RingCentral, Inc. (NYSE:RNG) Shares Sold by Price T Rowe Associates Inc. MD

Price T Rowe Associates Inc. MD cut its stake in RingCentral, Inc. (NYSE:RNG - Free Report) by 72.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 58,108 shares of the software maker's stock after selling 155,899 shares during the quarter. Price T Rowe Associates Inc. MD owned approximately 0.06% of RingCentral worth $2,035,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of RNG. Kayne Anderson Rudnick Investment Management LLC purchased a new stake in RingCentral during the fourth quarter worth $49,000. Venturi Wealth Management LLC grew 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 period. KBC Group NV increased its stake in shares of RingCentral by 30.8% in the 4th quarter. KBC Group NV now owns 3,478 shares of the software maker's stock valued at $122,000 after purchasing an additional 819 shares in the last quarter. Harvest Fund Management Co. Ltd purchased a new position in RingCentral during the fourth quarter worth approximately $173,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in RingCentral by 10.4% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker's stock valued at $176,000 after purchasing an additional 468 shares during the period. Hedge funds and other institutional investors own 98.61% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on RNG. Mizuho decreased their target price on RingCentral from $32.00 to $25.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 15th. UBS Group dropped their target price on shares of RingCentral from $40.00 to $38.00 and set a "neutral" rating on the stock in a research report on Friday, February 21st. Barclays reduced their price target on shares of RingCentral from $37.00 to $31.00 and set an "equal weight" rating for the company in a research report on Friday, February 21st. Robert W. Baird cut their price objective on RingCentral from $38.00 to $32.00 and set a "neutral" rating for the company in a research note on Tuesday, February 25th. Finally, StockNews.com raised RingCentral from a "buy" rating to a "strong-buy" rating in a report on Monday. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $34.46.

Insider Buying and Selling at RingCentral

In other RingCentral news, CEO Vladimir Shmunis sold 66,112 shares of the business's stock in a transaction on Friday, February 21st. The shares were 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 owns 568,300 shares in the company, valued at $16,384,089. The trade was a 10.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP John H. Marlow sold 35,089 shares of the stock in a transaction on Monday, February 24th. The shares were sold at an average price of $28.56, for a total value of $1,002,141.84. Following the completion of the sale, the senior vice president now owns 313,510 shares in the company, valued at approximately $8,953,845.60. The trade was a 10.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 247,740 shares of company stock valued at $7,099,279 in the last three months. 6.97% of the stock is owned by corporate insiders.

RingCentral Trading Up 1.4 %

Shares of RNG stock opened at $26.13 on Thursday. The company's 50-day moving average price is $25.29 and its 200-day moving average price is $31.95. RingCentral, Inc. has a twelve month low of $20.59 and a twelve month high of $42.19. The stock has a market cap of $2.37 billion, a price-to-earnings ratio of -40.83, 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, February 20th. The software maker reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.73). RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The company had revenue of $614.51 million during the quarter, compared to analyst estimates of $612.37 million. As a group, equities research analysts predict that RingCentral, Inc. will post 1.29 EPS 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.

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