Northern Trust Corp Raises Stake in RingCentral, Inc. (NYSE:RNG)

Northern Trust Corp increased its holdings in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 2.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 529,746 shares of the software maker's stock after acquiring an additional 11,911 shares during the quarter. Northern Trust Corp owned approximately 0.59% of RingCentral worth $18,546,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Kayne Anderson Rudnick Investment Management LLC bought a new stake in RingCentral during the fourth quarter worth $49,000. Venturi Wealth Management LLC lifted its holdings in RingCentral by 55.2% during the fourth quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker's stock worth $101,000 after acquiring an additional 1,028 shares during the period. KBC Group NV lifted its holdings in RingCentral by 30.8% during the fourth quarter. KBC Group NV now owns 3,478 shares of the software maker's stock worth $122,000 after acquiring an additional 819 shares during the period. Quarry LP raised its stake in shares of RingCentral by 84.1% in the fourth quarter. Quarry LP now owns 3,501 shares of the software maker's stock valued at $123,000 after buying an additional 1,599 shares during the period. Finally, Harvest Fund Management Co. Ltd bought a new stake in shares of RingCentral in the fourth quarter valued at $173,000. 98.61% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have issued reports on RNG. Barclays lowered their target price on RingCentral from $37.00 to $31.00 and set an "equal weight" rating on the stock in a research note on Friday, February 21st. UBS Group lowered their target price on RingCentral from $38.00 to $33.00 and set a "neutral" rating on the stock in a research note on Friday, May 9th. Mizuho boosted their target price on RingCentral from $25.00 to $27.00 and gave the company a "neutral" rating in a research note on Monday, May 12th. Raymond James lowered their target price on RingCentral from $40.00 to $35.00 and set an "outperform" rating on the stock in a research note on Friday, May 9th. Finally, StockNews.com upgraded RingCentral from a "buy" rating to a "strong-buy" rating in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, RingCentral currently has an average rating of "Hold" and an average target price of $32.77.

RingCentral Stock Performance

RingCentral stock traded up $0.09 during midday trading on Friday, hitting $28.10. 1,237,292 shares of the company's stock were exchanged, compared to its average volume of 1,340,969. RingCentral, Inc. has a 52-week low of $20.59 and a 52-week high of $42.19. The stock has a 50-day moving average price of $25.33 and a two-hundred day moving average price of $31.66. The company has a market cap of $2.55 billion, a P/E ratio of -43.91, a PEG ratio of 1.27 and a beta of 1.33.

RingCentral (NYSE:RNG - Get Free Report) last posted its earnings results on Thursday, May 8th. The software maker reported $1.00 EPS 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 analysts' expectations of $610.53 million. During the same period in the previous year, the business earned $0.87 earnings per share. The firm's revenue was up 4.8% on a year-over-year basis. As a group, sell-side analysts expect that RingCentral, Inc. will post 1.29 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Vladimir Shmunis sold 66,112 shares of the company's stock in a transaction dated 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 transaction, the chief executive officer now directly owns 568,300 shares in the company, valued at approximately $16,384,089. This represents a 10.42% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Vaibhav Agarwal sold 2,247 shares of the business's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $27.97, for a total value of $62,848.59. Following the completion of the sale, the chief financial officer now owns 120,982 shares of the company's stock, valued at $3,383,866.54. The trade was a 1.82% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 249,987 shares of company stock worth $7,162,128 over the last ninety days. 6.97% of the stock is owned by corporate insiders.

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.