Victory Capital Management Inc. Grows Stake in RingCentral, Inc. (NYSE:RNG)

Victory Capital Management Inc. boosted its stake in shares of RingCentral, Inc. (NYSE:RNG) by 14.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 133,515 shares of the software maker’s stock after acquiring an additional 17,215 shares during the quarter. Victory Capital Management Inc. owned about 0.15% of RingCentral worth $4,223,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in shares of RingCentral by 5.2% in the first quarter. Vanguard Group Inc. now owns 10,909,549 shares of the software maker’s stock valued at $378,998,000 after acquiring an additional 538,325 shares during the period. Pacer Advisors Inc. raised its position in RingCentral by 25.2% in the 2nd quarter. Pacer Advisors Inc. now owns 1,816,464 shares of the software maker’s stock worth $51,224,000 after purchasing an additional 365,738 shares during the period. Cubist Systematic Strategies LLC lifted its stake in RingCentral by 130.1% in 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 last quarter. Jacobs Levy Equity Management Inc. boosted its position in shares of RingCentral by 163.1% during the first quarter. Jacobs Levy Equity Management Inc. now owns 310,991 shares of the software maker’s stock valued at $10,804,000 after buying an additional 192,766 shares during the period. Finally, Jupiter Asset Management Ltd. grew its stake in shares of RingCentral by 404.2% during the second quarter. Jupiter Asset Management Ltd. now owns 219,187 shares of the software maker’s stock valued at $6,181,000 after buying an additional 175,715 shares during the last quarter. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have commented on RNG shares. Rosenblatt Securities reaffirmed a “buy” rating and issued a $45.00 price objective on shares of RingCentral in a research report on Friday, November 8th. Wells Fargo & Company lifted their price objective on shares of RingCentral from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft upped their target price on shares of RingCentral from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, August 6th. StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Monday, November 11th. Finally, Robert W. Baird boosted their price target on RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a report on Monday, November 11th. Eight equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $40.73.

Insider Transactions at RingCentral

In other RingCentral news, SVP John H. Marlow sold 23,284 shares of the firm’s stock in a transaction 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 completion of the sale, the senior vice president now directly owns 357,818 shares of the company’s stock, valued at $12,509,317.28. This trade represents a 6.11 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Vladimir Shmunis sold 66,451 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $34.96, for a total transaction of $2,323,126.96. Following the transaction, the chief executive officer now directly owns 479,468 shares in the company, valued at approximately $16,762,201.28. The trade was a 12.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 104,082 shares of company stock valued at $3,632,417 over the last 90 days. 6.76% of the stock is currently owned by corporate insiders.

RingCentral Stock Performance

RingCentral stock opened at $36.91 on Friday. The stock has a market capitalization of $3.34 billion, a P/E ratio of -34.82, a P/E/G ratio of 2.26 and a beta of 0.99. The company’s fifty day moving average price is $33.32 and its 200 day moving average price is $32.59. RingCentral, Inc. has a 1 year low of $26.98 and a 1 year high of $40.98.

RingCentral (NYSE:RNG) last released its earnings results on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.10. The business had revenue of $608.77 million during the quarter, compared to analysts’ expectations of $601.91 million. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. Sell-side analysts predict that RingCentral, Inc. will post 0.84 EPS for the current year.

RingCentral 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.