Fort Washington Investment Advisors Inc. OH Has $19.27 Million Stock Holdings in RingCentral, Inc. (NYSE:RNG)

Fort Washington Investment Advisors Inc. OH grew its holdings in RingCentral, Inc. (NYSE:RNG) by 32.5% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 550,304 shares of the software maker’s stock after acquiring an additional 134,928 shares during the period. Fort Washington Investment Advisors Inc. OH owned 0.61% of RingCentral worth $19,266,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Pacer Advisors Inc. boosted its holdings in RingCentral by 45.3% in the third quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock worth $83,483,000 after purchasing an additional 822,892 shares in the last quarter. Hennessy Advisors Inc. acquired a new position in shares of RingCentral during the 4th quarter valued at about $59,055,000. AQR Capital Management LLC raised its stake in shares of RingCentral by 2.4% in the 2nd quarter. AQR Capital Management LLC now owns 881,109 shares of the software maker’s stock valued at $24,706,000 after acquiring an additional 20,666 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in RingCentral by 7.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 822,087 shares of the software maker’s stock worth $26,003,000 after purchasing an additional 59,570 shares during the last quarter. Finally, Cubist Systematic Strategies LLC boosted its position in RingCentral by 130.1% during the second quarter. Cubist Systematic Strategies LLC now owns 414,347 shares of the software maker’s stock worth $11,685,000 after purchasing an additional 234,238 shares during the period. Institutional investors and hedge funds own 98.61% of the company’s stock.

RingCentral Stock Down 0.7 %

Shares of RNG opened at $34.05 on Thursday. The company has a 50-day moving average price of $36.63 and a two-hundred day moving average price of $33.99. The stock has a market cap of $3.08 billion, a price-to-earnings ratio of -32.12, a P/E/G ratio of 1.39 and a beta of 0.99. RingCentral, Inc. has a 12 month low of $26.98 and a 12 month high of $42.19.

RingCentral (NYSE:RNG) last announced its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, beating the consensus estimate of $0.14 by $0.10. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. The business had revenue of $608.77 million for the quarter, compared to analyst estimates of $601.91 million. Equities research analysts expect that RingCentral, Inc. will post 0.84 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Wedbush boosted their price objective on shares of RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Mizuho reissued a “neutral” rating and set a $42.00 target price on shares of RingCentral in a research report on Friday, December 13th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $45.00 price target on shares of RingCentral in a research report on Friday, November 8th. Morgan Stanley boosted their price objective on RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 18th. Finally, Wells Fargo & Company reaffirmed an “underweight” rating and issued a $30.00 price target (down from $38.00) on shares of RingCentral in a research report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $41.29.

Insider Activity at RingCentral

In other news, CFO Vaibhav Agarwal sold 2,178 shares of RingCentral stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $35.27, for a total value of $76,818.06. Following the completion of the transaction, the chief financial officer now owns 135,560 shares in the company, valued at approximately $4,781,201.20. The trade was a 1.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP John H. Marlow sold 23,284 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $34.96, for a total value of $814,008.64. Following the sale, the senior vice president now owns 357,818 shares in the company, valued at approximately $12,509,317.28. This trade represents a 6.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 115,188 shares of company stock valued at $4,113,047 in the last ninety days. Insiders own 6.97% of the company’s stock.

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.