Boston Partners Boosts Stake in RingCentral, Inc. (NYSE:RNG)

Boston Partners increased its stake in shares of RingCentral, Inc. (NYSE:RNG) by 82.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 51,401 shares of the software maker’s stock after buying an additional 23,301 shares during the quarter. Boston Partners owned about 0.06% of RingCentral worth $1,800,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Principal Financial Group Inc. acquired a new position in shares of RingCentral in the third quarter valued at about $233,000. Victory Capital Management Inc. raised its position in RingCentral by 14.8% during the 3rd quarter. Victory Capital Management Inc. now owns 133,515 shares of the software maker’s stock worth $4,223,000 after buying an additional 17,215 shares during the last quarter. KBC Group NV lifted its stake in RingCentral by 38.9% during the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after acquiring an additional 744 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of RingCentral by 65.9% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 381,178 shares of the software maker’s stock valued at $12,057,000 after acquiring an additional 151,433 shares during the last quarter. Finally, Intech Investment Management LLC acquired a new stake in shares of RingCentral in the third quarter worth $1,152,000. 98.61% of the stock is owned by institutional investors and hedge funds.

RingCentral Price Performance

Shares of NYSE:RNG opened at $26.89 on Friday. RingCentral, Inc. has a 1 year low of $26.22 and a 1 year high of $42.19. The firm has a market capitalization of $2.44 billion, a PE ratio of -42.01, a P/E/G ratio of 1.27 and a beta of 1.20. The business’s 50 day moving average price is $31.41 and its 200-day moving average price is $33.46.

RingCentral (NYSE:RNG) last released its earnings results 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). The business had revenue of $614.51 million for the quarter, compared to analysts’ expectations of $612.37 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. As a group, analysts expect that RingCentral, Inc. will post 1.29 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Vladimir Shmunis sold 66,112 shares of the stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $28.83, for a total value of $1,906,008.96. Following the completion of the sale, the chief executive officer now owns 568,300 shares of the company’s stock, valued at approximately $16,384,089. This trade represents a 10.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP John H. Marlow sold 35,089 shares of the business’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $28.56, for a total value of $1,002,141.84. Following the transaction, the senior vice president now directly owns 313,510 shares in the company, valued at $8,953,845.60. This trade represents a 10.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 247,740 shares of company stock valued at $7,099,279 in the last ninety days. 6.97% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have weighed in on RNG shares. Robert W. Baird cut their price target on RingCentral from $38.00 to $32.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 25th. Barclays lowered their price objective on RingCentral from $37.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Friday, February 21st. Raymond James cut their target price on shares of RingCentral from $45.00 to $40.00 and set an “outperform” rating for the company in a report on Friday, February 21st. Wells Fargo & Company restated an “underweight” rating and set a $30.00 price target (down previously from $38.00) on shares of RingCentral in a research report on Tuesday, January 7th. Finally, Needham & Company LLC decreased their price objective on shares of RingCentral from $42.00 to $36.00 and set a “buy” rating for the company in a research report on Friday, February 21st. One investment 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 MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $37.69.

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.