Wealth Enhancement Advisory Services LLC Acquires Shares of 15,567 RingCentral, Inc. (NYSE:RNG)

Wealth Enhancement Advisory Services LLC acquired a new stake in RingCentral, Inc. (NYSE:RNG) during the fourth quarter, Holdings Channel reports. The fund acquired 15,567 shares of the software maker’s stock, valued at approximately $545,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Kayne Anderson Rudnick Investment Management LLC purchased a new position in RingCentral in the 4th quarter valued at $49,000. Venturi Wealth Management LLC raised its holdings in shares of RingCentral by 55.2% during the 4th quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker’s stock worth $101,000 after acquiring an additional 1,028 shares during the period. Quarry LP raised its holdings in shares of RingCentral by 84.1% during the 4th quarter. Quarry LP now owns 3,501 shares of the software maker’s stock worth $123,000 after acquiring an additional 1,599 shares during the period. Harvest Fund Management Co. Ltd purchased a new position in shares of RingCentral during the 4th quarter worth $173,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of RingCentral by 10.4% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker’s stock worth $176,000 after acquiring an additional 468 shares during the period. Hedge funds and other institutional investors own 98.61% of the company’s stock.

RingCentral Trading Down 2.7%

Shares of NYSE:RNG opened at $26.89 on Thursday. The company has a market capitalization of $2.42 billion, a price-to-earnings ratio of -42.01, a PEG ratio of 1.27 and a beta of 1.27. The business has a 50-day moving average price of $25.41 and a 200 day moving average price of $30.44. RingCentral, Inc. has a 12-month low of $20.59 and a 12-month high of $42.19.

RingCentral (NYSE:RNG) last released its earnings results on Thursday, May 8th. The software maker reported $1.00 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.04. The company had revenue of $612.06 million during the quarter, compared to the consensus estimate of $610.53 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. RingCentral’s revenue was up 4.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.87 EPS. As a group, equities research analysts predict that RingCentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently commented on the company. UBS Group reduced their price target on RingCentral from $38.00 to $33.00 and set a “neutral” rating on the stock in a report on Friday, May 9th. Rosenblatt Securities reiterated a “buy” rating and set a $32.00 price target on shares of RingCentral in a report on Monday, May 19th. Wedbush reduced their price target on RingCentral from $38.00 to $30.00 and set a “neutral” rating on the stock in a report on Friday, May 9th. Needham & Company LLC assumed coverage on RingCentral in a report on Friday, May 9th. They set a “buy” rating and a $36.00 price target on the stock. Finally, KeyCorp assumed coverage on RingCentral in a report on Friday, June 6th. They set a “sector weight” rating on the stock. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $33.08.

Insider Buying and Selling at RingCentral

In other news, CEO Vladimir Shmunis sold 54,899 shares of the business’s stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $26.44, for a total transaction of $1,451,529.56. Following the completion of the transaction, the chief executive officer now directly owns 552,820 shares of the company’s stock, valued at approximately $14,616,560.80. The trade was a 9.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Vaibhav Agarwal sold 2,247 shares of the company’s stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $27.97, for a total value of $62,848.59. Following the completion of the transaction, the chief financial officer now directly owns 120,982 shares of the company’s stock, valued at $3,383,866.54. This trade represents a 1.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 215,686 shares of company stock valued at $5,727,463 in the last three months. 6.97% of the stock is owned by corporate 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.