Vinva Investment Management Ltd Has $668,000 Stake in RingCentral, Inc. (NYSE:RNG)

Vinva Investment Management Ltd decreased its position in RingCentral, Inc. (NYSE:RNG) by 6.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 19,091 shares of the software maker’s stock after selling 1,396 shares during the period. Vinva Investment Management Ltd’s holdings in RingCentral were worth $668,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Xponance Inc. raised its holdings in shares of RingCentral by 4.2% during the fourth quarter. Xponance Inc. now owns 10,664 shares of the software maker’s stock valued at $373,000 after purchasing an additional 426 shares during the period. Boston Partners raised its holdings in shares of RingCentral by 82.9% during the fourth quarter. Boston Partners now owns 51,401 shares of the software maker’s stock valued at $1,800,000 after purchasing an additional 23,301 shares during the period. Jupiter Asset Management Ltd. raised its holdings in shares of RingCentral by 4.7% during the fourth quarter. Jupiter Asset Management Ltd. now owns 1,058,753 shares of the software maker’s stock valued at $37,067,000 after purchasing an additional 47,827 shares during the period. Great Lakes Advisors LLC acquired a new position in shares of RingCentral during the fourth quarter valued at about $4,340,000. Finally, Wealthfront Advisers LLC acquired a new position in shares of RingCentral during the fourth quarter valued at about $312,000. Institutional investors and hedge funds own 98.61% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on RNG. Rosenblatt Securities dropped their price objective on shares of RingCentral from $45.00 to $40.00 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 report on Tuesday, January 7th. Morgan Stanley boosted their target price 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. StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Monday, March 17th. Finally, Robert W. Baird decreased their target price on shares of RingCentral from $38.00 to $32.00 and set a “neutral” rating for the company in a research 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 assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $37.69.

RingCentral Stock Performance

Shares of RNG stock opened at $26.89 on Friday. RingCentral, Inc. has a 52-week low of $26.22 and a 52-week high of $42.19. The company has a 50-day simple moving average of $31.41 and a two-hundred day simple moving average of $33.46. The company has a market capitalization of $2.44 billion, a price-to-earnings ratio of -42.01, a PEG ratio of 1.27 and a beta of 1.20.

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

Insider Buying and Selling at RingCentral

In other RingCentral news, CEO Vladimir Shmunis sold 66,112 shares of the business’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 transaction, the chief executive officer now directly owns 568,300 shares in the company, valued at $16,384,089. The trade was a 10.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP John H. Marlow sold 35,089 shares of the business’s stock in a transaction dated 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 transaction, the senior vice president now owns 313,510 shares in the company, 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 have sold a total of 247,740 shares of company stock worth $7,099,279 over the last three months. 6.97% of the stock is currently owned by insiders.

About RingCentral

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.