Meeder Asset Management Inc. Takes $244,000 Position in RingCentral, Inc. (NYSE:RNG)

Meeder Asset Management Inc. acquired a new position in RingCentral, Inc. (NYSE:RNG) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 6,962 shares of the software maker’s stock, valued at approximately $244,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Hennessy Advisors Inc. purchased a new position in RingCentral in the 4th quarter worth approximately $59,055,000. Arrowstreet Capital Limited Partnership lifted its holdings in shares of RingCentral by 414.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,445,245 shares of the software maker’s stock worth $50,598,000 after acquiring an additional 1,164,241 shares during the last quarter. Jupiter Asset Management Ltd. grew its position in RingCentral by 4.7% in the fourth quarter. Jupiter Asset Management Ltd. now owns 1,058,753 shares of the software maker’s stock worth $37,067,000 after acquiring an additional 47,827 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in RingCentral by 1.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 832,197 shares of the software maker’s stock valued at $29,135,000 after acquiring an additional 10,110 shares during the last quarter. Finally, Valley Wealth Managers Inc. purchased a new stake in RingCentral during the fourth quarter valued at about $20,792,000. 98.61% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

RNG has been the subject of a number of research reports. Robert W. Baird cut their price objective on RingCentral from $38.00 to $32.00 and set a “neutral” rating for the company in a report on Tuesday, February 25th. UBS Group reduced their price target on shares of RingCentral from $40.00 to $38.00 and set a “neutral” rating on the stock in a research report on Friday, February 21st. StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research note on Monday, March 17th. Needham & Company LLC cut their price objective on shares of RingCentral from $42.00 to $36.00 and set a “buy” rating for the company in a research note on Friday, February 21st. Finally, Mizuho decreased their target price on shares of RingCentral from $42.00 to $36.00 and set a “neutral” rating on the stock in a research report on Monday, February 10th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, RingCentral presently has a consensus rating of “Hold” and an average target price of $37.69.

RingCentral Trading Down 3.1 %

RNG stock opened at $24.78 on Tuesday. The firm’s 50-day moving average price is $30.64 and its two-hundred day moving average price is $33.44. The stock has a market capitalization of $2.25 billion, a price-to-earnings ratio of -38.71, a PEG ratio of 1.27 and a beta of 1.20. RingCentral, Inc. has a 12-month low of $23.89 and a 12-month high of $42.19.

RingCentral (NYSE:RNG) last announced its quarterly 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). RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The business had revenue of $614.51 million for the quarter, compared to analysts’ expectations of $612.37 million. Equities analysts predict that RingCentral, Inc. will post 1.29 EPS for the current year.

Insider Activity at RingCentral

In other RingCentral news, SVP John H. Marlow sold 35,089 shares of the company’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $28.56, for a total value of $1,002,141.84. Following the completion of the transaction, the senior vice president now directly owns 313,510 shares in the company, valued at approximately $8,953,845.60. This represents a 10.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Vladimir Shmunis sold 123,560 shares of RingCentral stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $28.56, for a total transaction of $3,528,873.60. Following the sale, the chief executive officer now directly owns 444,740 shares in the company, valued at $12,701,774.40. The trade was a 21.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 247,740 shares of company stock worth $7,099,279 over the last quarter. 6.97% of the stock is owned by corporate 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.