First Trust Advisors LP Purchases 527,901 Shares of RingCentral, Inc. (NYSE:RNG)

First Trust Advisors LP grew its position in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 35.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,009,286 shares of the software maker's stock after purchasing an additional 527,901 shares during the quarter. First Trust Advisors LP owned approximately 2.22% of RingCentral worth $70,345,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. Renaissance Technologies LLC increased its position in shares of RingCentral by 11.1% during the 4th quarter. Renaissance Technologies LLC now owns 1,795,300 shares of the software maker's stock valued at $62,853,000 after purchasing an additional 180,000 shares during the last quarter. Hennessy Advisors Inc. bought a new position in shares of RingCentral during the 4th quarter valued at about $59,055,000. Arrowstreet Capital Limited Partnership increased its position in shares of RingCentral by 414.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,445,245 shares of the software maker's stock valued at $50,598,000 after purchasing an additional 1,164,241 shares during the last quarter. Geode Capital Management LLC grew its position in RingCentral by 4.6% during the 4th quarter. Geode Capital Management LLC now owns 1,349,667 shares of the software maker's stock worth $47,267,000 after acquiring an additional 58,814 shares during the last quarter. Finally, Jupiter Asset Management Ltd. grew its position in RingCentral by 4.7% during the 4th quarter. Jupiter Asset Management Ltd. now owns 1,058,753 shares of the software maker's stock worth $37,067,000 after acquiring an additional 47,827 shares during the last quarter. 98.61% of the stock is currently owned by institutional investors.

Insider Transactions at RingCentral

In other news, CEO Vladimir Shmunis sold 66,112 shares of the stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $28.83, for a total value of $1,906,008.96. Following the transaction, the chief executive officer now owns 568,300 shares in the company, valued at $16,384,089. This represents a 10.42 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP John H. Marlow sold 22,979 shares of the stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $28.82, for a total transaction of $662,254.78. Following the completion of the transaction, the senior vice president now owns 348,599 shares in the company, valued at $10,046,623.18. This trade represents a 6.18 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 247,740 shares of company stock worth $7,099,279 in the last quarter. Company insiders own 6.97% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. UBS Group reduced their price target on RingCentral from $40.00 to $38.00 and set a "neutral" rating on the stock in a research report on Friday, February 21st. Needham & Company LLC dropped their price objective on RingCentral from $42.00 to $36.00 and set a "buy" rating for the company in a report on Friday, February 21st. Rosenblatt Securities dropped their price objective on RingCentral from $40.00 to $28.00 and set a "buy" rating for the company in a report on Thursday. Morgan Stanley dropped their price objective on RingCentral from $40.00 to $29.00 and set an "equal weight" rating for the company in a report on Wednesday, April 16th. Finally, Piper Sandler dropped their price objective on RingCentral from $38.00 to $31.00 and set a "neutral" rating for the company in a report on Friday, February 21st. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $34.46.

RingCentral Stock Performance

Shares of RNG stock traded up $0.10 during mid-day trading on Friday, hitting $25.11. The company's stock had a trading volume of 692,369 shares, compared to its average volume of 1,341,970. RingCentral, Inc. has a 52-week low of $20.59 and a 52-week high of $42.19. The business has a 50-day moving average price of $25.90 and a 200 day moving average price of $32.35. The stock has a market cap of $2.28 billion, a price-to-earnings ratio of -39.23, a PEG ratio of 1.27 and a beta of 1.30.

RingCentral (NYSE:RNG - Get Free Report) last announced its earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by ($0.73). RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. The firm had revenue of $614.51 million during the quarter, compared to analysts' expectations of $612.37 million. Equities research analysts predict that RingCentral, Inc. will post 1.29 EPS for the current fiscal year.

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.