Foundry Partners LLC Has $6.39 Million Stock Holdings in Ringcentral, Inc. (NYSE:RNG)

Foundry Partners LLC lifted its stake in shares of Ringcentral, Inc. (NYSE:RNG) by 1.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 258,054 shares of the software maker’s stock after buying an additional 3,492 shares during the period. Foundry Partners LLC owned about 0.28% of Ringcentral worth $6,389,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in RNG. Allspring Global Investments Holdings LLC grew its position in Ringcentral by 13.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 12,966 shares of the software maker’s stock worth $321,000 after acquiring an additional 1,586 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its holdings in Ringcentral by 116.9% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 44,524 shares of the software maker’s stock valued at $1,102,000 after purchasing an additional 23,997 shares during the period. Northern Trust Corp lifted its position in shares of Ringcentral by 2.3% in the fourth quarter. Northern Trust Corp now owns 529,746 shares of the software maker’s stock valued at $18,546,000 after acquiring an additional 11,911 shares in the last quarter. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Ringcentral in the fourth quarter worth about $545,000. Finally, Robeco Institutional Asset Management B.V. lifted its position in shares of Ringcentral by 57.2% in the first quarter. Robeco Institutional Asset Management B.V. now owns 9,924 shares of the software maker’s stock worth $246,000 after buying an additional 3,611 shares in the last quarter. Institutional investors own 98.61% of the company’s stock.

Wall Street Analysts Forecast Growth

RNG has been the topic of several analyst reports. Needham & Company LLC initiated coverage on Ringcentral in a research report on Friday, May 9th. They set a “buy” rating and a $36.00 price target on the stock. Raymond James Financial reduced their price target on shares of Ringcentral from $40.00 to $35.00 and set an “outperform” rating on the stock in a research report on Friday, May 9th. Morgan Stanley cut their target price on Ringcentral from $40.00 to $29.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 16th. Piper Sandler boosted their target price on Ringcentral from $25.00 to $28.00 and gave the company a “neutral” rating in a research report on Friday, May 9th. Finally, UBS Group lowered their target price on shares of Ringcentral from $38.00 to $33.00 and set a “neutral” rating for the company in a research note on Friday, May 9th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $33.08.

Insider Buying and Selling

In other Ringcentral news, CFO Vaibhav Agarwal sold 14,969 shares of the stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $26.88, for a total transaction of $402,366.72. Following the sale, the chief financial officer owned 153,900 shares of the company’s stock, valued at $4,136,832. This represents a 8.86% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Vladimir Shmunis sold 94,956 shares of Ringcentral stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $26.56, for a total transaction of $2,522,031.36. Following the transaction, the chief executive officer directly owned 607,719 shares in the company, valued at $16,141,016.64. The trade was a 13.51% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 244,647 shares of company stock worth $6,531,804. Insiders own 6.97% of the company’s stock.

Ringcentral Stock Performance

NYSE RNG opened at $26.65 on Friday. The company has a 50-day simple moving average of $27.33 and a 200-day simple moving average of $28.44. The firm has a market capitalization of $2.40 billion, a PE ratio of -60.57, a price-to-earnings-growth ratio of 0.86 and a beta of 1.29. Ringcentral, Inc. has a one year low of $20.59 and a one year high of $42.19.

Ringcentral (NYSE:RNG) last released its earnings results on Thursday, May 8th. The software maker reported $1.00 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.04. Ringcentral had a negative net margin of 1.65% and a negative return on equity of 15.63%. The business had revenue of $612.06 million for the quarter, compared to the consensus estimate of $610.53 million. During the same period in the previous year, the firm earned $0.87 EPS. The business’s revenue for the quarter was up 4.8% on a year-over-year basis. Equities analysts forecast that Ringcentral, Inc. will post 1.29 earnings per share for the current year.

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.