Great Lakes Advisors LLC Buys New Stake in RingCentral, Inc. (NYSE:RNG)

Great Lakes Advisors LLC bought a new stake in RingCentral, Inc. (NYSE:RNG) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 123,962 shares of the software maker’s stock, valued at approximately $4,340,000. Great Lakes Advisors LLC owned about 0.14% of RingCentral as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in RNG. Principal Financial Group Inc. acquired a new stake in RingCentral in the 3rd quarter valued at approximately $233,000. State of New Jersey Common Pension Fund D increased its holdings in RingCentral by 9.4% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 58,947 shares of the software maker’s stock valued at $1,864,000 after purchasing an additional 5,085 shares during the last quarter. Venturi Wealth Management LLC boosted its position in RingCentral by 150.4% in the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after buying an additional 1,119 shares during the period. Victory Capital Management Inc. boosted its position in RingCentral by 14.8% in the 3rd quarter. Victory Capital Management Inc. now owns 133,515 shares of the software maker’s stock valued at $4,223,000 after buying an additional 17,215 shares during the period. Finally, KBC Group NV boosted its position in RingCentral by 38.9% in the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after buying an additional 744 shares during the period. Institutional investors and hedge funds own 98.61% of the company’s stock.

RingCentral Price Performance

Shares of RNG opened at $27.04 on Friday. RingCentral, Inc. has a 1-year low of $26.22 and a 1-year high of $42.19. The stock has a market cap of $2.45 billion, a PE ratio of -42.24, a price-to-earnings-growth ratio of 1.27 and a beta of 1.20. The firm has a fifty day moving average price of $32.29 and a 200 day moving average price of $33.73.

RingCentral (NYSE:RNG) last announced its quarterly earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates 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 analysts’ expectations of $612.37 million. As a group, equities analysts expect that RingCentral, Inc. will post 1.29 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have commented on RNG shares. 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. Needham & Company LLC decreased their price target on shares of RingCentral from $42.00 to $36.00 and set a “buy” rating for the company in a research report on Friday, February 21st. Morgan Stanley raised their price target on shares of RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 18th. Rosenblatt Securities decreased their price target on shares of RingCentral from $45.00 to $40.00 and set a “buy” rating for the company in a research report on Friday, February 21st. Finally, Raymond James decreased their price target on shares of RingCentral from $45.00 to $40.00 and set an “outperform” rating for the company in a research report on Friday, February 21st. One analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $37.69.

Insider Activity at RingCentral

In other RingCentral news, CEO Vladimir Shmunis sold 123,560 shares of RingCentral stock in a transaction on Monday, February 24th. The shares were sold at an average price of $28.56, for a total value of $3,528,873.60. Following the transaction, the chief executive officer now directly owns 444,740 shares in the company, valued at approximately $12,701,774.40. The trade was a 21.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP John H. Marlow sold 35,089 shares of RingCentral stock in a transaction on Monday, February 24th. The shares were sold at an average price of $28.56, for a total transaction of $1,002,141.84. Following the completion of the transaction, the senior vice president now owns 313,510 shares in the company, valued at approximately $8,953,845.60. This represents 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 over the last ninety days. Insiders own 6.97% of the company’s stock.

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.