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

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

Other hedge funds have also added to or reduced their stakes in the company. Capital World Investors boosted its position in Ringcentral by 5.9% during the 4th 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. boosted its stake in Ringcentral by 2.2% in the fourth quarter. Ameriprise Financial Inc. now owns 6,513,731 shares of the software maker's stock valued at $228,050,000 after acquiring an additional 142,538 shares in 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 acquiring an additional 527,901 shares in the last quarter. Renaissance Technologies LLC boosted its stake 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 in the last quarter. Finally, AQR Capital Management LLC boosted its stake 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 in the last quarter. 98.61% of the stock is currently owned by institutional investors.

Ringcentral Price Performance

RNG stock traded down $0.49 during midday trading on Friday, hitting $28.12. 62,552 shares of the stock traded hands, compared to its average volume of 1,325,248. The firm has a market cap of $2.53 billion, a P/E ratio of -63.95, a PEG ratio of 0.94 and a beta of 1.29. The stock's fifty day simple moving average is $27.31 and its 200-day simple moving average is $28.85. Ringcentral, Inc. has a 1-year low of $20.59 and a 1-year high of $42.19.

Ringcentral (NYSE:RNG - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The software maker reported $1.00 EPS for the quarter, beating the consensus estimate of $0.96 by $0.04. Ringcentral had a negative net margin of 1.65% and a negative return on equity of 15.63%. The company 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 firm's revenue was up 4.8% on a year-over-year basis. On average, research analysts predict that Ringcentral, Inc. will post 1.29 earnings per share for the current year.

Insiders Place Their Bets

In related news, SVP John H. Marlow sold 19,442 shares of the business's stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $26.43, for a total transaction of $513,852.06. Following the transaction, the senior vice president directly owned 333,006 shares in the company, valued at approximately $8,801,348.58. The trade was a 5.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Vladimir Shmunis sold 54,899 shares of Ringcentral 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 transaction, the chief executive officer directly owned 552,820 shares in the company, valued at $14,616,560.80. This trade represents a 9.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 244,647 shares of company stock valued at $6,531,804. 6.97% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Piper Sandler raised their price target on shares of Ringcentral from $25.00 to $28.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. KeyCorp assumed coverage on shares of Ringcentral in a report on Friday, June 6th. They issued a "sector weight" rating for the company. Wall Street Zen raised shares of Ringcentral from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 5th. Wedbush decreased their price target on shares of Ringcentral from $38.00 to $30.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Finally, UBS Group reduced their target price on shares of Ringcentral from $38.00 to $33.00 and set a "neutral" rating for the company in a report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Ringcentral has a consensus rating of "Hold" and an average price target of $33.08.

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.