UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Purchases 32,175 Shares of RingCentral, Inc. (NYSE:RNG)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in RingCentral, Inc. (NYSE:RNG - Free Report) by 14.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 255,792 shares of the software maker's stock after purchasing an additional 32,175 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.28% of RingCentral worth $8,955,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in RingCentral in the 4th quarter worth $49,000. Venturi Wealth Management LLC increased its stake in RingCentral by 55.2% in the fourth quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker's stock valued at $101,000 after acquiring an additional 1,028 shares during the period. KBC Group NV increased its stake in RingCentral by 30.8% in the fourth quarter. KBC Group NV now owns 3,478 shares of the software maker's stock valued at $122,000 after acquiring an additional 819 shares during the period. Quarry LP increased its stake in RingCentral by 84.1% in the fourth quarter. Quarry LP now owns 3,501 shares of the software maker's stock valued at $123,000 after acquiring an additional 1,599 shares during the period. Finally, Harvest Fund Management Co. Ltd bought a new stake in RingCentral in the fourth quarter valued at about $173,000. 98.61% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at RingCentral

In related news, CFO Vaibhav Agarwal sold 2,247 shares of the firm's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $27.97, for a total value of $62,848.59. Following the completion of the transaction, the chief financial officer now owns 120,982 shares of the company's stock, valued at approximately $3,383,866.54. This trade represents a 1.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP John H. Marlow sold 29,173 shares of the firm's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $26.56, for a total transaction of $774,834.88. Following the completion of the transaction, the senior vice president now directly owns 352,448 shares of the company's stock, valued at approximately $9,361,018.88. This trade represents a 7.64% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 215,686 shares of company stock valued at $5,727,463. Corporate insiders own 6.97% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on RNG. Barclays lowered their target price on shares of RingCentral from $37.00 to $31.00 and set an "equal weight" rating on the stock in a research note on Friday, February 21st. Wells Fargo & Company lowered their target price on shares of RingCentral from $30.00 to $22.00 and set an "underweight" rating on the stock in a research note on Tuesday, April 22nd. Robert W. Baird lowered their target price on shares of RingCentral from $38.00 to $32.00 and set a "neutral" rating on the stock in a research note on Tuesday, February 25th. Wall Street Zen upgraded shares of RingCentral from a "buy" rating to a "strong-buy" rating in a research report on Tuesday, May 13th. Finally, Rosenblatt Securities reiterated a "buy" rating and set a $32.00 target price on shares of RingCentral in a research report on Monday, May 19th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, RingCentral presently has an average rating of "Hold" and an average target price of $33.08.

RingCentral Stock Up 0.6%

NYSE RNG traded up $0.16 during trading hours on Wednesday, hitting $26.91. The company's stock had a trading volume of 818,545 shares, compared to its average volume of 1,339,160. RingCentral, Inc. has a twelve month low of $20.59 and a twelve month high of $42.19. The firm has a market capitalization of $2.42 billion, a P/E ratio of -42.05, a PEG ratio of 1.27 and a beta of 1.33. The stock has a fifty day moving average of $25.16 and a 200 day moving average of $30.73.

RingCentral (NYSE:RNG - Get Free Report) last issued its quarterly earnings data 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. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The company had revenue of $612.06 million during the quarter, compared to the consensus estimate of $610.53 million. During the same quarter in the prior year, the firm earned $0.87 earnings per share. The firm's revenue was up 4.8% compared to the same quarter last year. On average, analysts predict that RingCentral, Inc. will post 1.29 earnings per share for the current 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.