Bailard Inc. Buys 11,045 Shares of RingCentral, Inc. (NYSE:RNG)

Bailard Inc. grew its stake in RingCentral, Inc. (NYSE:RNG) by 138.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 19,032 shares of the software maker’s stock after purchasing an additional 11,045 shares during the period. Bailard Inc.’s holdings in RingCentral were worth $646,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Ameriprise Financial Inc. lifted its stake in shares of RingCentral by 515.7% during the 3rd quarter. Ameriprise Financial Inc. now owns 2,716,470 shares of the software maker’s stock worth $80,489,000 after acquiring an additional 2,275,245 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of RingCentral by 4.9% during the 3rd quarter. Vanguard Group Inc. now owns 9,988,881 shares of the software maker’s stock worth $295,971,000 after acquiring an additional 469,280 shares during the last quarter. DekaBank Deutsche Girozentrale bought a new stake in shares of RingCentral during the 3rd quarter worth approximately $92,000. Rafferty Asset Management LLC lifted its stake in shares of RingCentral by 6.9% during the 3rd quarter. Rafferty Asset Management LLC now owns 24,040 shares of the software maker’s stock worth $712,000 after acquiring an additional 1,562 shares during the last quarter. Finally, Beck Bode LLC lifted its stake in shares of RingCentral by 5.2% during the 3rd quarter. Beck Bode LLC now owns 161,115 shares of the software maker’s stock worth $4,774,000 after acquiring an additional 7,933 shares during the last quarter. 98.61% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CFO Vaibhav Agarwal sold 6,224 shares of the business’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $31.55, for a total transaction of $196,367.20. Following the transaction, the chief financial officer now directly owns 130,753 shares in the company, valued at approximately $4,125,257.15. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CFO Vaibhav Agarwal sold 6,224 shares of the business’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $31.55, for a total transaction of $196,367.20. Following the transaction, the chief financial officer now directly owns 130,753 shares in the company, valued at approximately $4,125,257.15. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Kenneth A. Goldman sold 1,287 shares of the business’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $34.47, for a total value of $44,362.89. Following the transaction, the director now owns 23,688 shares in the company, valued at $816,525.36. The disclosure for this sale can be found here. Insiders have sold a total of 23,608 shares of company stock worth $800,974 in the last ninety days. 6.76% of the stock is owned by insiders.

RingCentral Trading Up 2.1 %

Shares of NYSE:RNG opened at $30.64 on Friday. RingCentral, Inc. has a 12-month low of $25.08 and a 12-month high of $43.28. The business’s fifty day simple moving average is $32.92 and its 200-day simple moving average is $31.82. The company has a market capitalization of $2.83 billion, a PE ratio of -17.51, a P/E/G ratio of 3.25 and a beta of 0.92.

RingCentral (NYSE:RNG) last announced its earnings results on Tuesday, February 20th. The software maker reported ($0.33) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.31). The company had revenue of $571.27 million during the quarter, compared to analysts’ expectations of $569.65 million. Research analysts predict that RingCentral, Inc. will post 0.45 EPS for the current year.

Analyst Upgrades and Downgrades

RNG has been the subject of a number of research analyst reports. Needham & Company LLC decreased their price target on RingCentral from $46.00 to $42.00 and set a “buy” rating for the company in a research note on Wednesday, February 21st. KeyCorp decreased their price target on RingCentral from $50.00 to $48.00 and set an “overweight” rating for the company in a research note on Wednesday, February 21st. Wells Fargo & Company decreased their target price on RingCentral from $36.00 to $31.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 21st. Mizuho decreased their target price on RingCentral from $40.00 to $36.00 and set a “buy” rating for the company in a research report on Wednesday, February 21st. Finally, Morgan Stanley decreased their target price on RingCentral from $35.00 to $32.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 17th. Eight analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $38.56.

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.