16,360 Shares in RingCentral, Inc. (NYSE:RNG) Bought by Grant Private Wealth Management Inc

Grant Private Wealth Management Inc bought a new position in RingCentral, Inc. (NYSE:RNG - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 16,360 shares of the software maker's stock, valued at approximately $576,000.

A number of other institutional investors have also added to or reduced their stakes in RNG. Charles Schwab Investment Management Inc. lifted its holdings in shares of RingCentral by 7.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 822,087 shares of the software maker's stock worth $26,003,000 after acquiring an additional 59,570 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of RingCentral by 9.0% during the third quarter. The Manufacturers Life Insurance Company now owns 15,765 shares of the software maker's stock valued at $499,000 after buying an additional 1,296 shares during the last quarter. D.A. Davidson & CO. increased its holdings in shares of RingCentral by 12.0% in the third quarter. D.A. Davidson & CO. now owns 10,599 shares of the software maker's stock worth $335,000 after buying an additional 1,134 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in RingCentral by 57.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,682 shares of the software maker's stock valued at $717,000 after acquiring an additional 8,318 shares during the period. Finally, Holocene Advisors LP grew its position in RingCentral by 72.3% during the 3rd quarter. Holocene Advisors LP now owns 116,123 shares of the software maker's stock worth $3,673,000 after acquiring an additional 48,712 shares during the last quarter. Institutional investors own 98.61% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Needham & Company LLC dropped their price objective on RingCentral from $42.00 to $36.00 and set a "buy" rating for the company in a research note on Friday, February 21st. Wells Fargo & Company reissued an "underweight" rating and set a $30.00 price objective (down previously from $38.00) on shares of RingCentral in a research report on Tuesday, January 7th. Piper Sandler reduced their target price on shares of RingCentral from $38.00 to $31.00 and set a "neutral" rating on the stock in a research report on Friday, February 21st. StockNews.com lowered shares of RingCentral from a "strong-buy" rating to a "buy" rating in a research note on Tuesday, April 1st. Finally, UBS Group decreased their target price on shares of RingCentral from $40.00 to $38.00 and set a "neutral" rating for the company in a research note on Friday, February 21st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, RingCentral presently has a consensus rating of "Hold" and an average price target of $37.69.

RingCentral Stock Performance

Shares of RNG traded up $0.06 during mid-day trading on Tuesday, hitting $22.34. 466,486 shares of the stock were exchanged, compared to its average volume of 1,304,283. The firm has a 50-day moving average of $29.60 and a two-hundred day moving average of $33.23. RingCentral, Inc. has a 52-week low of $20.59 and a 52-week high of $42.19. The company has a market cap of $2.03 billion, a PE ratio of -34.81, a price-to-earnings-growth ratio of 1.27 and a beta of 1.30.

RingCentral (NYSE:RNG - Get Free Report) last issued its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 EPS for the quarter, missing analysts' consensus estimates of $0.96 by ($0.73). RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. The business had revenue of $614.51 million during the quarter, compared to analysts' expectations of $612.37 million. On average, sell-side analysts predict that RingCentral, Inc. will post 1.29 EPS for the current year.

Insider Buying and Selling

In other RingCentral news, SVP John H. Marlow sold 35,089 shares of RingCentral stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $28.56, for a total transaction of $1,002,141.84. Following the completion of the sale, the senior vice president now owns 313,510 shares of the company's stock, valued at approximately $8,953,845.60. The trade was a 10.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Vladimir Shmunis sold 66,112 shares of RingCentral stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $28.83, for a total value of $1,906,008.96. Following the sale, the chief executive officer now directly owns 568,300 shares of the company's stock, valued at $16,384,089. This trade represents a 10.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 247,740 shares of company stock worth $7,099,279 in the last 90 days. 6.97% of the stock is owned by corporate insiders.

RingCentral Company 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.