Universal Beteiligungs und Servicegesellschaft mbH Purchases New Shares in Ringcentral, Inc. (NYSE:RNG)

Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Ringcentral, Inc. (NYSE:RNG - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 67,432 shares of the software maker's stock, valued at approximately $1,670,000. Universal Beteiligungs und Servicegesellschaft mbH owned approximately 0.07% of Ringcentral at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in RNG. Capital World Investors grew its position in shares of Ringcentral by 5.9% in the 4th quarter. Capital World Investors now owns 10,663,441 shares of the software maker's stock worth $373,327,000 after buying an additional 591,398 shares during the period. First Trust Advisors LP boosted its stake in Ringcentral by 35.6% during the fourth quarter. First Trust Advisors LP now owns 2,009,286 shares of the software maker's stock worth $70,345,000 after acquiring an additional 527,901 shares in the last quarter. Wellington Management Group LLP purchased a new stake in Ringcentral in the fourth quarter worth about $15,630,000. Norges Bank bought a new position in shares of Ringcentral during the fourth quarter valued at approximately $11,554,000. Finally, AQR Capital Management LLC lifted its holdings 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 valued at $56,446,000 after purchasing an additional 317,689 shares during the last quarter. Institutional investors own 98.61% of the company's stock.

Insider Buying and Selling at Ringcentral

In other Ringcentral news, CEO Vladimir Shmunis sold 54,899 shares of the stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $26.44, for a total transaction of $1,451,529.56. Following the transaction, the chief executive officer directly owned 552,820 shares of the company's stock, valued at $14,616,560.80. This trade represents a 9.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Vaibhav Agarwal sold 14,969 shares of Ringcentral stock in a transaction dated 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 owned 153,900 shares in the company, valued at approximately $4,136,832. The trade was a 8.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 244,647 shares of company stock worth $6,531,804. 6.97% of the stock is currently owned by company insiders.

Ringcentral Trading Down 3.7%

Shares of RNG stock opened at $25.47 on Friday. The stock has a market capitalization of $2.29 billion, a price-to-earnings ratio of -57.88, a P/E/G ratio of 0.85 and a beta of 1.29. The stock has a fifty day simple moving average of $27.21 and a two-hundred day simple moving average of $27.98. Ringcentral, Inc. has a twelve month low of $20.58 and a twelve month high of $42.19.

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

Wall Street Analyst Weigh In

RNG has been the topic of a number of analyst reports. Wall Street Zen raised Ringcentral from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 5th. Rosenblatt Securities reissued a "buy" rating and issued a $32.00 target price on shares of Ringcentral in a report on Monday, May 19th. Raymond James Financial reduced their price target on Ringcentral from $40.00 to $35.00 and set an "outperform" 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 for the company in a research report on Wednesday, April 16th. Finally, Wells Fargo & Company cut their price objective on shares of Ringcentral from $30.00 to $22.00 and set an "underweight" rating on the stock in a research report on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Ringcentral currently has a consensus rating of "Hold" and a consensus target price of $33.08.

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.

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