abrdn plc Has $1.04 Million Holdings in RingCentral, Inc. (NYSE:RNG)

abrdn plc trimmed its stake in RingCentral, Inc. (NYSE:RNG) by 2.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 30,525 shares of the software maker’s stock after selling 927 shares during the quarter. abrdn plc’s holdings in RingCentral were worth $1,036,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in RNG. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of RingCentral by 17.4% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,177 shares of the software maker’s stock valued at $583,000 after acquiring an additional 2,549 shares in the last quarter. Mackenzie Financial Corp raised its position in RingCentral by 32.7% during the fourth quarter. Mackenzie Financial Corp now owns 75,114 shares of the software maker’s stock valued at $2,550,000 after acquiring an additional 18,491 shares in the last quarter. Simplicity Solutions LLC grew its position in RingCentral by 4.5% in the fourth quarter. Simplicity Solutions LLC now owns 10,761 shares of the software maker’s stock worth $365,000 after acquiring an additional 467 shares in the last quarter. Tennessee Valley Asset Management Partners acquired a new position in shares of RingCentral during the 4th quarter worth $33,000. Finally, Nisa Investment Advisors LLC increased its position in RingCentral by 100.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the software maker’s stock worth $34,000 after buying an additional 500 shares during the last quarter. 98.61% of the stock is owned by hedge funds and other institutional investors.

RingCentral Stock Up 1.6 %

RingCentral stock opened at $31.14 on Tuesday. RingCentral, Inc. has a 12-month low of $25.08 and a 12-month high of $43.28. The stock has a 50-day simple moving average of $32.93 and a 200 day simple moving average of $31.86. The stock has a market capitalization of $2.87 billion, a price-to-earnings ratio of -17.79, a P/E/G ratio of 3.25 and a beta of 0.92.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Tuesday, February 20th. The software maker reported ($0.33) earnings per share 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 analyst estimates of $569.65 million. As a group, sell-side analysts anticipate that RingCentral, Inc. will post 0.45 EPS for the current year.

Insider Buying and Selling

In other news, Director Kenneth A. Goldman sold 1,287 shares of the firm’s stock in a transaction dated Thursday, March 7th. The shares were 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 of the company’s stock, valued at approximately $816,525.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Kenneth A. Goldman sold 1,287 shares of the firm’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 directly owns 23,688 shares in the company, valued at approximately $816,525.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Vaibhav Agarwal sold 14,113 shares of the firm’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $34.84, for a total value of $491,696.92. Following the transaction, the chief financial officer now owns 116,640 shares in the company, valued at approximately $4,063,737.60. The disclosure for this sale can be found here. Insiders sold a total of 23,608 shares of company stock worth $800,974 over the last three months. 6.76% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on RNG shares. Morgan Stanley cut their price objective on RingCentral from $35.00 to $32.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 17th. The Goldman Sachs Group lowered their price target on RingCentral from $38.00 to $34.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 21st. KeyCorp cut their target price on shares of RingCentral from $50.00 to $48.00 and set an “overweight” rating for the company in a research note on Wednesday, February 21st. Wedbush restated a “neutral” rating and set a $40.00 price objective on shares of RingCentral in a report on Friday, February 16th. Finally, Needham & Company LLC decreased their target price on RingCentral from $46.00 to $42.00 and set a “buy” rating on the stock in a research report on Wednesday, February 21st. Eight equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target 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.