Vanguard Group Inc. Has $295.97 Million Stock Position in RingCentral, Inc. (NYSE:RNG)

Vanguard Group Inc. increased its position in RingCentral, Inc. (NYSE:RNG - Free Report) by 4.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,988,881 shares of the software maker's stock after purchasing an additional 469,280 shares during the quarter. Vanguard Group Inc. owned approximately 10.65% of RingCentral worth $295,971,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of RNG. Sylebra Capital LLC acquired a new stake in RingCentral in the 3rd quarter worth about $242,462,000. Sylebra Capital Ltd raised its position in RingCentral by 903.4% in the second quarter. Sylebra Capital Ltd now owns 8,163,680 shares of the software maker's stock valued at $267,197,000 after purchasing an additional 7,350,105 shares during the period. Ameriprise Financial Inc. raised its position in RingCentral by 515.7% in the third quarter. Ameriprise Financial Inc. now owns 2,716,470 shares of the software maker's stock valued at $80,489,000 after purchasing an additional 2,275,245 shares during the period. Renaissance Technologies LLC raised its position in RingCentral by 102.8% in the second quarter. Renaissance Technologies LLC now owns 1,857,600 shares of the software maker's stock valued at $60,799,000 after purchasing an additional 941,700 shares during the period. Finally, Norges Bank purchased a new stake in RingCentral in the fourth quarter valued at approximately $31,316,000. Institutional investors own 98.61% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on RNG shares. Wells Fargo & Company cut their target price on RingCentral from $36.00 to $31.00 and set an "equal weight" rating on the stock in a research report on Wednesday, February 21st. Piper Sandler cut their target price on RingCentral from $34.00 to $31.00 and set a "neutral" rating on the stock in a research report on Wednesday, February 21st. Needham & Company LLC dropped their price target on shares of RingCentral from $46.00 to $42.00 and set a "buy" rating for the company in a research note on Wednesday, February 21st. Jefferies Financial Group downgraded shares of RingCentral from a "buy" rating to a "hold" rating and dropped their price target for the stock from $40.00 to $35.00 in a research note on Tuesday, December 12th. Finally, Wedbush restated a "neutral" rating and issued a $40.00 price target on shares of RingCentral in a research note on Friday, February 16th. Eight equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, RingCentral presently has an average rating of "Moderate Buy" and a consensus price target of $38.89.

RingCentral Stock Down 0.4 %

Shares of RNG stock traded down $0.14 during mid-day trading on Thursday, reaching $34.74. The company's stock had a trading volume of 755,023 shares, compared to its average volume of 1,253,680. The company's 50 day simple moving average is $33.88 and its 200-day simple moving average is $31.52. RingCentral, Inc. has a 12-month low of $25.08 and a 12-month high of $43.28. The firm has a market capitalization of $3.21 billion, a PE ratio of -19.85, a price-to-earnings-growth ratio of 3.62 and a beta of 0.92.

RingCentral (NYSE:RNG - Get Free Report) last issued its earnings results on Tuesday, February 20th. The software maker reported ($0.33) EPS for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.31). The firm had revenue of $571.27 million for the quarter, compared to analyst estimates of $569.65 million. As a group, research analysts anticipate that RingCentral, Inc. will post 0.45 EPS for the current fiscal year.

Insider Activity

In related news, CFO Vaibhav Agarwal sold 6,224 shares of RingCentral stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $31.55, for a total transaction of $196,367.20. Following the sale, the chief financial officer now owns 130,753 shares of the company's stock, valued at approximately $4,125,257.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CFO Vaibhav Agarwal sold 6,224 shares of RingCentral stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $31.55, for a total transaction of $196,367.20. Following the sale, the chief financial officer now owns 130,753 shares of the company's stock, valued at approximately $4,125,257.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kenneth A. Goldman sold 1,287 shares of RingCentral stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $34.47, for a total transaction of $44,362.89. Following the sale, the director now directly owns 23,688 shares in the company, valued at approximately $816,525.36. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 21,624 shares of company stock valued at $732,427. Company insiders own 6.76% of the company's stock.

About RingCentral

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.