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

272 Capital LP purchased a new position in shares of RingCentral, Inc. (NYSE:RNG - Free Report) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 13,783 shares of the software maker's stock, valued at approximately $436,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Versant Capital Management Inc boosted its position in RingCentral by 138.3% in the 2nd quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker's stock valued at $32,000 after buying an additional 664 shares during the last quarter. Point72 DIFC Ltd bought a new position in shares of RingCentral in the 2nd quarter valued at about $39,000. Venturi Wealth Management LLC grew its position in shares of RingCentral by 150.4% during the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker's stock worth $59,000 after buying an additional 1,119 shares during the period. KBC Group NV raised its stake 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 worth $84,000 after buying an additional 744 shares during the last quarter. Finally, Central Pacific Bank Trust Division acquired a new position in RingCentral in the third quarter valued at approximately $121,000. 98.61% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO Vaibhav Agarwal sold 1,985 shares of the company's stock in a transaction dated 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 approximately $4,256,584. This represents a 1.44 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP John H. Marlow sold 23,284 shares of the firm's stock in a transaction dated Thursday, November 21st. The shares were 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 of the company's stock, 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 104,082 shares of company stock valued at $3,632,417 in the last three months. 6.76% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Raymond James lowered their target price on shares of RingCentral from $52.00 to $50.00 and set a "strong-buy" rating for the company in a report on Friday, November 8th. Rosenblatt Securities reiterated a "buy" rating and issued a $45.00 price objective on shares of RingCentral in a report on Friday, November 8th. Piper Sandler raised their target price on RingCentral from $31.00 to $38.00 and gave the stock a "neutral" rating in a report on Friday, November 8th. Deutsche Bank Aktiengesellschaft upped their price target on RingCentral from $42.00 to $45.00 and gave the company a "buy" rating in a research note on Tuesday, August 6th. Finally, Wedbush lifted their price objective on shares of RingCentral from $36.00 to $41.00 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 given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $40.73.

RingCentral Price Performance

RNG stock traded down $0.43 during trading hours on Friday, reaching $37.63. 380,904 shares of the stock were exchanged, compared to its average volume of 1,292,477. The company has a market cap of $3.40 billion, a price-to-earnings ratio of -35.50, a PEG ratio of 2.39 and a beta of 0.99. RingCentral, Inc. has a 12 month low of $26.98 and a 12 month high of $40.98. The firm's 50-day moving average is $34.28 and its 200-day moving average is $32.73.

RingCentral (NYSE:RNG - Get Free Report) last issued its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.10. The company had revenue of $608.77 million during the quarter, compared to analysts' expectations 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, equities research analysts forecast that RingCentral, Inc. will post 0.84 earnings per share for the current year.

RingCentral 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.