13,783 Shares in RingCentral, Inc. (NYSE:RNG) Bought by 272 Capital LP

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

Other institutional investors and hedge funds have also made changes to their positions in the company. Comerica Bank raised its stake in RingCentral by 1,715.5% in the first quarter. Comerica Bank now owns 13,090 shares of the software maker's stock valued at $455,000 after buying an additional 12,369 shares in the last quarter. SG Americas Securities LLC raised its position in shares of RingCentral by 782.0% during the 2nd quarter. SG Americas Securities LLC now owns 78,836 shares of the software maker's stock worth $2,223,000 after acquiring an additional 69,898 shares in the last quarter. Wedge Capital Management L L P NC lifted its stake in RingCentral by 14.4% during the second quarter. Wedge Capital Management L L P NC now owns 57,628 shares of the software maker's stock worth $1,625,000 after purchasing an additional 7,251 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. acquired a new position in RingCentral in the second quarter valued at approximately $2,476,000. Finally, Lecap Asset Management Ltd. increased its stake in RingCentral by 3.0% in the second quarter. Lecap Asset Management Ltd. now owns 34,325 shares of the software maker's stock valued at $968,000 after purchasing an additional 1,001 shares during the last quarter. 98.61% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at RingCentral

In related news, Director Ned D. Segal sold 2,914 shares of the firm's stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $41.60, for a total transaction of $121,222.40. Following the sale, the director now directly owns 10,633 shares in the company, valued at approximately $442,332.80. This trade represents a 21.51 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP John H. Marlow sold 23,284 shares of the business's stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $34.96, for a total value of $814,008.64. Following the transaction, the senior vice president now directly owns 357,818 shares in the company, valued at $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. Insiders have sold a total of 117,173 shares of company stock worth $4,175,376 in the last three months. 6.76% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Needham & Company LLC reissued a "buy" rating and issued a $42.00 target price on shares of RingCentral in a research report on Monday, November 11th. Piper Sandler increased their price objective on RingCentral from $31.00 to $38.00 and gave the company a "neutral" rating in a report on Friday, November 8th. StockNews.com raised shares of RingCentral from a "buy" rating to a "strong-buy" rating in a report on Monday, November 11th. Wedbush upped their price target on shares of RingCentral from $36.00 to $41.00 and gave the company a "neutral" rating in a research report on Friday, November 8th. Finally, Rosenblatt Securities reissued a "buy" rating and set a $45.00 price objective on shares of RingCentral in a research report on Friday, November 8th. Eight investment analysts have rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $41.43.

RingCentral Stock Down 5.6 %

Shares of NYSE:RNG traded down $2.30 during trading on Friday, reaching $39.05. The stock had a trading volume of 1,693,479 shares, compared to its average volume of 1,237,813. The stock has a market cap of $3.53 billion, a P/E ratio of -36.72, a PEG ratio of 2.65 and a beta of 0.99. The business has a fifty day moving average price of $35.91 and a 200-day moving average price of $33.00. RingCentral, Inc. has a fifty-two week low of $26.98 and a fifty-two week high of $42.19.

RingCentral (NYSE:RNG - Get Free Report) last released its earnings results on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, beating the consensus estimate of $0.14 by $0.10. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. The firm had revenue of $608.77 million during the quarter, compared to analyst estimates of $601.91 million. As a group, equities analysts forecast that RingCentral, Inc. will post 0.84 EPS for the current year.

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.