Heritage Investors Management Corp Increases Stock Position in RingCentral, Inc. (NYSE:RNG)

Heritage Investors Management Corp increased its position in shares of RingCentral, Inc. (NYSE:RNG) by 0.2% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 159,837 shares of the software maker’s stock after buying an additional 375 shares during the period. Heritage Investors Management Corp’s holdings in RingCentral were worth $5,596,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in RNG. Venturi Wealth Management LLC grew its stake 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. Quarry LP grew its stake in 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 purchasing an additional 982 shares in the last quarter. KBC Group NV grew its stake in RingCentral by 38.9% during the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after purchasing an additional 744 shares in the last quarter. Central Pacific Bank Trust Division increased its holdings in RingCentral by 31.1% during the 4th quarter. Central Pacific Bank Trust Division now owns 5,033 shares of the software maker’s stock worth $176,000 after purchasing an additional 1,194 shares during the last quarter. Finally, Point72 DIFC Ltd raised its position in shares of RingCentral by 301.1% in the 3rd quarter. Point72 DIFC Ltd now owns 5,535 shares of the software maker’s stock valued at $175,000 after purchasing an additional 4,155 shares in the last quarter. Hedge funds and other institutional investors own 98.61% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Piper Sandler decreased their price target on shares of RingCentral from $38.00 to $31.00 and set a “neutral” rating for the company in a research report on Friday, February 21st. Rosenblatt Securities decreased their price objective on shares of RingCentral from $45.00 to $40.00 and set a “buy” rating for the company in a report on Friday, February 21st. Raymond James dropped their target price on shares of RingCentral from $45.00 to $40.00 and set an “outperform” rating for the company in a research report on Friday, February 21st. Needham & Company LLC reduced their price target on shares of RingCentral from $42.00 to $36.00 and set a “buy” rating on the stock in a research report on Friday, February 21st. Finally, Barclays lowered their price objective on RingCentral from $37.00 to $31.00 and set an “equal weight” rating for the company in a report on Friday, February 21st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $37.69.

RingCentral Trading Down 0.4 %

Shares of RingCentral stock opened at $28.67 on Thursday. The stock has a market capitalization of $2.59 billion, a price-to-earnings ratio of -44.80, a PEG ratio of 1.27 and a beta of 1.01. RingCentral, Inc. has a twelve month low of $26.98 and a twelve month high of $42.19. The business’s 50 day simple moving average is $34.21 and its 200-day simple moving average is $34.17.

RingCentral (NYSE:RNG) last issued its earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.73). The company had revenue of $614.51 million during the quarter, compared to analyst estimates of $612.37 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. Sell-side analysts predict that RingCentral, Inc. will post 1.29 earnings per share for the current year.

Insider Buying and Selling

In other RingCentral news, SVP John H. Marlow sold 35,089 shares of the business’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $28.56, for a total transaction of $1,002,141.84. Following the completion of the transaction, the senior vice president now owns 313,510 shares in the company, valued at approximately $8,953,845.60. The trade was a 10.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Vladimir Shmunis sold 123,560 shares of the firm’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $28.56, for a total value of $3,528,873.60. Following the transaction, the chief executive officer now directly owns 444,740 shares in the company, valued at $12,701,774.40. This trade represents a 21.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 260,831 shares of company stock valued at $7,642,238 in the last quarter. Company insiders own 6.97% of the company’s stock.

About RingCentral

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.