36,429 Shares in RingCentral, Inc. (NYSE:RNG) Purchased by Intech Investment Management LLC

Intech Investment Management LLC purchased a new position in RingCentral, Inc. (NYSE:RNG) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 36,429 shares of the software maker’s stock, valued at approximately $1,152,000.

Other institutional investors also recently bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of RingCentral by 65.9% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 381,178 shares of the software maker’s stock valued at $12,057,000 after purchasing an additional 151,433 shares in the last quarter. Intellectus Partners LLC increased its stake in shares of RingCentral by 21.9% during the third quarter. Intellectus Partners LLC now owns 23,900 shares of the software maker’s stock valued at $756,000 after purchasing an additional 4,300 shares in the last quarter. KBC Group NV increased its position in shares of RingCentral by 38.9% during the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after acquiring an additional 744 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of RingCentral by 14.8% during the third quarter. Victory Capital Management Inc. now owns 133,515 shares of the software maker’s stock valued at $4,223,000 after acquiring an additional 17,215 shares in the last quarter. Finally, Venturi Wealth Management LLC increased its position in shares of RingCentral by 150.4% during the third quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock valued at $59,000 after acquiring an additional 1,119 shares in the last quarter. 98.61% of the stock is owned by institutional investors.

Insider Buying and Selling at RingCentral

In other news, CFO Vaibhav Agarwal sold 10,184 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $34.97, for a total value of $356,134.48. Following the sale, the chief financial officer now directly owns 116,306 shares in the company, valued at $4,067,220.82. The trade was a 8.05 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP John H. Marlow sold 23,284 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $34.96, for a total transaction of $814,008.64. Following the completion of the sale, the senior vice president now owns 357,818 shares in the company, valued at approximately $12,509,317.28. This trade represents a 6.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 104,082 shares of company stock worth $3,632,417. Insiders own 6.76% of the company’s stock.

RingCentral Stock Performance

Shares of NYSE RNG opened at $38.06 on Thursday. The company has a market cap of $3.44 billion, a P/E ratio of -35.94, a P/E/G ratio of 2.47 and a beta of 0.99. The firm’s fifty day moving average is $33.82 and its two-hundred day moving average is $32.69. RingCentral, Inc. has a 52-week low of $26.98 and a 52-week high of $40.98.

RingCentral (NYSE:RNG) last announced its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.10. The company had revenue of $608.77 million for the quarter, compared to the consensus estimate of $601.91 million. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. As a group, analysts forecast that RingCentral, Inc. will post 0.84 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on RNG shares. StockNews.com upgraded shares of RingCentral from a “buy” rating to a “strong-buy” rating in a report on Monday, November 11th. Robert W. Baird raised their target price on shares of RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a report on Monday, November 11th. Wells Fargo & Company raised their target price on shares of RingCentral from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Needham & Company LLC reiterated a “buy” rating and set a $42.00 price target on shares of RingCentral in a research note on Monday, November 11th. Finally, Piper Sandler lifted their price target on shares of RingCentral from $31.00 to $38.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Eight research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $40.73.

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.