RingCentral, Inc. (NYSE:RNG) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC trimmed its position in RingCentral, Inc. (NYSE:RNG) by 42.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 24,183 shares of the software maker’s stock after selling 18,121 shares during the period. Allspring Global Investments Holdings LLC’s holdings in RingCentral were worth $821,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Ameriprise Financial Inc. lifted its position in RingCentral by 515.7% in the third quarter. Ameriprise Financial Inc. now owns 2,716,470 shares of the software maker’s stock worth $80,489,000 after purchasing an additional 2,275,245 shares during the period. Vanguard Group Inc. lifted its position in shares of RingCentral by 4.9% during the 3rd quarter. Vanguard Group Inc. now owns 9,988,881 shares of the software maker’s stock valued at $295,971,000 after acquiring an additional 469,280 shares during the last quarter. DekaBank Deutsche Girozentrale acquired a new stake in shares of RingCentral during the 3rd quarter valued at $92,000. Rafferty Asset Management LLC lifted its position in shares of RingCentral by 6.9% during the 3rd quarter. Rafferty Asset Management LLC now owns 24,040 shares of the software maker’s stock valued at $712,000 after acquiring an additional 1,562 shares during the last quarter. Finally, Beck Bode LLC lifted its position in shares of RingCentral by 5.2% during the 3rd quarter. Beck Bode LLC now owns 161,115 shares of the software maker’s stock valued at $4,774,000 after acquiring an additional 7,933 shares during the last quarter. 98.61% of the stock is currently owned by institutional investors and hedge funds.

RingCentral Trading Down 0.8 %

NYSE RNG opened at $30.29 on Thursday. The company has a market capitalization of $2.80 billion, a PE ratio of -17.31, a price-to-earnings-growth ratio of 3.13 and a beta of 0.92. RingCentral, Inc. has a 1-year low of $25.08 and a 1-year high of $43.28. The firm’s fifty day simple moving average is $33.02 and its 200-day simple moving average is $31.84.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Tuesday, February 20th. The software maker reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.31). The business had revenue of $571.27 million during the quarter, compared to the consensus estimate of $569.65 million. As a group, analysts predict that RingCentral, Inc. will post 0.45 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Needham & Company LLC cut their price objective on RingCentral from $46.00 to $42.00 and set a “buy” rating for the company in a research report on Wednesday, February 21st. Wedbush reiterated a “neutral” rating and set a $40.00 price objective on shares of RingCentral in a research report on Friday, February 16th. Mizuho cut their price objective on RingCentral from $40.00 to $36.00 and set a “buy” rating for the company in a research report on Wednesday, February 21st. Wells Fargo & Company cut their target price on shares of RingCentral from $36.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 21st. Finally, Piper Sandler cut their target price on shares of RingCentral from $34.00 to $31.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 21st. Eight equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $38.56.

Insider Activity at RingCentral

In related news, Director Kenneth A. Goldman sold 1,287 shares of the business’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $34.47, for a total value of $44,362.89. Following the sale, the director now owns 23,688 shares of the company’s stock, valued at approximately $816,525.36. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other RingCentral news, Director Kenneth A. Goldman sold 1,287 shares of the business’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $34.47, for a total value of $44,362.89. Following the transaction, the director now owns 23,688 shares of the company’s stock, valued at $816,525.36. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Vaibhav Agarwal sold 6,224 shares of the business’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $31.55, for a total value of $196,367.20. Following the completion of the transaction, the chief financial officer now directly owns 130,753 shares in the company, valued at approximately $4,125,257.15. The disclosure for this sale can be found here. Insiders have sold a total of 23,608 shares of company stock valued at $800,974 in the last 90 days. 6.76% 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.