Y Intercept Hong Kong Ltd Buys Shares of 35,800 RingCentral, Inc. (NYSE:RNG)

Y Intercept Hong Kong Ltd acquired a new position in RingCentral, Inc. (NYSE:RNG - Free Report) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 35,800 shares of the software maker's stock, valued at approximately $1,132,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in RNG. Sovereign Financial Group Inc. grew its holdings in shares of RingCentral by 6.9% during the 3rd quarter. Sovereign Financial Group Inc. now owns 9,693 shares of the software maker's stock worth $307,000 after purchasing an additional 625 shares during the period. Xponance Inc. grew its stake in shares of RingCentral by 6.8% in the second quarter. Xponance Inc. now owns 11,122 shares of the software maker's stock valued at $314,000 after buying an additional 704 shares in the last quarter. KBC Group NV raised its holdings in shares of RingCentral by 38.9% in the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker's stock valued at $84,000 after buying an additional 744 shares during the period. Private Advisor Group LLC boosted its holdings in RingCentral by 13.6% during the 3rd quarter. Private Advisor Group LLC now owns 8,119 shares of the software maker's stock valued at $257,000 after acquiring an additional 971 shares during the period. Finally, Quarry LP grew its position in RingCentral by 106.7% in 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. Institutional investors and hedge funds own 98.61% of the company's stock.

Insider Buying and Selling

In related news, SVP John H. Marlow sold 8,720 shares of the stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $42.05, for a total transaction of $366,676.00. Following the completion of the sale, the senior vice president now directly owns 334,869 shares of the company's stock, valued at $14,081,241.45. This trade represents a 2.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Vladimir Shmunis sold 66,451 shares of RingCentral stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $34.96, for a total transaction of $2,323,126.96. Following the completion of the transaction, the chief executive officer now owns 479,468 shares in the company, valued at approximately $16,762,201.28. This trade represents a 12.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 114,259 shares of company stock valued at $4,054,153 over the last quarter. 6.76% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms have recently commented on RNG. Wedbush raised their price objective on shares of RingCentral from $36.00 to $41.00 and gave the company a "neutral" rating in a research note on Friday, November 8th. StockNews.com raised shares of RingCentral from a "buy" rating to a "strong-buy" rating in a research report on Monday, November 11th. Piper Sandler upped their price objective on RingCentral from $31.00 to $38.00 and gave the stock a "neutral" rating in a research report on Friday, November 8th. Needham & Company LLC reaffirmed a "buy" rating and issued a $42.00 price target on shares of RingCentral in a research report on Monday, November 11th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $45.00 price objective on shares of RingCentral in a research report on Friday, November 8th. Eight research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $40.73.

RingCentral Stock Performance

NYSE RNG traded down $0.47 on Thursday, reaching $41.35. The stock had a trading volume of 1,137,467 shares, compared to its average volume of 1,235,906. The stock has a market cap of $3.74 billion, a P/E ratio of -39.45, a price-to-earnings-growth ratio of 2.60 and a beta of 0.99. The business's 50-day moving average price is $35.70 and its 200 day moving average price is $32.94. RingCentral, Inc. has a 12-month low of $26.98 and a 12-month high of $42.19.

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 analysts' consensus estimates of $0.14 by $0.10. The firm 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%. On average, sell-side analysts predict 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.