Wedge Capital Management L L P NC Increases Stake in 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% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm 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 large investors also recently modified their holdings of the stock. Capital World Investors grew its holdings in shares of RingCentral by 5.9% in the fourth quarter. Capital World Investors now owns 10,663,441 shares of the software maker's stock valued at $373,327,000 after acquiring an additional 591,398 shares in the last quarter. Ameriprise Financial Inc. grew its stake in RingCentral by 2.2% in the 4th quarter. Ameriprise Financial Inc. now owns 6,513,731 shares of the software maker's stock valued at $228,050,000 after buying an additional 142,538 shares in the last quarter. First Trust Advisors LP lifted 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. Renaissance Technologies LLC grew its stake in RingCentral by 11.1% during the fourth quarter. Renaissance Technologies LLC now owns 1,795,300 shares of the software maker's stock valued at $62,853,000 after acquiring an additional 180,000 shares in the last quarter. Finally, AQR Capital Management LLC grew its position in shares of RingCentral by 24.5% during the 4th 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 in the last quarter. Institutional investors and hedge funds own 98.61% of the company's stock.

Insiders Place Their Bets

In other news, SVP John H. Marlow sold 29,173 shares of RingCentral 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 $774,834.88. Following the completion of the transaction, the senior vice president now owns 352,448 shares in the company, valued at approximately $9,361,018.88. The trade was a 7.64% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Vladimir Shmunis sold 54,899 shares of the firm's stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $26.44, for a total transaction of $1,451,529.56. Following the completion of the sale, the chief executive officer now owns 552,820 shares of the company's stock, valued at $14,616,560.80. This trade represents a 9.03% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 215,686 shares of company stock worth $5,727,463 in the last 90 days. 6.97% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

RNG has been the subject of several research analyst reports. 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. KeyCorp started coverage on RingCentral in a research report on Friday, June 6th. They issued a "sector weight" rating on the stock. Needham & Company LLC assumed coverage on shares of RingCentral in a research note on Friday, May 9th. They issued a "buy" rating and a $36.00 price target for the company. Mizuho raised their price objective on RingCentral from $25.00 to $27.00 and gave the company a "neutral" rating in a research report on Monday, May 12th. Finally, UBS Group cut their price target on RingCentral from $38.00 to $33.00 and set a "neutral" rating on the stock in a research note on Friday, May 9th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, RingCentral currently has an average rating of "Hold" and an average target price of $33.08.

RingCentral Price Performance

Shares of RNG traded down $0.53 on Friday, reaching $25.91. The company's stock had a trading volume of 1,625,433 shares, compared to its average volume of 1,340,250. The stock's 50 day simple moving average is $25.50 and its two-hundred day simple moving average is $30.35. The stock has a market capitalization of $2.33 billion, a P/E ratio of -40.48, a PEG ratio of 1.27 and a beta of 1.27. RingCentral, Inc. has a 12-month low of $20.59 and a 12-month high of $42.19.

RingCentral (NYSE:RNG - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The software maker reported $1.00 earnings per share (EPS) 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 company had revenue of $612.06 million during the quarter, compared to the consensus estimate of $610.53 million. During the same period in the previous year, the company posted $0.87 EPS. The firm's revenue was up 4.8% on a year-over-year basis. Analysts expect 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.