Wealthfront Advisers LLC Buys Shares of 8,908 RingCentral, Inc. (NYSE:RNG)

Wealthfront Advisers LLC bought a new stake in shares of RingCentral, Inc. (NYSE:RNG) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 8,908 shares of the software maker’s stock, valued at approximately $312,000.

Several other institutional investors have also recently added to or reduced their stakes in RNG. Sovereign Financial Group Inc. grew its position in shares of RingCentral by 4.0% during the fourth quarter. Sovereign Financial Group Inc. now owns 10,079 shares of the software maker’s stock worth $353,000 after acquiring an additional 386 shares during the last quarter. Gagnon Securities LLC grew its position in shares of RingCentral by 5.6% during the fourth quarter. Gagnon Securities LLC now owns 7,703 shares of the software maker’s stock worth $270,000 after acquiring an additional 407 shares during the last quarter. KBC Group NV grew its position in shares of RingCentral by 38.9% during the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after acquiring an additional 744 shares during the last quarter. Private Advisor Group LLC grew its position in shares of RingCentral by 9.6% during the fourth quarter. Private Advisor Group LLC now owns 8,896 shares of the software maker’s stock worth $311,000 after acquiring an additional 777 shares during the last quarter. Finally, Quarry LP grew its position in shares of RingCentral by 106.7% during the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after acquiring an additional 982 shares during the last quarter. Institutional investors own 98.61% of the company’s stock.

RingCentral Trading Up 0.4 %

NYSE:RNG opened at $27.12 on Tuesday. RingCentral, Inc. has a twelve month low of $26.22 and a twelve month high of $42.19. The company has a 50-day moving average of $31.93 and a 200-day moving average of $33.64. The firm has a market cap of $2.46 billion, a price-to-earnings ratio of -42.37, a price-to-earnings-growth ratio of 1.27 and a beta of 1.20.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $614.51 million for the quarter, compared to the consensus estimate of $612.37 million. On average, research analysts forecast that RingCentral, Inc. will post 1.29 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Mizuho lowered their price target on shares of RingCentral from $42.00 to $36.00 and set a “neutral” rating for the company in a research report on Monday, February 10th. StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a report on Monday. Raymond James reduced their price objective on shares of RingCentral from $45.00 to $40.00 and set an “outperform” rating for the company in a report on Friday, February 21st. Morgan Stanley upped their price objective on shares of RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 18th. Finally, Robert W. Baird reduced their price objective on shares of RingCentral from $38.00 to $32.00 and set a “neutral” rating for the company in a report on Tuesday, February 25th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $37.69.

Insiders Place Their Bets

In other RingCentral news, CEO Vladimir Shmunis sold 66,112 shares of the firm’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $28.83, for a total value of $1,906,008.96. Following the completion of the transaction, the chief executive officer now directly owns 568,300 shares in the company, valued at $16,384,089. This trade represents a 10.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP John H. Marlow sold 35,089 shares of the firm’s stock in a transaction dated Monday, February 24th. The stock was 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 of the company’s stock, valued at approximately $8,953,845.60. The trade was 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 worth $7,099,279 over the last ninety days. 6.97% of the stock is currently owned by company insiders.

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.