Wedge Capital Management L L P NC Acquires 7,251 Shares of RingCentral, Inc. (NYSE:RNG)

Wedge Capital Management L L P NC boosted its holdings in shares of RingCentral, Inc. (NYSE:RNG) by 14.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,628 shares of the software maker’s stock after purchasing an additional 7,251 shares during the period. Wedge Capital Management L L P NC owned 0.06% of RingCentral worth $1,625,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Janney Montgomery Scott LLC acquired a new position in shares of RingCentral during the fourth quarter worth approximately $938,000. Panagora Asset Management Inc. raised its holdings in RingCentral by 24.0% during the 4th quarter. Panagora Asset Management Inc. now owns 119,844 shares of the software maker’s stock worth $4,069,000 after purchasing an additional 23,184 shares during the last quarter. Monaco Asset Management SAM bought a new position in shares of RingCentral in the 4th quarter valued at about $1,358,000. Natixis acquired a new position in RingCentral in the first quarter valued at approximately $837,000. Finally, Vanguard Group Inc. raised its position in shares of RingCentral by 3.8% during the 4th quarter. Vanguard Group Inc. now owns 10,371,224 shares of the software maker’s stock valued at $352,103,000 after acquiring an additional 382,343 shares during the last quarter. Institutional investors own 98.61% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on RNG shares. Needham & Company LLC reissued a “buy” rating and issued a $42.00 target price on shares of RingCentral in a research note on Monday, August 5th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of RingCentral from $42.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, August 6th. Robert W. Baird upped their target price on shares of RingCentral from $35.00 to $36.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Rosenblatt Securities raised shares of RingCentral from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $35.00 to $45.00 in a research report on Friday, August 2nd. Finally, Northland Securities upped their price objective on shares of RingCentral from $43.00 to $50.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Eight equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $40.07.

RingCentral Stock Down 1.7 %

Shares of NYSE:RNG traded down $0.57 during midday trading on Friday, reaching $33.39. The company had a trading volume of 121,356 shares, compared to its average volume of 1,172,745. RingCentral, Inc. has a 1-year low of $25.08 and a 1-year high of $38.35. The stock has a market cap of $3.08 billion, a PE ratio of -22.79, a P/E/G ratio of 2.50 and a beta of 1.03. The business’s 50 day moving average price is $31.07 and its 200 day moving average price is $32.57.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Thursday, August 1st. The software maker reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The company had revenue of $592.91 million for the quarter, compared to the consensus estimate of $586.39 million. The company’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.03) EPS. On average, research analysts expect that RingCentral, Inc. will post 0.63 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Vaibhav Agarwal sold 11,406 shares of RingCentral stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $36.01, for a total transaction of $410,730.06. Following the completion of the transaction, the chief financial officer now owns 158,784 shares in the company, valued at $5,717,811.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other RingCentral news, CFO Vaibhav Agarwal sold 11,406 shares of RingCentral stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $36.01, for a total transaction of $410,730.06. Following the completion of the transaction, the chief financial officer now directly owns 158,784 shares of the company’s stock, valued at $5,717,811.84. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Sonalee Elizabeth Parekh sold 8,478 shares of the company’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $34.85, for a total transaction of $295,458.30. Following the completion of the transaction, the chief financial officer now owns 388,919 shares in the company, valued at $13,553,827.15. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 21,869 shares of company stock valued at $762,165. 6.76% of the stock is owned by company insiders.

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.