moving average is $27.28 and its 200 day simple moving average is $28.22.

Ringcentral (NYSE:RNG - Get Free Report) last posted its quarterly 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 analyst estimates of $610.53 million. Ringcentral had a negative net margin of 1.65% and a negative return on equity of 15.63%. The business's quarterly revenue was up 4.8% on a year-over-year basis. During the same period last year, the business posted $0.87 EPS. Equities research analysts anticipate that Ringcentral, Inc. will post 1.29 EPS for the current fiscal year.

Insider Activity

In other Ringcentral news, CEO Vladimir Shmunis sold 94,956 shares of the company's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $26.56, for a total value of $2,522,031.36. Following the completion of the transaction, the chief executive officer owned 607,719 shares of the company's stock, valued at $16,141,016.64. This represents a 13.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP John H. Marlow sold 29,173 shares of Ringcentral stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $26.56, for a total value of $774,834.88. Following the sale, the senior vice president directly owned 352,448 shares in the company, valued at $9,361,018.88. The trade was a 7.64% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 244,647 shares of company stock valued at $6,531,804. Corporate insiders own 6.97% of the company's stock.

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.

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