Federated Hermes Inc. Raises Stock Holdings in RingCentral, Inc. (NYSE:RNG)

Federated Hermes Inc. boosted its holdings in RingCentral, Inc. (NYSE:RNG) by 4.1% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 24,739 shares of the software maker’s stock after buying an additional 985 shares during the period. Federated Hermes Inc.’s holdings in RingCentral were worth $866,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in RNG. Stifel Financial Corp lifted its stake in RingCentral by 3.5% in the 3rd quarter. Stifel Financial Corp now owns 51,924 shares of the software maker’s stock worth $1,642,000 after purchasing an additional 1,752 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in shares of RingCentral during the 3rd quarter worth about $178,000. 272 Capital LP bought a new stake in shares of RingCentral during the 3rd quarter worth approximately $436,000. Principal Financial Group Inc. purchased a new stake in shares of RingCentral during the third quarter valued at $233,000. Finally, Central Pacific Bank Trust Division grew its stake in RingCentral by 31.1% in the 4th quarter. Central Pacific Bank Trust Division now owns 5,033 shares of the software maker’s stock worth $176,000 after acquiring an additional 1,194 shares in the last quarter. Institutional investors own 98.61% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Morgan Stanley upped their price target on shares of RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 18th. Mizuho decreased their price target on shares of RingCentral from $32.00 to $25.00 and set a “neutral” rating for the company in a report on Tuesday. Needham & Company LLC cut their price target on shares of RingCentral from $42.00 to $36.00 and set a “buy” rating on the stock in a report on Friday, February 21st. Wells Fargo & Company reiterated an “underweight” rating and set a $30.00 price objective (down previously from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th. Finally, Robert W. Baird dropped their price target on shares of RingCentral from $38.00 to $32.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 25th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, RingCentral currently has an average rating of “Hold” and a consensus target price of $36.85.

Insiders Place Their Bets

In related news, CEO Vladimir Shmunis sold 123,560 shares of the business’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $28.56, for a total transaction of $3,528,873.60. Following the completion of the transaction, the chief executive officer now directly owns 444,740 shares of the company’s stock, valued at $12,701,774.40. The trade was a 21.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP John H. Marlow sold 35,089 shares of the firm’s stock in a transaction that occurred 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 sale, the senior vice president now directly owns 313,510 shares in the company, valued at approximately $8,953,845.60. This trade represents a 10.07 % decrease in their position. 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 90 days. 6.97% of the stock is owned by company insiders.

RingCentral Trading Down 0.3 %

NYSE:RNG opened at $22.56 on Wednesday. RingCentral, Inc. has a twelve month low of $20.59 and a twelve month high of $42.19. The company has a market cap of $2.05 billion, a P/E ratio of -35.24, a P/E/G ratio of 1.27 and a beta of 1.30. The company’s 50-day moving average price is $27.65 and its 200-day moving average price is $32.76.

RingCentral (NYSE:RNG) last issued its earnings results on Thursday, February 20th. The software maker reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.73). The firm had revenue of $614.51 million for the quarter, compared to analysts’ expectations of $612.37 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. On average, analysts expect that RingCentral, Inc. will post 1.29 earnings per share for the current year.

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.