Intech Investment Management LLC Buys Shares of 36,429 RingCentral, Inc. (NYSE:RNG)

Intech Investment Management LLC purchased a new position in RingCentral, Inc. (NYSE:RNG - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 36,429 shares of the software maker's stock, valued at approximately $1,152,000.

A number of other large investors also recently modified their holdings of RNG. Versant Capital Management Inc lifted its holdings in shares of RingCentral by 138.3% in the second 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 period. Point72 DIFC Ltd purchased a new position in shares of RingCentral in the second quarter worth approximately $39,000. Venturi Wealth Management LLC raised its holdings 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 during the period. KBC Group NV lifted its position 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 acquiring an additional 744 shares in the last quarter. Finally, Central Pacific Bank Trust Division acquired a new position in RingCentral in the 3rd quarter worth approximately $121,000. 98.61% of the stock is owned by institutional investors and hedge funds.

RingCentral Stock Performance

RNG traded down $0.58 during midday trading on Thursday, hitting $38.06. The company had a trading volume of 652,707 shares, compared to its average volume of 1,220,546. RingCentral, Inc. has a twelve month low of $26.98 and a twelve month high of $40.98. The firm's 50-day simple moving average is $33.98 and its 200-day simple moving average is $32.72. The company has a market capitalization of $3.44 billion, a PE ratio of -35.91, a P/E/G ratio of 2.47 and a beta of 0.99.

RingCentral (NYSE:RNG - Get Free Report) last posted its quarterly earnings data 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 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%. As a group, sell-side analysts anticipate that RingCentral, Inc. will post 0.84 EPS for the current fiscal year.

Analyst Ratings Changes

RNG has been the topic of several recent analyst reports. Raymond James cut their target price on shares of RingCentral from $52.00 to $50.00 and set a "strong-buy" rating on the stock in a research note on Friday, November 8th. Deutsche Bank Aktiengesellschaft increased their price objective on RingCentral from $42.00 to $45.00 and gave the stock a "buy" rating in a research note on Tuesday, August 6th. Robert W. Baird raised their price target on shares of RingCentral from $36.00 to $38.00 and gave the stock a "neutral" rating in a report on Monday, November 11th. Piper Sandler boosted their price target on shares of RingCentral from $31.00 to $38.00 and gave the company a "neutral" rating in a report on Friday, November 8th. Finally, Wedbush increased their price objective on RingCentral from $36.00 to $41.00 and gave the stock a "neutral" rating in a report on Friday, November 8th. Eight research analysts have rated the stock with a hold rating, six have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $40.73.

Insiders Place Their Bets

In other RingCentral news, CFO Vaibhav Agarwal sold 1,985 shares of RingCentral stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $31.40, for a total value of $62,329.00. Following the sale, the chief financial officer now owns 135,560 shares of the company's stock, valued at $4,256,584. This trade represents a 1.44 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP John H. Marlow sold 23,284 shares of the stock in a transaction dated 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 owns 357,818 shares of the company's stock, valued at approximately $12,509,317.28. The trade was a 6.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 104,082 shares of company stock worth $3,632,417. Insiders own 6.76% 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.