US Bancorp DE Sells 53,004 Shares of Ringcentral, Inc. $RNG

Key Points

• US Bancorp DE has significantly reduced its stake in Ringcentral, Inc. by 94.4%, selling 53,004 shares and retaining only 3,153 shares valued at $78,000.
• A number of institutional investors such as Capital World Investors and First Trust Advisors LP have increased their stakes in RingCentral, with Capital World Investors owning approximately 10.66 million shares worth $373.3 million.
• Analysts have mixed ratings on RingCentral, with a consensus rating of "Hold" and an average target price of $30.62, while some firms have recently revised their price targets significantly.

US Bancorp DE reduced its stake in shares of Ringcentral, Inc. (NYSE:RNG - Free Report) by 94.4% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 3,153 shares of the software maker's stock after selling 53,004 shares during the period. US Bancorp DE's holdings in Ringcentral were worth $78,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in RNG. Capital World Investors increased its holdings in Ringcentral by 5.9% during the 4th quarter. Capital World Investors now owns 10,663,441 shares of the software maker's stock worth $373,327,000 after purchasing an additional 591,398 shares in the last quarter. First Trust Advisors LP increased its holdings in Ringcentral by 35.6% during the 4th quarter. First Trust Advisors LP now owns 2,009,286 shares of the software maker's stock worth $70,345,000 after purchasing an additional 527,901 shares in the last quarter. Wellington Management Group LLP bought a new stake in Ringcentral during the 4th quarter worth approximately $15,630,000. AQR Capital Management LLC increased its holdings in Ringcentral by 24.5% during the 4th 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. Finally, Fort Washington Investment Advisors Inc. OH increased its holdings in Ringcentral by 42.4% during the 1st quarter. Fort Washington Investment Advisors Inc. OH now owns 783,742 shares of the software maker's stock worth $19,405,000 after purchasing an additional 233,438 shares in the last quarter. 98.61% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have commented on RNG shares. Oppenheimer raised Ringcentral from a "market perform" rating to an "outperform" rating and set a $35.00 price objective for the company in a report on Wednesday, August 6th. Wells Fargo & Company reduced their target price on Ringcentral from $30.00 to $22.00 and set an "underweight" rating for the company in a report on Tuesday, April 22nd. Rosenblatt Securities reaffirmed 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 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. Finally, KeyCorp started coverage on Ringcentral in a report on Friday, June 6th. They issued a "sector weight" rating for the company. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $30.62.

Insiders Place Their Bets

In related 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 transaction, the chief executive officer owned 607,719 shares in the company, valued at approximately $16,141,016.64. This represents a 13.51% 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 link. Also, CFO Vaibhav Agarwal sold 14,969 shares of the 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 sale, the chief financial officer owned 153,900 shares in the company, valued at approximately $4,136,832. This represents a 8.86% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 244,843 shares of company stock valued at $6,543,955 in the last quarter. 6.97% of the stock is currently owned by company insiders.

Ringcentral Trading Down 1.7%

Ringcentral stock opened at $30.23 on Tuesday. Ringcentral, Inc. has a 12 month low of $20.58 and a 12 month high of $42.19. The business's 50 day simple moving average is $27.57 and its 200 day simple moving average is $27.35. The company has a market cap of $2.74 billion, a price-to-earnings ratio of -215.91, a PEG ratio of 1.41 and a beta of 1.28.

Ringcentral (NYSE:RNG - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The software maker reported $1.06 EPS for the quarter, beating the consensus estimate of $1.02 by $0.04. Ringcentral had a negative return on equity of 19.63% and a negative net margin of 0.50%. The business had revenue of $620.40 million for the quarter, compared to the consensus estimate of $617.90 million. During the same quarter in the prior year, the business earned $0.91 earnings per share. Ringcentral's revenue for the quarter was up 4.6% on a year-over-year basis. As a group, equities research analysts forecast that Ringcentral, Inc. will post 1.29 earnings per share for the current fiscal year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.