RingCentral, Inc. (NYSE:RNG) Shares Acquired by Ameriprise Financial Inc.

Ameriprise Financial Inc. increased its holdings in RingCentral, Inc. (NYSE:RNG - Free Report) by 2.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,513,731 shares of the software maker's stock after purchasing an additional 142,538 shares during the period. Ameriprise Financial Inc. owned 7.20% of RingCentral worth $228,050,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Kayne Anderson Rudnick Investment Management LLC bought a new stake in shares of RingCentral in the fourth quarter worth about $49,000. Venturi Wealth Management LLC boosted its position in shares of RingCentral by 55.2% during the 4th quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker's stock valued at $101,000 after acquiring an additional 1,028 shares during the last quarter. KBC Group NV increased its position in RingCentral by 30.8% in the fourth quarter. KBC Group NV now owns 3,478 shares of the software maker's stock worth $122,000 after purchasing an additional 819 shares during the last quarter. Quarry LP raised its stake in RingCentral by 84.1% during the fourth quarter. Quarry LP now owns 3,501 shares of the software maker's stock valued at $123,000 after purchasing an additional 1,599 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd bought a new position in RingCentral during the fourth quarter valued at $173,000. Hedge funds and other institutional investors own 98.61% of the company's stock.

Insiders Place Their Bets

In other news, CEO Vladimir Shmunis sold 66,112 shares of the stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $28.83, for a total value of $1,906,008.96. Following the completion of the sale, the chief executive officer now directly owns 568,300 shares of the company's stock, valued at approximately $16,384,089. This represents a 10.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP John H. Marlow sold 35,089 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $28.56, for a total value of $1,002,141.84. Following the transaction, the senior vice president now directly owns 313,510 shares of the company's stock, valued at approximately $8,953,845.60. This trade represents a 10.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 247,740 shares of company stock valued at $7,099,279 over the last ninety days. Company insiders own 6.97% of the company's stock.

RingCentral Stock Up 4.1 %

Shares of RNG stock traded up $1.10 on Friday, hitting $27.77. The company had a trading volume of 2,485,228 shares, compared to its average volume of 1,340,466. RingCentral, Inc. has a twelve month low of $20.59 and a twelve month high of $42.19. The company has a 50-day moving average price of $25.27 and a 200-day moving average price of $31.85. The firm has a market cap of $2.52 billion, a P/E ratio of -43.39, a price-to-earnings-growth ratio of 1.27 and a beta of 1.33.

RingCentral (NYSE:RNG - Get Free Report) last announced its earnings results on Thursday, May 8th. The software maker reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.04. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. The business had revenue of $612.06 million during the quarter, compared to the consensus estimate of $610.53 million. During the same period in the prior year, the company posted $0.87 EPS. The business's quarterly revenue was up 4.8% on a year-over-year basis. Equities research analysts expect that RingCentral, Inc. will post 1.29 EPS for the current year.

Wall Street Analyst Weigh In

RNG has been the topic of a number of recent research reports. Needham & Company LLC initiated coverage on RingCentral in a research report on Friday. They set a "buy" rating and a $36.00 price objective on the stock. Wells Fargo & Company dropped their price objective on shares of RingCentral from $30.00 to $22.00 and set an "underweight" rating for the company in a research note on Tuesday, April 22nd. Raymond James decreased their target price on RingCentral from $40.00 to $35.00 and set an "outperform" rating for the company in a research report on Friday. Mizuho reduced their price objective on RingCentral from $32.00 to $25.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. Finally, StockNews.com upgraded shares of RingCentral from a "buy" rating to a "strong-buy" rating in a research note on Monday, May 5th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, RingCentral currently has a consensus rating of "Hold" and an average price target of $32.62.

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.