World Investment Advisors Makes New $1.16 Million Investment in Ringcentral, Inc. (NYSE:RNG)

World Investment Advisors purchased a new stake in shares of Ringcentral, Inc. (NYSE:RNG - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 46,682 shares of the software maker's stock, valued at approximately $1,156,000. World Investment Advisors owned approximately 0.05% of Ringcentral at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Kayne Anderson Rudnick Investment Management LLC purchased a new position in Ringcentral in the fourth quarter valued at about $49,000. Quarry LP grew its stake in Ringcentral by 84.1% in the fourth 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. GAMMA Investing LLC grew its stake in Ringcentral by 1,803.3% in the first quarter. GAMMA Investing LLC now owns 5,843 shares of the software maker's stock valued at $145,000 after purchasing an additional 5,536 shares in the last quarter. Harvest Fund Management Co. Ltd purchased a new position in Ringcentral in the fourth quarter valued at about $173,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Ringcentral by 10.4% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker's stock valued at $176,000 after purchasing an additional 468 shares in the last quarter. Hedge funds and other institutional investors own 98.61% of the company's stock.

Ringcentral Trading Down 5.7%

RNG traded down $1.62 on Friday, hitting $26.99. 1,300,581 shares of the stock traded hands, compared to its average volume of 1,331,282. Ringcentral, Inc. has a 52 week low of $20.59 and a 52 week high of $42.19. The firm has a market capitalization of $2.43 billion, a PE ratio of -61.34, a P/E/G ratio of 0.92 and a beta of 1.29. The business has a fifty day moving average price of $27.34 and a two-hundred day moving average price of $28.78.

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 analysts' consensus estimates of $0.96 by $0.04. Ringcentral had a negative return on equity of 15.63% and a negative net margin of 1.65%. The business had revenue of $612.06 million during the quarter, compared to analysts' expectations of $610.53 million. During the same period in the prior year, the firm posted $0.87 EPS. Ringcentral's quarterly revenue was up 4.8% compared to the same quarter last year. On average, equities research analysts forecast that Ringcentral, Inc. will post 1.29 EPS for the current fiscal year.

Analysts Set New Price Targets

RNG has been the topic of a number of recent research reports. Wedbush lowered their target price on Ringcentral from $38.00 to $30.00 and set a "neutral" rating on the stock in a research note on Friday, May 9th. Wall Street Zen upgraded Ringcentral from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 5th. Mizuho boosted their price target on Ringcentral from $25.00 to $27.00 and gave the stock a "neutral" rating in a research report on Monday, May 12th. UBS Group reduced their price target on Ringcentral from $38.00 to $33.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. Finally, Needham & Company LLC assumed coverage on Ringcentral in a research report on Friday, May 9th. They issued a "buy" rating and a $36.00 price target for the company. One analyst has rated the stock with a sell rating, eight have given a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $33.08.

Insider Buying and Selling at Ringcentral

In related news, COO Kira Makagon sold 21,185 shares of the stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $27.69, for a total transaction of $586,612.65. Following the sale, the chief operating officer directly owned 413,131 shares in the company, valued at $11,439,597.39. This represents a 4.88% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP John H. Marlow sold 19,442 shares of the stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $26.43, for a total value of $513,852.06. Following the sale, the senior vice president owned 333,006 shares in the company, valued at approximately $8,801,348.58. This trade represents a 5.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 244,647 shares of company stock worth $6,531,804 over the last 90 days. Company insiders own 6.97% of the company's stock.

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.