Fort Washington Investment Advisors Inc. OH Acquires 134,928 Shares of RingCentral, Inc. (NYSE:RNG)

Fort Washington Investment Advisors Inc. OH boosted its holdings in shares of RingCentral, Inc. (NYSE:RNG) by 32.5% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 550,304 shares of the software maker’s stock after acquiring an additional 134,928 shares during the period. Fort Washington Investment Advisors Inc. OH’s holdings in RingCentral were worth $19,266,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Hennessy Advisors Inc. bought a new stake in RingCentral in the fourth quarter valued at about $59,055,000. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of RingCentral by 65.9% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 381,178 shares of the software maker’s stock valued at $12,057,000 after acquiring an additional 151,433 shares during the period. Olympiad Research LP bought a new position in RingCentral during the 3rd quarter worth approximately $483,000. Scientech Research LLC bought a new stake in RingCentral in the second quarter valued at approximately $957,000. Finally, AQR Capital Management LLC raised its holdings in RingCentral by 2.4% in the second quarter. AQR Capital Management LLC now owns 881,109 shares of the software maker’s stock worth $24,706,000 after purchasing an additional 20,666 shares during the period. Institutional investors own 98.61% of the company’s stock.

Insider Buying and Selling

In other news, CFO Vaibhav Agarwal sold 2,178 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $35.27, for a total transaction of $76,818.06. Following the completion of the sale, the chief financial officer now owns 135,560 shares in the company, valued at $4,781,201.20. The trade was a 1.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Vladimir Shmunis sold 66,451 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $34.96, for a total value of $2,323,126.96. Following the transaction, the chief executive officer now owns 479,468 shares in the company, valued at approximately $16,762,201.28. This trade represents a 12.17 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 115,188 shares of company stock valued at $4,113,047. Company insiders own 6.97% of the company’s stock.

RingCentral Stock Performance

Shares of NYSE:RNG opened at $34.05 on Thursday. The company has a 50-day simple moving average of $36.63 and a 200 day simple moving average of $33.99. The company has a market capitalization of $3.08 billion, a P/E ratio of -32.12, a price-to-earnings-growth ratio of 1.39 and a beta of 0.99. RingCentral, Inc. has a 52-week low of $26.98 and a 52-week high of $42.19.

RingCentral (NYSE:RNG) last posted its earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.10. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. The business had revenue of $608.77 million for the quarter, compared to analyst estimates of $601.91 million. As a group, equities analysts forecast that RingCentral, Inc. will post 0.84 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on RNG shares. Rosenblatt Securities reissued a “buy” rating and issued a $45.00 target price on shares of RingCentral in a research note on Friday, November 8th. StockNews.com upgraded shares of RingCentral from a “buy” rating to a “strong-buy” rating in a report on Monday, November 11th. Raymond James reaffirmed an “outperform” rating and issued a $45.00 price objective (down from $50.00) on shares of RingCentral in a research report on Friday, January 3rd. Wells Fargo & Company reiterated an “underweight” rating and set a $30.00 target price (down previously from $38.00) on shares of RingCentral in a report on Tuesday, January 7th. Finally, Mizuho restated a “neutral” rating and issued a $42.00 price target on shares of RingCentral in a report on Friday, December 13th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, RingCentral presently has an average rating of “Hold” and a consensus target price of $41.29.

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.