Wellington Management Group LLP Purchases New Stake in RingCentral, Inc. (NYSE:RNG)

Wellington Management Group LLP bought a new stake in RingCentral, Inc. (NYSE:RNG - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm bought 446,446 shares of the software maker's stock, valued at approximately $15,630,000. Wellington Management Group LLP owned 0.49% of RingCentral as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Capital World Investors boosted its holdings in shares of RingCentral by 5.9% in 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. lifted its position in shares of 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 buying an additional 142,538 shares during the last quarter. First Trust Advisors LP boosted its stake in RingCentral by 35.6% in the fourth quarter. First Trust Advisors LP now owns 2,009,286 shares of the software maker's stock valued at $70,345,000 after buying an additional 527,901 shares in the last quarter. Renaissance Technologies LLC grew its position in RingCentral by 11.1% in 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 during the last quarter. Finally, AQR Capital Management LLC grew its position in RingCentral by 24.5% in the fourth quarter. AQR Capital Management LLC now owns 1,612,270 shares of the software maker's stock valued at $56,446,000 after acquiring an additional 317,689 shares during the last quarter. 98.61% of the stock is owned by institutional investors.

RingCentral Price Performance

Shares of RingCentral stock traded up $0.75 on Tuesday, hitting $26.74. 875,756 shares of the company's stock traded hands, compared to its average volume of 1,335,838. The company has a market capitalization of $2.40 billion, a price-to-earnings ratio of -41.78, a price-to-earnings-growth ratio of 1.27 and a beta of 1.33. RingCentral, Inc. has a one year low of $20.59 and a one year high of $42.19. The company has a fifty day moving average of $25.14 and a two-hundred day moving average of $30.78.

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

Insider Buying and Selling at RingCentral

In other news, 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 value of $774,834.88. Following the transaction, the senior vice president now owns 352,448 shares in the company, valued at $9,361,018.88. This trade represents a 7.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 stock was sold at an average price of $26.56, for a total transaction of $2,522,031.36. Following the completion of the sale, the chief executive officer now owns 607,719 shares of the company's stock, valued at approximately $16,141,016.64. The trade was a 13.51% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 215,686 shares of company stock valued at $5,727,463. Corporate insiders own 6.97% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on RNG. Mizuho raised their target price on shares of RingCentral from $25.00 to $27.00 and gave the company a "neutral" rating in a research report on Monday, May 12th. Raymond James reduced their price objective on RingCentral from $40.00 to $35.00 and set an "outperform" rating on the stock in a research report on Friday, May 9th. Wall Street Zen upgraded RingCentral from a "buy" rating to a "strong-buy" rating in a research report on Tuesday, May 13th. 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. Finally, UBS Group decreased their price target on shares of RingCentral from $38.00 to $33.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $33.08.

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.