Ringcentral, Inc. (NYSE:RNG) Shares Bought by SG Americas Securities LLC

SG Americas Securities LLC grew its position in Ringcentral, Inc. (NYSE:RNG - Free Report) by 977.7% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 101,379 shares of the software maker's stock after buying an additional 91,972 shares during the period. SG Americas Securities LLC owned 0.11% of Ringcentral worth $2,510,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Capital World Investors increased its holdings in shares of Ringcentral by 5.9% during 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 in the last quarter. Ameriprise Financial Inc. increased its stake in 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% in the fourth quarter. First Trust Advisors LP now owns 2,009,286 shares of the software maker's stock worth $70,345,000 after buying an additional 527,901 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of Ringcentral by 11.1% in the fourth quarter. Renaissance Technologies LLC now owns 1,795,300 shares of the software maker's stock worth $62,853,000 after buying an additional 180,000 shares during the last quarter. Finally, AQR Capital Management LLC lifted its stake in shares of Ringcentral by 24.5% during the fourth quarter. AQR Capital Management LLC now owns 1,612,270 shares of the software maker's stock worth $56,446,000 after buying an additional 317,689 shares during the period. Hedge funds and other institutional investors own 98.61% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have commented on RNG. UBS Group lowered their price target on Ringcentral from $38.00 to $33.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. KeyCorp assumed coverage on Ringcentral in a report on Friday, June 6th. They set a "sector weight" rating for the company. Raymond James Financial cut their price target on shares of Ringcentral from $40.00 to $35.00 and set an "outperform" rating on the stock in a report on Friday, May 9th. Barclays reduced their price target on shares of Ringcentral from $37.00 to $31.00 and set an "equal weight" rating for the company in a research report on Friday, February 21st. Finally, Needham & Company LLC started coverage on shares of Ringcentral in a report on Friday, May 9th. They set a "buy" rating and a $36.00 target price for the company. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $33.08.

Ringcentral Price Performance

RNG stock traded up $0.16 during trading on Wednesday, hitting $27.10. The stock had a trading volume of 613,718 shares, compared to its average volume of 1,332,305. Ringcentral, Inc. has a twelve month low of $20.59 and a twelve month high of $42.19. The company's 50-day moving average price is $25.75 and its two-hundred day moving average price is $30.06. The stock has a market capitalization of $2.44 billion, a P/E ratio of -61.64, a PEG ratio of 0.87 and a beta of 1.27.

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

Insider Buying and Selling

In related news, SVP John H. Marlow sold 29,173 shares of the company's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $26.56, for a total value of $774,834.88. Following the completion of the sale, the senior vice president now owns 352,448 shares of the company's stock, valued at approximately $9,361,018.88. This represents a 7.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Vladimir Shmunis sold 54,899 shares of the firm's stock in a transaction dated 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 now owns 552,820 shares of the company's stock, valued at approximately $14,616,560.80. The trade was a 9.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 215,686 shares of company stock worth $5,727,463. 6.97% of the stock is owned by insiders.

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.