272 Capital LP Buys Shares of 13,783 RingCentral, Inc. (NYSE:RNG)

272 Capital LP bought a new stake in RingCentral, Inc. (NYSE:RNG) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 13,783 shares of the software maker’s stock, valued at approximately $436,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in RNG. Point72 DIFC Ltd acquired a new stake in shares of RingCentral in the 2nd quarter valued at approximately $39,000. Venturi Wealth Management LLC lifted its stake in shares of RingCentral by 150.4% in the 3rd 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 during the last quarter. Quarry LP boosted its holdings in shares of RingCentral by 106.7% during the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker’s stock valued at $60,000 after acquiring an additional 982 shares in the last quarter. KBC Group NV grew 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 last quarter. Finally, Central Pacific Bank Trust Division bought a new position in RingCentral in the third quarter valued at about $121,000. Institutional investors own 98.61% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on RNG. Piper Sandler raised their price objective on shares of RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $42.00 target price on shares of RingCentral in a research report on Monday, November 11th. Raymond James decreased their price target on RingCentral from $52.00 to $50.00 and set a “strong-buy” rating for the company in a research note on Friday, November 8th. Robert W. Baird upped their price objective on shares of RingCentral from $36.00 to $38.00 and gave the company a “neutral” rating in a research note on Monday, November 11th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $45.00 target price on shares of RingCentral in a research note on Friday, November 8th. Eight investment analysts have rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $41.43.

RingCentral Stock Performance

Shares of RingCentral stock opened at $40.70 on Friday. RingCentral, Inc. has a 52 week low of $26.98 and a 52 week high of $42.19. The stock has a 50 day moving average price of $35.91 and a two-hundred day moving average price of $33.00. The stock has a market capitalization of $3.68 billion, a PE ratio of -39.01, a price-to-earnings-growth ratio of 2.65 and a beta of 0.99.

RingCentral (NYSE:RNG) last issued its quarterly earnings data 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. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. The firm had revenue of $608.77 million during the quarter, compared to analysts’ expectations of $601.91 million. Research analysts forecast that RingCentral, Inc. will post 0.84 EPS for the current year.

Insider Transactions at RingCentral

In other RingCentral news, Director Robert I. Theis sold 1,457 shares of RingCentral stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $37.79, for a total transaction of $55,060.03. Following the transaction, the director now owns 28,690 shares of the company’s stock, valued at $1,084,195.10. This trade represents a 4.83 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Vaibhav Agarwal sold 1,985 shares of the stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total value of $62,329.00. Following the sale, the chief financial officer now directly owns 135,560 shares of the company’s stock, valued at $4,256,584. The trade was a 1.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 114,259 shares of company stock valued at $4,054,153 over the last ninety days. 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.