Harel Insurance Investments & Financial Services Ltd. Grows Stake in RingCentral, Inc. (NYSE:RNG)

Harel Insurance Investments & Financial Services Ltd. grew its holdings in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 106.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 185,205 shares of the software maker's stock after purchasing an additional 95,684 shares during the quarter. Harel Insurance Investments & Financial Services Ltd. owned approximately 0.20% of RingCentral worth $6,484,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Point72 DIFC Ltd purchased a new stake in RingCentral during the second quarter worth about $39,000. Venturi Wealth Management LLC increased its stake 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 purchasing an additional 1,119 shares during the last quarter. Quarry LP increased its stake in shares of RingCentral by 106.7% during the 3rd quarter. Quarry LP now owns 1,902 shares of the software maker's stock worth $60,000 after purchasing an additional 982 shares during 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 worth $84,000 after purchasing an additional 744 shares during the period. Finally, Central Pacific Bank Trust Division purchased a new position in RingCentral in the third quarter valued at approximately $121,000. 98.61% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on RNG shares. Morgan Stanley boosted their target price on RingCentral from $38.00 to $40.00 and gave the company an "equal weight" rating in a research note on Wednesday, December 18th. Piper Sandler boosted their price objective on RingCentral from $31.00 to $38.00 and gave the company a "neutral" rating in a research note on Friday, November 8th. Wedbush upped their price objective on shares of RingCentral from $36.00 to $41.00 and gave the company a "neutral" rating in a report on Friday, November 8th. Wells Fargo & Company reiterated an "underweight" rating and issued a $30.00 target price (down previously from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th. Finally, Rosenblatt Securities restated a "buy" rating and set a $45.00 price target on shares of RingCentral in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $41.29.

RingCentral Stock Up 0.8 %

Shares of RNG stock traded up $0.28 on Friday, reaching $34.67. The company's stock had a trading volume of 807,866 shares, compared to its average volume of 950,241. The company has a market capitalization of $3.14 billion, a P/E ratio of -32.71, a PEG ratio of 1.40 and a beta of 0.99. RingCentral, Inc. has a 12-month low of $26.98 and a 12-month high of $42.19. The stock's 50 day simple moving average is $36.56 and its 200-day simple moving average is $34.04.

RingCentral (NYSE:RNG - Get Free Report) last released its quarterly 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. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. The firm had revenue of $608.77 million for the quarter, compared to analysts' expectations of $601.91 million. Research analysts expect that RingCentral, Inc. will post 0.84 EPS for the current year.

Insider Buying and Selling at RingCentral

In related news, SVP John H. Marlow sold 23,284 shares of the firm's stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $34.96, for a total transaction of $814,008.64. Following the transaction, the senior vice president now directly owns 357,818 shares of the company's stock, valued at approximately $12,509,317.28. This trade represents a 6.11 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Vaibhav Agarwal sold 2,178 shares of the business's stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $35.27, for a total value of $76,818.06. Following the completion of the sale, the chief financial officer now owns 135,560 shares of the company's stock, valued at $4,781,201.20. The trade was a 1.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 115,188 shares of company stock worth $4,113,047 over the last three months. 6.97% of the stock is owned by insiders.

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.