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

World Investment Advisors bought a new stake in Ringcentral, Inc. (NYSE:RNG - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 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 reporting period.

Other hedge funds have also bought and sold shares of the company. Capital World Investors raised its position in shares of 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 buying an additional 591,398 shares in the last quarter. Ameriprise Financial Inc. raised its position in Ringcentral by 2.2% during the fourth quarter. Ameriprise Financial Inc. now owns 6,513,731 shares of the software maker's stock valued at $228,050,000 after purchasing an additional 142,538 shares in the last quarter. First Trust Advisors LP raised its position in Ringcentral by 35.6% during 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 purchasing an additional 527,901 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Ringcentral by 11.1% in the 4th quarter. Renaissance Technologies LLC now owns 1,795,300 shares of the software maker's stock worth $62,853,000 after purchasing an additional 180,000 shares in the last quarter. Finally, AQR Capital Management LLC boosted its holdings in shares of Ringcentral by 24.5% in the 4th quarter. AQR Capital Management LLC now owns 1,612,270 shares of the software maker's stock worth $56,446,000 after purchasing an additional 317,689 shares in the last quarter. 98.61% of the stock is currently owned by institutional investors.

Insider Activity at Ringcentral

In other Ringcentral news, CEO Vladimir Shmunis sold 94,956 shares of Ringcentral 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 $2,522,031.36. Following the sale, the chief executive officer directly owned 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP John H. Marlow sold 29,173 shares of the 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 completion of the transaction, the senior vice president directly owned 352,448 shares of the company's stock, valued at $9,361,018.88. This represents a 7.64% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 244,647 shares of company stock valued at $6,531,804 over the last three months. Corporate insiders own 6.97% of the company's stock.

Wall Street Analyst Weigh In

RNG has been the subject of a number of recent research reports. Piper Sandler boosted their target price on Ringcentral from $25.00 to $28.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th. Rosenblatt Securities restated a "buy" rating and issued a $32.00 price objective on shares of Ringcentral in a report on Monday, May 19th. Needham & Company LLC started coverage on shares of Ringcentral in a research note on Friday, May 9th. They issued a "buy" rating and a $36.00 price objective for the company. KeyCorp began coverage on shares of Ringcentral in a research report on Friday, June 6th. They issued a "sector weight" rating on the stock. Finally, Raymond James Financial cut their price target on shares of Ringcentral from $40.00 to $35.00 and set an "outperform" rating for the company in a research report on Friday, May 9th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Ringcentral has a consensus rating of "Hold" and an average target price of $33.08.

Ringcentral Price Performance

RNG traded down $0.27 during midday trading on Thursday, reaching $28.77. 532,267 shares of the company's stock traded hands, compared to its average volume of 1,326,978. Ringcentral, Inc. has a 52 week low of $20.59 and a 52 week high of $42.19. The firm has a fifty day moving average of $27.25 and a two-hundred day moving average of $28.91. The stock has a market capitalization of $2.59 billion, a price-to-earnings ratio of -65.60, a P/E/G ratio of 0.95 and a beta of 1.29.

Ringcentral (NYSE:RNG - Get Free Report) last announced its earnings results on Thursday, May 8th. The software maker reported $1.00 EPS for the quarter, beating analysts' consensus estimates of $0.96 by $0.04. The company had revenue of $612.06 million during the quarter, compared to the consensus estimate of $610.53 million. Ringcentral had a negative return on equity of 15.63% and a negative net margin of 1.65%. The firm's revenue for the quarter was up 4.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.87 earnings per share. Sell-side analysts forecast 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.