Beaumont Financial Advisors LLC Makes New Investment in RingCentral, Inc. (NYSE:RNG)

Beaumont Financial Advisors LLC acquired a new position in RingCentral, Inc. (NYSE:RNG - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 7,481 shares of the software maker's stock, valued at approximately $262,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in RNG. Point72 DIFC Ltd bought a new stake in shares of RingCentral in the 2nd quarter valued at about $39,000. Venturi Wealth Management LLC grew its holdings in RingCentral by 150.4% in the third quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker's stock worth $59,000 after purchasing an additional 1,119 shares during the last quarter. Quarry LP increased its position in shares of RingCentral by 106.7% during the third quarter. Quarry LP now owns 1,902 shares of the software maker's stock worth $60,000 after purchasing an additional 982 shares in the last quarter. KBC Group NV raised its stake in RingCentral by 38.9% in the third 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 last quarter. Finally, Central Pacific Bank Trust Division purchased a new position in shares of RingCentral in the 3rd quarter valued at approximately $121,000. Institutional investors own 98.61% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Morgan Stanley raised their target price on RingCentral from $38.00 to $40.00 and gave the stock an "equal weight" rating in a research note on Wednesday, December 18th. Wedbush boosted their target price 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. Raymond James reaffirmed an "outperform" rating and set a $45.00 price target (down from $50.00) on shares of RingCentral in a research report on Friday, January 3rd. Robert W. Baird increased 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. Finally, Mizuho restated a "neutral" rating and issued a $42.00 price objective on shares of RingCentral in a research report on Friday, December 13th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, RingCentral currently has a consensus rating of "Hold" and an average target price of $41.29.

Insiders Place Their Bets

In related news, CFO Vaibhav Agarwal sold 2,178 shares of RingCentral stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $35.27, for a total transaction of $76,818.06. Following the sale, the chief financial officer now directly owns 135,560 shares of the company's stock, valued at $4,781,201.20. This trade represents a 1.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ned D. Segal sold 2,914 shares of the business's stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $41.60, for a total transaction of $121,222.40. Following the completion of the sale, the director now directly owns 10,633 shares in the company, valued at $442,332.80. This trade represents a 21.51 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 115,188 shares of company stock worth $4,113,047. 6.97% of the stock is owned by insiders.

RingCentral Stock Up 0.8 %

Shares of NYSE RNG traded up $0.28 during trading on Friday, reaching $34.67. 807,866 shares of the stock were exchanged, compared to its average volume of 1,222,422. RingCentral, Inc. has a twelve month low of $26.98 and a twelve month high of $42.19. The company has a market capitalization of $3.14 billion, a price-to-earnings ratio of -32.71, a price-to-earnings-growth ratio of 1.40 and a beta of 0.99. The business's 50-day moving average price is $36.58 and its 200 day moving average price is $33.99.

RingCentral (NYSE:RNG - Get Free Report) last released its earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.10. The firm had revenue of $608.77 million during the quarter, compared to analyst estimates 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 expect that RingCentral, Inc. will post 0.84 earnings per share for the current fiscal 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.