Wedge Capital Management L L P NC Acquires 11,037 Shares of RingCentral, Inc. (NYSE:RNG)

Wedge Capital Management L L P NC lifted its holdings in RingCentral, Inc. (NYSE:RNG) by 19.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 68,907 shares of the software maker’s stock after acquiring an additional 11,037 shares during the period. Wedge Capital Management L L P NC owned 0.08% of RingCentral worth $1,706,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Rafferty Asset Management LLC boosted its stake in shares of RingCentral by 1.7% in the fourth quarter. Rafferty Asset Management LLC now owns 19,685 shares of the software maker’s stock worth $689,000 after acquiring an additional 325 shares during the period. Xponance Inc. boosted its stake in shares of RingCentral by 4.2% in the fourth quarter. Xponance Inc. now owns 10,664 shares of the software maker’s stock worth $373,000 after acquiring an additional 426 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of RingCentral by 10.4% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker’s stock worth $176,000 after acquiring an additional 468 shares during the period. Private Advisor Group LLC boosted its stake in shares of RingCentral by 9.6% in the fourth quarter. Private Advisor Group LLC now owns 8,896 shares of the software maker’s stock worth $311,000 after acquiring an additional 777 shares during the period. Finally, Federated Hermes Inc. boosted its stake in RingCentral by 4.1% during the fourth quarter. Federated Hermes Inc. now owns 24,739 shares of the software maker’s stock valued at $866,000 after buying an additional 985 shares during the last quarter. Institutional investors own 98.61% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on RNG shares. Mizuho increased their price target on RingCentral from $25.00 to $27.00 and gave the company a “neutral” rating in a research note on Monday, May 12th. Wedbush dropped their price target on RingCentral from $38.00 to $30.00 and set a “neutral” rating for the company in a research note on Friday, May 9th. Robert W. Baird dropped their price target on RingCentral from $38.00 to $32.00 and set a “neutral” rating for the company in a research note on Tuesday, February 25th. Wells Fargo & Company dropped their price target on RingCentral from $30.00 to $22.00 and set an “underweight” rating for the company in a research note on Tuesday, April 22nd. Finally, Barclays dropped their price target on RingCentral from $37.00 to $31.00 and set an “equal weight” rating for the company in a research note on Friday, February 21st. One analyst has rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $33.08.

Insider Transactions at RingCentral

In other RingCentral news, SVP John H. Marlow sold 29,173 shares of the firm’s stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $26.56, for a total transaction of $774,834.88. Following the transaction, the senior vice president now directly owns 352,448 shares in the company, valued at $9,361,018.88. This trade represents a 7.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Vaibhav Agarwal sold 2,247 shares of the firm’s stock in a transaction on Friday, May 16th. The stock was sold at an average price of $27.97, for a total value of $62,848.59. Following the transaction, the chief financial officer now owns 120,982 shares in the company, valued at $3,383,866.54. The trade was a 1.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 215,686 shares of company stock worth $5,727,463. 6.97% of the stock is currently owned by company insiders.

RingCentral Stock Performance

Shares of NYSE RNG opened at $27.59 on Wednesday. The business’s 50 day moving average price is $25.33 and its 200-day moving average price is $30.47. RingCentral, Inc. has a fifty-two week low of $20.59 and a fifty-two week high of $42.19. The company has a market cap of $2.48 billion, a price-to-earnings ratio of -43.10, a PEG ratio of 1.27 and a beta of 1.27.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Thursday, May 8th. The software maker reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.04. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. The firm had revenue of $612.06 million for the quarter, compared to the consensus estimate of $610.53 million. During the same period in the prior year, the business posted $0.87 earnings per share. The company’s revenue for the quarter was up 4.8% on a year-over-year basis. Sell-side analysts predict that RingCentral, Inc. will post 1.29 earnings per share for the current year.

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.