Legal & General Group Plc Has $2.82 Million Stake in RingCentral, Inc. (NYSE:RNG)

Legal & General Group Plc reduced its position in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 12.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 80,607 shares of the software maker's stock after selling 11,985 shares during the period. Legal & General Group Plc owned about 0.09% of RingCentral worth $2,822,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Hennessy Advisors Inc. bought a new stake in shares of RingCentral in the fourth quarter worth $59,055,000. Arrowstreet Capital Limited Partnership increased its stake in shares of RingCentral by 414.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,445,245 shares of the software maker's stock worth $50,598,000 after buying an additional 1,164,241 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of RingCentral by 4.6% in the fourth quarter. Geode Capital Management LLC now owns 1,349,667 shares of the software maker's stock worth $47,267,000 after buying an additional 58,814 shares during the last quarter. Jupiter Asset Management Ltd. increased its stake in shares of RingCentral by 4.7% in the fourth quarter. Jupiter Asset Management Ltd. now owns 1,058,753 shares of the software maker's stock worth $37,067,000 after buying an additional 47,827 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of RingCentral by 1.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 832,197 shares of the software maker's stock worth $29,135,000 after buying an additional 10,110 shares during the last quarter. 98.61% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Vladimir Shmunis sold 123,560 shares of RingCentral stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $28.56, for a total transaction of $3,528,873.60. Following the sale, the chief executive officer now owns 444,740 shares of the company's stock, valued at approximately $12,701,774.40. This trade represents a 21.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP John H. Marlow sold 22,979 shares of RingCentral stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $28.82, for a total value of $662,254.78. Following the sale, the senior vice president now directly owns 348,599 shares in the company, valued at $10,046,623.18. The trade was a 6.18 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 247,740 shares of company stock worth $7,099,279. 6.97% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on RNG. UBS Group lowered their target price on shares of RingCentral from $40.00 to $38.00 and set a "neutral" rating for the company in a research note on Friday, February 21st. Barclays lowered their target price on shares of RingCentral from $37.00 to $31.00 and set an "equal weight" rating for the company in a research note on Friday, February 21st. StockNews.com lowered shares of RingCentral from a "strong-buy" rating to a "buy" rating in a research note on Tuesday, April 1st. Robert W. Baird lowered their target price on shares of RingCentral from $38.00 to $32.00 and set a "neutral" rating for the company in a research note on Tuesday, February 25th. Finally, Needham & Company LLC lowered their price target on shares of RingCentral from $42.00 to $36.00 and set a "buy" rating for the company in a research report on Friday, February 21st. One analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, RingCentral currently has an average rating of "Hold" and an average price target of $34.46.

RingCentral Stock Up 0.3 %

RingCentral stock traded up $0.08 during mid-day trading on Tuesday, hitting $25.12. The company's stock had a trading volume of 46,653 shares, compared to its average volume of 1,335,106. RingCentral, Inc. has a twelve month low of $20.59 and a twelve month high of $42.19. The stock has a market capitalization of $2.28 billion, a P/E ratio of -39.17, a P/E/G ratio of 1.27 and a beta of 1.30. The stock's fifty day moving average price is $25.76 and its two-hundred day moving average price is $32.30.

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