RingCentral, Inc. (NYSE:RNG) Position Increased by Woodline Partners LP

Woodline Partners LP increased its stake in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 17.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 138,956 shares of the software maker's stock after purchasing an additional 20,799 shares during the period. Woodline Partners LP owned 0.15% of RingCentral worth $4,865,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Kayne Anderson Rudnick Investment Management LLC acquired a new position in RingCentral in the 4th quarter valued at $49,000. Venturi Wealth Management LLC increased its holdings in RingCentral by 55.2% in the 4th quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker's stock valued at $101,000 after purchasing an additional 1,028 shares in the last quarter. KBC Group NV increased its holdings in RingCentral by 30.8% in the 4th quarter. KBC Group NV now owns 3,478 shares of the software maker's stock valued at $122,000 after purchasing an additional 819 shares in the last quarter. Quarry LP increased its holdings in RingCentral by 84.1% in the 4th quarter. Quarry LP now owns 3,501 shares of the software maker's stock valued at $123,000 after purchasing an additional 1,599 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd acquired a new stake in RingCentral in the 4th quarter valued at $173,000. 98.61% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other RingCentral news, CEO Vladimir Shmunis sold 54,899 shares of the firm's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $26.44, for a total value of $1,451,529.56. Following the sale, the chief executive officer now owns 552,820 shares in the company, valued at approximately $14,616,560.80. This trade represents a 9.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP John H. Marlow sold 19,442 shares of the firm's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $26.43, for a total transaction of $513,852.06. Following the completion of the sale, the senior vice president now owns 333,006 shares in the company, valued at $8,801,348.58. The trade was a 5.52% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 215,686 shares of company stock valued at $5,727,463 over the last quarter. Insiders own 6.97% of the company's stock.

RingCentral Stock Performance

Shares of RNG stock traded down $0.11 during trading hours on Thursday, hitting $25.93. 206,954 shares of the company were exchanged, compared to its average volume of 1,333,932. RingCentral, Inc. has a one year low of $20.59 and a one year high of $42.19. The business's 50-day simple moving average is $25.25 and its two-hundred day simple moving average is $31.08. The stock has a market capitalization of $2.33 billion, a price-to-earnings ratio of -40.45, a P/E/G ratio of 1.27 and a beta of 1.33.

RingCentral (NYSE:RNG - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The software maker reported $1.00 EPS for the quarter, topping the consensus estimate 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 analysts' expectations of $610.53 million. During the same quarter last year, the company posted $0.87 earnings per share. The company's quarterly revenue was up 4.8% compared to the same quarter last year. As a group, analysts anticipate that RingCentral, Inc. will post 1.29 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on RNG. Raymond James lowered their price target on RingCentral from $40.00 to $35.00 and set an "outperform" rating for the company in a report on Friday, May 9th. Piper Sandler upped their price objective on shares of RingCentral from $25.00 to $28.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. Needham & Company LLC initiated coverage on shares of RingCentral in a research report on Friday, May 9th. They issued a "buy" rating and a $36.00 price objective for the company. Mizuho upped their price objective 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. Finally, Wells Fargo & Company decreased their price objective on shares of RingCentral from $30.00 to $22.00 and set an "underweight" rating for the company in a research report on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company 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.