Allspring Global Investments Holdings LLC Trims Stock Position in RingCentral, Inc. (NYSE:RNG)

Allspring Global Investments Holdings LLC lessened its holdings in shares of RingCentral, Inc. (NYSE:RNGGet Rating) by 83.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,320 shares of the software maker’s stock after selling 119,587 shares during the period. Allspring Global Investments Holdings LLC’s holdings in RingCentral were worth $971,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in RingCentral by 1.9% in the first quarter. Vanguard Group Inc. now owns 7,584,298 shares of the software maker’s stock valued at $888,955,000 after buying an additional 144,060 shares in the last quarter. Pictet Asset Management SA increased its holdings in RingCentral by 90.5% in the second quarter. Pictet Asset Management SA now owns 2,488,623 shares of the software maker’s stock valued at $130,055,000 after buying an additional 1,182,176 shares in the last quarter. Renaissance Technologies LLC increased its holdings in RingCentral by 207.5% in the second quarter. Renaissance Technologies LLC now owns 2,190,800 shares of the software maker’s stock valued at $114,491,000 after buying an additional 1,478,400 shares in the last quarter. abrdn plc increased its holdings in RingCentral by 16.3% in the second quarter. abrdn plc now owns 948,485 shares of the software maker’s stock valued at $50,265,000 after buying an additional 132,899 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its holdings in RingCentral by 129.3% in the second quarter. Assenagon Asset Management S.A. now owns 825,910 shares of the software maker’s stock valued at $43,162,000 after buying an additional 465,666 shares in the last quarter. Hedge funds and other institutional investors own 88.09% of the company’s stock.

RingCentral Stock Performance

RingCentral stock opened at $36.39 on Friday. The company’s 50 day simple moving average is $36.22 and its 200-day simple moving average is $40.91. The company has a market capitalization of $3.49 billion, a price-to-earnings ratio of -4.83 and a beta of 0.88. RingCentral, Inc. has a 1 year low of $28.00 and a 1 year high of $179.16.

RingCentral (NYSE:RNGGet Rating) last released its quarterly earnings results on Wednesday, November 9th. The software maker reported ($0.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.06). The company had revenue of $509.03 million during the quarter, compared to analysts’ expectations of $502.93 million. RingCentral had a negative net margin of 37.31% and a negative return on equity of 765.97%. Equities analysts expect that RingCentral, Inc. will post -1.22 earnings per share for the current year.

Insider Activity

In related news, CEO Vladimir Shmunis sold 38,017 shares of the company’s stock in a transaction that occurred on Wednesday, December 14th. The shares were sold at an average price of $39.86, for a total transaction of $1,515,357.62. Following the sale, the chief executive officer now directly owns 241,175 shares of the company’s stock, valued at approximately $9,613,235.50. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, CAO Vaibhav Agarwal sold 1,823 shares of the company’s stock in a transaction that occurred on Wednesday, November 16th. The shares were sold at an average price of $39.87, for a total transaction of $72,683.01. Following the sale, the chief accounting officer now directly owns 110,518 shares of the company’s stock, valued at approximately $4,406,352.66. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Vladimir Shmunis sold 38,017 shares of the company’s stock in a transaction that occurred on Wednesday, December 14th. The stock was sold at an average price of $39.86, for a total transaction of $1,515,357.62. Following the sale, the chief executive officer now directly owns 241,175 shares in the company, valued at $9,613,235.50. The disclosure for this sale can be found here. In the last three months, insiders have sold 54,904 shares of company stock valued at $2,131,454. Company insiders own 6.49% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Barclays dropped their target price on shares of RingCentral from $90.00 to $40.00 and set an “overweight” rating on the stock in a research report on Thursday, November 10th. StockNews.com upgraded shares of RingCentral from a “sell” rating to a “hold” rating in a research report on Tuesday, January 10th. Piper Sandler lowered shares of RingCentral from an “overweight” rating to a “neutral” rating and set a $39.00 target price on the stock. in a research report on Tuesday, January 17th. Morgan Stanley upgraded shares of RingCentral from an “equal weight” rating to an “overweight” rating and dropped their target price for the company from $55.00 to $50.00 in a research report on Wednesday, December 14th. Finally, Raymond James dropped their target price on shares of RingCentral from $90.00 to $75.00 and set a “strong-buy” rating on the stock in a research report on Thursday, November 10th. Nine research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $79.75.

RingCentral Profile

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RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect in North America. The company offers business cloud communications and contact center solutions based on its Message Video Phone? platform. Its products include RingCentral Office that provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers omni-channel; and RingCentral Engage Digital, a digital customer engagement platform that allows enterprises to interact with their customers.

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Institutional Ownership by Quarter for RingCentral (NYSE:RNG)

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