OLD National Bancorp IN cut its stake in shares of RingCentral, Inc. (NYSE:RNG – Free Report) by 4.9% during the 4th quarter, Holdings Channel.com reports. The fund owned 31,268 shares of the software maker’s stock after selling 1,599 shares during the period. OLD National Bancorp IN’s holdings in RingCentral were worth $1,062,000 as of its most recent SEC filing.
Several other large investors have also bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in RingCentral by 4.9% during the 3rd quarter. Vanguard Group Inc. now owns 9,988,881 shares of the software maker’s stock valued at $295,971,000 after acquiring an additional 469,280 shares in the last quarter. Sylebra Capital LLC bought a new stake in shares of RingCentral during the 3rd quarter worth $242,462,000. Ameriprise Financial Inc. raised its stake in shares of RingCentral by 515.7% during the 3rd quarter. Ameriprise Financial Inc. now owns 2,716,470 shares of the software maker’s stock worth $80,489,000 after purchasing an additional 2,275,245 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of RingCentral by 10.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 730,242 shares of the software maker’s stock worth $21,637,000 after purchasing an additional 67,229 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in RingCentral by 9.2% in the 3rd quarter. Bank of New York Mellon Corp now owns 678,036 shares of the software maker’s stock valued at $20,090,000 after acquiring an additional 57,358 shares during the period. 98.61% of the stock is currently owned by institutional investors.
Insiders Place Their Bets
In other RingCentral news, CFO Vaibhav Agarwal sold 6,224 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $31.55, for a total value of $196,367.20. Following the completion of the sale, the chief financial officer now owns 130,753 shares of the company’s stock, valued at $4,125,257.15. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CFO Vaibhav Agarwal sold 6,224 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $31.55, for a total transaction of $196,367.20. Following the completion of the transaction, the chief financial officer now owns 130,753 shares in the company, valued at $4,125,257.15. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Kenneth A. Goldman sold 1,287 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $34.47, for a total value of $44,362.89. Following the transaction, the director now owns 23,688 shares of the company’s stock, valued at approximately $816,525.36. The disclosure for this sale can be found here. Insiders sold a total of 23,608 shares of company stock valued at $800,974 over the last quarter. 6.76% of the stock is owned by corporate insiders.
Wall Street Analyst Weigh In
Read Our Latest Research Report on RingCentral
RingCentral Price Performance
Shares of RNG opened at $30.54 on Wednesday. The firm has a market cap of $2.82 billion, a P/E ratio of -17.45, a P/E/G ratio of 3.13 and a beta of 0.92. The stock has a 50 day simple moving average of $33.02 and a two-hundred day simple moving average of $31.84. RingCentral, Inc. has a 1 year low of $25.08 and a 1 year high of $43.28.
RingCentral (NYSE:RNG – Get Free Report) last issued its earnings results on Tuesday, February 20th. The software maker reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.31). The business had revenue of $571.27 million during the quarter, compared to analyst estimates of $569.65 million. On average, equities analysts anticipate that RingCentral, Inc. will post 0.45 earnings per share for the current year.
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.
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