Wedge Capital Management L L P NC Buys 11,037 Shares of RingCentral, Inc. (NYSE:RNG)

Wedge Capital Management L L P NC increased its holdings in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 19.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 68,907 shares of the software maker's stock after purchasing an additional 11,037 shares during the period. Wedge Capital Management L L P NC owned approximately 0.08% of RingCentral worth $1,706,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. Capital World Investors lifted its holdings in shares of RingCentral by 5.9% during the 4th 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 in the last quarter. Ameriprise Financial Inc. boosted its position in RingCentral by 2.2% during the 4th quarter. Ameriprise Financial Inc. now owns 6,513,731 shares of the software maker's stock worth $228,050,000 after acquiring an additional 142,538 shares during the last quarter. First Trust Advisors LP boosted its position 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 acquiring an additional 527,901 shares during the last quarter. Renaissance Technologies LLC boosted its position in RingCentral by 11.1% during the 4th quarter. Renaissance Technologies LLC now owns 1,795,300 shares of the software maker's stock worth $62,853,000 after acquiring an additional 180,000 shares during the last quarter. Finally, AQR Capital Management LLC boosted its position 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 acquiring an additional 317,689 shares during the last quarter. Institutional investors own 98.61% of the company's stock.

RingCentral Stock Performance

RNG traded down $0.53 during trading hours on Friday, reaching $25.91. The company's stock had a trading volume of 1,625,433 shares, compared to its average volume of 1,333,996. RingCentral, Inc. has a 52 week low of $20.59 and a 52 week high of $42.19. The company's 50-day moving average is $25.59 and its 200-day moving average is $30.21. The firm has a market cap of $2.33 billion, a PE ratio of -40.48, a price-to-earnings-growth ratio of 1.27 and a beta of 1.27.

RingCentral (NYSE:RNG - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The software maker reported $1.00 earnings per share for the quarter, beating analysts' consensus estimates of $0.96 by $0.04. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. The business had revenue of $612.06 million for the quarter, compared to analysts' expectations of $610.53 million. During the same quarter in the prior year, the business earned $0.87 EPS. The firm's revenue for the quarter was up 4.8% on a year-over-year basis. Equities analysts anticipate that RingCentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Insider Activity at RingCentral

In other RingCentral news, SVP John H. Marlow sold 29,173 shares of the company's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $26.56, for a total value of $774,834.88. Following the transaction, the senior vice president now directly owns 352,448 shares of the company's stock, valued at $9,361,018.88. This represents a 7.64% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Vladimir Shmunis sold 94,956 shares of the company's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $26.56, for a total value of $2,522,031.36. Following the completion of the transaction, the chief executive officer now directly owns 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 disclosure for this sale can be found here. In the last quarter, insiders have sold 215,686 shares of company stock worth $5,727,463. Company insiders own 6.97% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on RNG shares. Wells Fargo & Company reduced their price target on RingCentral from $30.00 to $22.00 and set an "underweight" rating for the company in a research report on Tuesday, April 22nd. Robert W. Baird reduced their price target on RingCentral from $38.00 to $32.00 and set a "neutral" rating for the company in a research report on Tuesday, February 25th. KeyCorp began coverage on RingCentral in a research note on Friday, June 6th. They set a "sector weight" rating on the stock. Barclays dropped their price objective on RingCentral from $37.00 to $31.00 and set an "equal weight" rating on the stock in a research note on Friday, February 21st. Finally, Wedbush dropped their price objective on RingCentral from $38.00 to $30.00 and set a "neutral" rating on the stock in a research note on Friday, May 9th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average 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.