Price T Rowe Associates Inc. MD Sells 155,899 Shares of RingCentral, Inc. (NYSE:RNG)

Price T Rowe Associates Inc. MD reduced its holdings in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 72.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 58,108 shares of the software maker's stock after selling 155,899 shares during the period. Price T Rowe Associates Inc. MD owned about 0.06% of RingCentral worth $2,035,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Fort Washington Investment Advisors Inc. OH increased its stake in shares of RingCentral by 32.5% in the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 550,304 shares of the software maker's stock worth $19,266,000 after buying an additional 134,928 shares during the period. Hennessy Advisors Inc. bought a new stake in RingCentral in the 4th quarter worth $59,055,000. Beaumont Financial Advisors LLC purchased a new position in shares of RingCentral in the fourth quarter valued at about $262,000. Harel Insurance Investments & Financial Services Ltd. raised its stake in shares of RingCentral by 106.9% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 185,205 shares of the software maker's stock valued at $6,484,000 after acquiring an additional 95,684 shares during the last quarter. Finally, Private Advisor Group LLC raised its stake in shares of RingCentral by 9.6% during the fourth quarter. Private Advisor Group LLC now owns 8,896 shares of the software maker's stock valued at $311,000 after acquiring an additional 777 shares during the last quarter. 98.61% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on RNG shares. Needham & Company LLC started coverage on RingCentral in a report on Friday. They set a "buy" rating and a $36.00 price target on the stock. Wedbush reduced their target price on RingCentral from $38.00 to $30.00 and set a "neutral" rating on the stock in a research note on Friday. Robert W. Baird decreased their target price on RingCentral from $38.00 to $32.00 and set a "neutral" rating for the company in a report on Tuesday, February 25th. Rosenblatt Securities cut their price target on shares of RingCentral from $40.00 to $28.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. Finally, Raymond James reduced their price objective on shares of RingCentral from $40.00 to $35.00 and set an "outperform" rating on the stock in a research report on Friday. One analyst has rated the stock with a sell rating, seven have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, RingCentral currently has an average rating of "Hold" and a consensus target price of $32.77.

Insider Activity

In related news, SVP John H. Marlow sold 22,979 shares of the stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $28.82, for a total transaction of $662,254.78. Following the sale, the senior vice president now directly owns 348,599 shares of the company's stock, valued at approximately $10,046,623.18. This represents a 6.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Vladimir Shmunis sold 66,112 shares of RingCentral stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $28.83, for a total transaction of $1,906,008.96. Following the completion of the transaction, the chief executive officer now directly owns 568,300 shares of the company's stock, valued at $16,384,089. This trade represents a 10.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 247,740 shares of company stock worth $7,099,279 over the last three months. 6.97% of the stock is currently owned by corporate insiders.

RingCentral Price Performance

NYSE RNG traded down $0.18 during trading hours on Tuesday, reaching $28.18. 443,738 shares of the company's stock traded hands, compared to its average volume of 1,338,384. The firm has a market cap of $2.56 billion, a PE ratio of -44.03, a PEG ratio of 1.27 and a beta of 1.33. RingCentral, Inc. has a 52-week low of $20.59 and a 52-week high of $42.19. The firm has a 50-day simple moving average of $25.28 and a 200 day simple moving average of $31.79.

RingCentral (NYSE:RNG - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The software maker reported $1.00 EPS for the quarter, topping analysts' consensus estimates 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 firm had revenue of $612.06 million for the quarter, compared to analysts' expectations of $610.53 million. During the same period in the previous year, the firm posted $0.87 EPS. The business's revenue for the quarter was up 4.8% compared to the same quarter last year. Sell-side analysts forecast that RingCentral, Inc. will post 1.29 EPS for the current fiscal year.

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.