RingCentral, Inc. (NYSE:RNG) Shares Bought by Intellectus Partners LLC

Intellectus Partners LLC grew its holdings in RingCentral, Inc. (NYSE:RNG) by 21.9% in the third quarter, Holdings Channel.com reports. The institutional investor owned 23,900 shares of the software maker’s stock after acquiring an additional 4,300 shares during the quarter. Intellectus Partners LLC’s holdings in RingCentral were worth $756,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. KBC Group NV lifted its position 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 period. Victory Capital Management Inc. raised its stake 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 worth $4,223,000 after purchasing an additional 17,215 shares during the last quarter. Venturi Wealth Management LLC lifted its holdings 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 worth $59,000 after purchasing an additional 1,119 shares during the period. State of New Jersey Common Pension Fund D grew its position in RingCentral by 9.4% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 58,947 shares of the software maker’s stock valued at $1,864,000 after buying an additional 5,085 shares during the last quarter. Finally, Principal Financial Group Inc. acquired a new position in RingCentral in the 3rd quarter valued at $233,000. Hedge funds and other institutional investors own 98.61% of the company’s stock.

RingCentral Trading Down 2.6 %

NYSE:RNG opened at $35.79 on Friday. The company has a market capitalization of $3.29 billion, a P/E ratio of -33.76, a price-to-earnings-growth ratio of 2.41 and a beta of 0.99. The firm has a 50-day moving average price of $32.75 and a two-hundred day moving average price of $32.45. RingCentral, Inc. has a twelve month low of $26.98 and a twelve month high of $40.98.

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

Analyst Upgrades and Downgrades

Several research firms have recently commented on RNG. StockNews.com upgraded shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research note on Monday, November 11th. Robert W. Baird lifted their price objective on RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a report on Monday, November 11th. Needham & Company LLC reissued a “buy” rating and set a $42.00 target price on shares of RingCentral in a research note on Monday, November 11th. Northland Securities lifted their price target on RingCentral from $43.00 to $50.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on RingCentral from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, August 6th. Eight investment analysts have rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, RingCentral has a consensus rating of “Moderate Buy” and an average price target of $40.73.

Insider Transactions at RingCentral

In related news, CFO Vaibhav Agarwal sold 1,985 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total transaction of $62,329.00. Following the sale, the chief financial officer now owns 135,560 shares in the company, valued at approximately $4,256,584. This trade represents a 1.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Vladimir Shmunis sold 62,244 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $32.51, for a total value of $2,023,552.44. Following the completion of the transaction, the chief executive officer now owns 573,725 shares of the company’s stock, valued at $18,651,799.75. This trade represents a 9.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 103,824 shares of company stock valued at $3,386,396 over the last three months. 6.76% of the stock is currently owned by insiders.

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.