Zurcher Kantonalbank Zurich Cantonalbank Purchases 8,318 Shares of RingCentral, Inc. (NYSE:RNG)

Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in RingCentral, Inc. (NYSE:RNG) by 57.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,682 shares of the software maker’s stock after acquiring an additional 8,318 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in RingCentral were worth $717,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of RNG. Sovereign Financial Group Inc. boosted its stake in RingCentral by 6.9% in the third quarter. Sovereign Financial Group Inc. now owns 9,693 shares of the software maker’s stock worth $307,000 after purchasing an additional 625 shares in the last quarter. Xponance Inc. lifted its position in RingCentral by 6.8% during the 2nd quarter. Xponance Inc. now owns 11,122 shares of the software maker’s stock worth $314,000 after buying an additional 704 shares in the last quarter. KBC Group NV grew its holdings in RingCentral by 38.9% during the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after acquiring an additional 744 shares during the last quarter. Private Advisor Group LLC increased its position in RingCentral by 13.6% in the 3rd quarter. Private Advisor Group LLC now owns 8,119 shares of the software maker’s stock valued at $257,000 after acquiring an additional 971 shares in the last quarter. Finally, Lecap Asset Management Ltd. increased its position in RingCentral by 3.0% in the 2nd quarter. Lecap Asset Management Ltd. now owns 34,325 shares of the software maker’s stock valued at $968,000 after acquiring an additional 1,001 shares in the last quarter. 98.61% of the stock is currently owned by institutional investors.

Insider Transactions at RingCentral

In other RingCentral news, Director Robert I. Theis sold 1,457 shares of the stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $37.79, for a total transaction of $55,060.03. Following the completion of the transaction, the director now owns 28,690 shares in the company, valued at approximately $1,084,195.10. This represents a 4.83 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 value of $2,323,126.96. Following the completion of the sale, the chief executive officer now owns 479,468 shares in the company, valued at approximately $16,762,201.28. This trade represents a 12.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 105,539 shares of company stock valued at $3,687,477 over the last 90 days. 6.76% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Needham & Company LLC reissued a “buy” rating and set a $42.00 price target on shares of RingCentral in a research note on Monday, November 11th. Raymond James reduced their price objective on RingCentral from $52.00 to $50.00 and set a “strong-buy” rating on the stock in a report on Friday, November 8th. Piper Sandler lifted their target price on RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. StockNews.com raised RingCentral from a “buy” rating to a “strong-buy” rating in a research note on Monday, November 11th. Finally, Wedbush lifted their price objective on RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Eight analysts have rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $40.73.

RingCentral Stock Performance

Shares of NYSE:RNG opened at $41.03 on Friday. The company has a 50 day moving average price of $35.08 and a two-hundred day moving average price of $32.82. The company has a market capitalization of $3.71 billion, a PE ratio of -38.71, a PEG ratio of 2.35 and a beta of 0.99. RingCentral, Inc. has a 52 week low of $26.98 and a 52 week high of $41.04.

RingCentral (NYSE:RNG) last released its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, beating 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%. On average, sell-side analysts forecast that RingCentral, Inc. will post 0.84 earnings per share 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.