446,446 Shares in RingCentral, Inc. (NYSE:RNG) Acquired by Wellington Management Group LLP

Wellington Management Group LLP purchased a new position in shares of RingCentral, Inc. (NYSE:RNG - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 446,446 shares of the software maker's stock, valued at approximately $15,630,000. Wellington Management Group LLP owned about 0.49% of RingCentral as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of the stock. Rafferty Asset Management LLC lifted its position in shares of RingCentral by 1.7% during the fourth quarter. Rafferty Asset Management LLC now owns 19,685 shares of the software maker's stock worth $689,000 after purchasing an additional 325 shares during the last quarter. Xponance Inc. raised its stake in RingCentral by 4.2% during the fourth quarter. Xponance Inc. now owns 10,664 shares of the software maker's stock worth $373,000 after acquiring an additional 426 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in RingCentral by 10.4% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker's stock worth $176,000 after acquiring an additional 468 shares during the period. Private Advisor Group LLC raised its stake in RingCentral by 9.6% during the fourth quarter. Private Advisor Group LLC now owns 8,896 shares of the software maker's stock worth $311,000 after acquiring an additional 777 shares during the period. Finally, KBC Group NV raised its stake in RingCentral by 30.8% during the fourth quarter. KBC Group NV now owns 3,478 shares of the software maker's stock worth $122,000 after acquiring an additional 819 shares during the period. Institutional investors own 98.61% of the company's stock.

Analysts Set New Price Targets

RNG has been the topic of several research reports. Piper Sandler increased their price objective on shares of RingCentral from $25.00 to $28.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. Rosenblatt Securities reiterated a "buy" rating and set a $32.00 price objective on shares of RingCentral in a research note on Monday, May 19th. Barclays dropped their price objective on shares of RingCentral from $37.00 to $31.00 and set an "equal weight" rating on the stock in a research note on Friday, February 21st. Wells Fargo & Company dropped their price objective 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. Finally, Raymond James dropped their price objective on shares of RingCentral from $40.00 to $35.00 and set an "outperform" rating on the stock in a research note on Friday, May 9th. One analyst has rated the stock with a sell rating, seven have issued 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, RingCentral presently has a consensus rating of "Hold" and a consensus target price of $33.08.

Insider Buying and Selling

In related news, CFO Vaibhav Agarwal sold 2,247 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $27.97, for a total transaction of $62,848.59. Following the completion of the sale, the chief financial officer now directly owns 120,982 shares in the company, valued at approximately $3,383,866.54. This trade represents a 1.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP John H. Marlow sold 29,173 shares of the firm'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 sale, the senior vice president now owns 352,448 shares of the company's stock, valued at $9,361,018.88. The trade was a 7.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 215,686 shares of company stock worth $5,727,463. Corporate insiders own 6.97% of the company's stock.

RingCentral Stock Performance

Shares of NYSE:RNG traded down $0.12 during trading hours on Thursday, hitting $26.78. The stock had a trading volume of 684,083 shares, compared to its average volume of 1,337,820. The stock's fifty day simple moving average is $25.20 and its 200 day simple moving average is $30.67. RingCentral, Inc. has a 1-year low of $20.59 and a 1-year high of $42.19. The firm has a market capitalization of $2.41 billion, a price-to-earnings ratio of -41.84, a PEG ratio of 1.27 and a beta of 1.33.

RingCentral (NYSE:RNG - Get Free Report) last posted its quarterly earnings data 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 net margin of 2.43% and a negative return on equity of 12.34%. The business had revenue of $612.06 million for the quarter, compared to analyst estimates of $610.53 million. During the same quarter last year, the business earned $0.87 earnings per share. The business's revenue for the quarter was up 4.8% on a year-over-year basis. As a group, research analysts anticipate that RingCentral, Inc. will post 1.29 EPS for the current year.

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.