Boston Partners Boosts Stake in RingCentral, Inc. (NYSE:RNG)

Boston Partners lifted its holdings in shares of RingCentral, Inc. (NYSE:RNG) by 82.9% in the fourth quarter, HoldingsChannel.com reports. The firm owned 51,401 shares of the software maker’s stock after acquiring an additional 23,301 shares during the quarter. Boston Partners’ holdings in RingCentral were worth $1,800,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of RNG. Pacer Advisors Inc. boosted its stake in RingCentral by 45.3% during the third quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock worth $83,483,000 after buying an additional 822,892 shares during the period. Hennessy Advisors Inc. purchased a new position in shares of RingCentral during the 4th quarter worth approximately $59,055,000. Jupiter Asset Management Ltd. increased its holdings in RingCentral by 4.7% in the 4th quarter. Jupiter Asset Management Ltd. now owns 1,058,753 shares of the software maker’s stock valued at $37,067,000 after purchasing an additional 47,827 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in RingCentral by 1.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 832,197 shares of the software maker’s stock valued at $29,135,000 after purchasing an additional 10,110 shares during the period. Finally, Valley Wealth Managers Inc. acquired a new position in RingCentral during the fourth quarter worth $20,792,000. 98.61% of the stock is owned by institutional investors and hedge funds.

Insider Activity at RingCentral

In other news, 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 sale, the chief executive officer now owns 568,300 shares in the company, valued at approximately $16,384,089. The trade was a 10.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP John H. Marlow sold 35,089 shares of the business’s stock in a transaction dated 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 directly owns 313,510 shares of the company’s stock, valued at $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 have sold 247,740 shares of company stock valued at $7,099,279 in the last ninety days. Insiders own 6.97% of the company’s stock.

Analyst Ratings Changes

RNG has been the subject of a number of research reports. StockNews.com raised RingCentral from a “buy” rating to a “strong-buy” rating in a research note on Monday, March 17th. Mizuho cut their price target on shares of RingCentral from $42.00 to $36.00 and set a “neutral” rating on the stock in a research note on Monday, February 10th. Barclays lowered their price objective on shares of RingCentral from $37.00 to $31.00 and set an “equal weight” rating for the company in a research note on Friday, February 21st. Needham & Company LLC cut their target price on shares of RingCentral from $42.00 to $36.00 and set a “buy” rating on the stock in a research note on Friday, February 21st. Finally, Wells Fargo & Company reissued an “underweight” rating and issued a $30.00 price target (down previously from $38.00) on shares of RingCentral in a research report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $37.69.

RingCentral Price Performance

Shares of NYSE RNG opened at $26.89 on Friday. The business has a 50-day moving average of $31.41 and a two-hundred day moving average of $33.46. The company has a market capitalization of $2.44 billion, a price-to-earnings ratio of -42.01, a price-to-earnings-growth ratio of 1.27 and a beta of 1.20. RingCentral, Inc. has a 1 year low of $26.22 and a 1 year high of $42.19.

RingCentral (NYSE:RNG) 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 return on equity of 12.34% and a negative net margin of 2.43%. The business had revenue of $614.51 million for the quarter, compared to analysts’ expectations of $612.37 million. As a group, equities research analysts expect that RingCentral, Inc. will post 1.29 earnings per share 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.