Lmcg Investments LLC Decreases Position in RingCentral, Inc. (NYSE:RNG)

Lmcg Investments LLC decreased its holdings in RingCentral, Inc. (NYSE:RNG) by 7.3% in the second quarter, Holdings Channel reports. The firm owned 21,155 shares of the software maker’s stock after selling 1,667 shares during the period. Lmcg Investments LLC’s holdings in RingCentral were worth $597,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in RingCentral in the fourth quarter valued at about $30,471,000. Capital World Investors raised its position in shares of RingCentral by 7.3% in the 1st quarter. Capital World Investors now owns 12,139,394 shares of the software maker’s stock valued at $421,723,000 after purchasing an additional 825,156 shares during the last quarter. Vanguard Group Inc. boosted its stake in RingCentral by 5.2% in the 1st quarter. Vanguard Group Inc. now owns 10,909,549 shares of the software maker’s stock worth $378,998,000 after purchasing an additional 538,325 shares in the last quarter. First Trust Advisors LP grew its position in RingCentral by 15.9% during the 4th quarter. First Trust Advisors LP now owns 1,991,917 shares of the software maker’s stock worth $67,626,000 after purchasing an additional 273,109 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its position in RingCentral by 163.1% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 310,991 shares of the software maker’s stock worth $10,804,000 after purchasing an additional 192,766 shares during the last quarter. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have issued reports on RNG. Deutsche Bank Aktiengesellschaft raised their price target on shares of RingCentral from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, August 6th. Piper Sandler lowered their price target on RingCentral from $32.00 to $31.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. StockNews.com downgraded RingCentral from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 6th. Needham & Company LLC restated a “buy” rating and issued a $42.00 price objective on shares of RingCentral in a research note on Monday, August 5th. Finally, Rosenblatt Securities raised RingCentral from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $35.00 to $45.00 in a report on Friday, August 2nd. Eight research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $40.07.

RingCentral Price Performance

RNG opened at $30.04 on Wednesday. The firm has a fifty day moving average price of $32.15 and a 200 day moving average price of $32.39. RingCentral, Inc. has a 1 year low of $25.08 and a 1 year high of $38.35. The stock has a market cap of $2.77 billion, a P/E ratio of -20.16, a P/E/G ratio of 2.21 and a beta of 1.03.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Thursday, August 1st. The software maker reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The firm had revenue of $592.91 million during the quarter, compared to analyst estimates of $586.39 million. During the same quarter last year, the company posted ($0.03) EPS. The company’s revenue was up 9.9% on a year-over-year basis. Equities analysts expect that RingCentral, Inc. will post 0.63 EPS for the current year.

Insiders Place Their Bets

In other RingCentral news, CFO Vaibhav Agarwal sold 1,985 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $28.20, for a total transaction of $55,977.00. Following the completion of the transaction, the chief financial officer now directly owns 156,799 shares in the company, valued at $4,421,731.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $33.45, for a total value of $331,589.85. Following the completion of the transaction, the chief financial officer now directly owns 358,622 shares of the company’s stock, valued at approximately $11,995,905.90. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Vaibhav Agarwal sold 1,985 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $28.20, for a total value of $55,977.00. Following the completion of the transaction, the chief financial officer now owns 156,799 shares in the company, valued at approximately $4,421,731.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 103,824 shares of company stock worth $3,380,044. 6.76% of the stock is owned by corporate insiders.

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.