Ringcentral, Inc. (NYSE:RNG) Shares Bought by Victory Capital Management Inc.

Key Points

• Victory Capital Management Inc. has increased its holdings in Ringcentral by 41.6% by acquiring 52,849 shares, raising its total ownership to 179,855 shares valued at approximately $4.45 million.
• Ringcentral reported a 4.8% year-over-year revenue increase for the quarter, with earnings per share of $1.00, surpassing analysts’ expectations of $0.96.
• Approximately 98.61% of Ringcentral's stock is owned by institutional investors, highlighting significant institutional interest in the company.

Victory Capital Management Inc. grew its holdings in shares of Ringcentral, Inc. (NYSE:RNG - Free Report) by 41.6% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 179,855 shares of the software maker's stock after buying an additional 52,849 shares during the period. Victory Capital Management Inc. owned 0.20% of Ringcentral worth $4,453,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Arrowstreet Capital Limited Partnership grew its position in shares of Ringcentral by 414.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,445,245 shares of the software maker's stock worth $50,598,000 after buying an additional 1,164,241 shares during the period. Capital World Investors lifted 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 purchasing an additional 591,398 shares during the last quarter. First Trust Advisors LP boosted its position in shares of Ringcentral by 35.6% in 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 shares of Ringcentral in the 4th quarter worth approximately $15,630,000. Finally, Norges Bank purchased a new stake in shares of Ringcentral in the 4th quarter worth approximately $11,554,000. Institutional investors own 98.61% of the company's stock.

Insider Activity

In other Ringcentral news, SVP John H. Marlow sold 29,173 shares of the business'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 transaction of $774,834.88. Following the completion of the transaction, the senior vice president owned 352,448 shares in the company, valued at $9,361,018.88. The trade was a 7.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Tarun Arora sold 7,776 shares of the company's stock in a transaction on Friday, June 27th. The shares were sold at an average price of $28.00, for a total value of $217,728.00. Following the completion of the transaction, the chief accounting officer directly owned 114,497 shares in the company, valued at $3,205,916. This trade represents a 6.36% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 244,647 shares of company stock worth $6,531,804. 6.97% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Mizuho increased their target price on Ringcentral from $25.00 to $27.00 and gave the stock a "neutral" rating in a research note on Monday, May 12th. Morgan Stanley cut their price objective on shares of Ringcentral from $40.00 to $29.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 16th. Wells Fargo & Company dropped 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. Needham & Company LLC began coverage on shares of Ringcentral in a report on Friday, May 9th. They set a "buy" rating and a $36.00 price target on the stock. Finally, Wall Street Zen upgraded shares of Ringcentral from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 5th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $33.08.

Ringcentral Stock Down 0.5%

Shares of Ringcentral stock traded down $0.13 during trading hours on Wednesday, reaching $26.43. 1,396,723 shares of the stock traded hands, compared to its average volume of 1,402,821. The company has a 50 day moving average price of $27.24 and a 200 day moving average price of $28.03. Ringcentral, Inc. has a one year low of $20.58 and a one year high of $42.19. The firm has a market capitalization of $2.38 billion, a price-to-earnings ratio of -60.07, a P/E/G ratio of 0.85 and a beta of 1.29.

Ringcentral (NYSE:RNG - Get Free Report) last announced its 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. The business had revenue of $612.06 million during the quarter, compared to analysts' expectations of $610.53 million. Ringcentral had a negative net margin of 1.65% and a negative return on equity of 15.63%. The firm's revenue was up 4.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.87 earnings per share. Sell-side analysts anticipate that Ringcentral, Inc. will post 1.29 earnings per share for the current year.

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.