KLP Kapitalforvaltning AS Invests $529,000 in RingCentral, Inc. (NYSE:RNG)

KLP Kapitalforvaltning AS bought a new stake in shares of RingCentral, Inc. (NYSE:RNG - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 15,100 shares of the software maker's stock, valued at approximately $529,000.

A number of other hedge funds and other institutional investors have also modified their holdings of RNG. Fort Washington Investment Advisors Inc. OH boosted its stake in RingCentral by 32.5% in the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 550,304 shares of the software maker's stock worth $19,266,000 after purchasing an additional 134,928 shares during the period. Hennessy Advisors Inc. acquired a new stake in shares of RingCentral in the fourth quarter worth $59,055,000. Beaumont Financial Advisors LLC acquired a new stake in shares of RingCentral in the fourth quarter worth $262,000. 272 Capital LP purchased a new position in shares of RingCentral during the third quarter valued at $436,000. Finally, Harel Insurance Investments & Financial Services Ltd. raised its position in RingCentral by 106.9% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 185,205 shares of the software maker's stock valued at $6,484,000 after buying an additional 95,684 shares during the period. Institutional investors and hedge funds own 98.61% of the company's stock.

RingCentral Price Performance

RNG traded down $0.82 on Tuesday, hitting $21.46. The company had a trading volume of 1,984,903 shares, compared to its average volume of 1,313,894. The stock has a market cap of $1.95 billion, a price-to-earnings ratio of -33.53, a price-to-earnings-growth ratio of 1.27 and a beta of 1.30. The company's fifty day moving average price is $29.03 and its 200 day moving average price is $33.08. RingCentral, Inc. has a 1-year low of $20.59 and a 1-year high of $42.19.

RingCentral (NYSE:RNG - Get Free Report) last posted its quarterly earnings data on Thursday, February 20th. The software maker reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $614.51 million for the quarter, compared to the consensus estimate of $612.37 million. On average, sell-side analysts forecast that RingCentral, Inc. will post 1.29 EPS for the current year.

Insider Activity

In other RingCentral news, SVP John H. Marlow sold 35,089 shares of the firm's stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $28.56, for a total value of $1,002,141.84. Following the sale, the senior vice president now owns 313,510 shares of the company's stock, valued at $8,953,845.60. This trade represents a 10.07 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Vladimir Shmunis sold 123,560 shares of RingCentral stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $28.56, for a total value of $3,528,873.60. Following the completion of the transaction, the chief executive officer now directly owns 444,740 shares in the company, valued at approximately $12,701,774.40. This represents a 21.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 247,740 shares of company stock valued at $7,099,279. 6.97% of the stock is owned by insiders.

Analyst Ratings Changes

RNG has been the topic of several research analyst reports. Morgan Stanley lifted 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. Rosenblatt Securities dropped their price objective on shares of RingCentral from $45.00 to $40.00 and set a "buy" rating on the stock in a research note on Friday, February 21st. Mizuho decreased their target price on shares of RingCentral from $42.00 to $36.00 and set a "neutral" rating for the company in a research note on Monday, February 10th. Wells Fargo & Company restated an "underweight" rating and set a $30.00 price target (down from $38.00) on shares of RingCentral in a report on Tuesday, January 7th. Finally, StockNews.com lowered RingCentral from a "strong-buy" rating to a "buy" rating in a report on Tuesday, April 1st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $37.69.

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.