Heritage Investors Management Corp Cuts Stock Position in RingCentral, Inc. (NYSE:RNG)

Heritage Investors Management Corp decreased its position in shares of RingCentral, Inc. (NYSE:RNG) by 5.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 131,804 shares of the software maker’s stock after selling 7,203 shares during the period. Heritage Investors Management Corp owned 0.14% of RingCentral worth $4,475,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. SG Americas Securities LLC boosted its position in shares of RingCentral by 9.3% in the 3rd quarter. SG Americas Securities LLC now owns 14,324 shares of the software maker’s stock worth $424,000 after purchasing an additional 1,213 shares in the last quarter. Commonwealth Equity Services LLC grew its stake in shares of RingCentral by 14.6% during the third quarter. Commonwealth Equity Services LLC now owns 15,426 shares of the software maker’s stock worth $457,000 after acquiring an additional 1,964 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of RingCentral by 9.2% during the third quarter. Bank of New York Mellon Corp now owns 678,036 shares of the software maker’s stock valued at $20,090,000 after acquiring an additional 57,358 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of RingCentral by 15.6% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,628 shares of the software maker’s stock valued at $433,000 after purchasing an additional 1,972 shares during the last quarter. Finally, Mackenzie Financial Corp boosted its stake in RingCentral by 303.2% in the 3rd quarter. Mackenzie Financial Corp now owns 56,623 shares of the software maker’s stock worth $1,625,000 after purchasing an additional 42,581 shares in the last quarter. 98.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently commented on RNG. Wells Fargo & Company lifted their price objective on shares of RingCentral from $31.00 to $33.00 and gave the stock an “equal weight” rating in a research note on Wednesday. The Goldman Sachs Group dropped their price target on RingCentral from $38.00 to $34.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 21st. Robert W. Baird raised their price objective on RingCentral from $32.00 to $35.00 and gave the stock a “neutral” rating in a research note on Thursday. Mizuho lifted their target price on RingCentral from $36.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Rosenblatt Securities reiterated a “neutral” rating and issued a $35.00 price target on shares of RingCentral in a report on Wednesday, May 1st. Ten analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.58.

Insider Transactions at RingCentral

In related news, CFO Vaibhav Agarwal sold 1,984 shares of RingCentral stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $34.55, for a total value of $68,547.20. Following the sale, the chief financial officer now directly owns 114,656 shares in the company, valued at approximately $3,961,364.80. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other RingCentral news, CFO Vaibhav Agarwal sold 1,984 shares of RingCentral stock in a transaction on Monday, April 1st. The shares were sold at an average price of $34.55, for a total transaction of $68,547.20. Following the sale, the chief financial officer now owns 114,656 shares of the company’s stock, valued at approximately $3,961,364.80. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Kenneth A. Goldman sold 1,287 shares of the company’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $34.47, for a total transaction of $44,362.89. Following the sale, the director now directly owns 23,688 shares of the company’s stock, valued at approximately $816,525.36. The disclosure for this sale can be found here. Insiders sold 23,608 shares of company stock valued at $800,974 over the last 90 days. Corporate insiders own 6.76% of the company’s stock.

RingCentral Trading Up 3.1 %

RNG traded up $1.07 during trading on Thursday, hitting $35.46. The company’s stock had a trading volume of 1,331,706 shares, compared to its average volume of 1,144,865. The firm has a market capitalization of $3.27 billion, a price-to-earnings ratio of -20.17, a P/E/G ratio of 3.24 and a beta of 0.94. The business’s fifty day simple moving average is $32.83 and its 200 day simple moving average is $31.92. RingCentral, Inc. has a twelve month low of $25.08 and a twelve month high of $43.28.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Tuesday, February 20th. The software maker reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.31). The company had revenue of $571.27 million for the quarter, compared to analysts’ expectations of $569.65 million. As a group, equities research analysts forecast that RingCentral, Inc. will post 0.45 earnings per share for the current fiscal year.

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.