Landscape Capital Management L.L.C. Makes New Investment in RingCentral, Inc. (NYSE:RNG)

Landscape Capital Management L.L.C. purchased a new stake in shares of RingCentral, Inc. (NYSE:RNG - Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 21,629 shares of the software maker's stock, valued at approximately $684,000.

Other institutional investors have also added to or reduced their stakes in the company. Versant Capital Management Inc raised its stake in shares of RingCentral by 138.3% during the second quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker's stock valued at $32,000 after acquiring an additional 664 shares during the last quarter. Point72 DIFC Ltd bought a new position in RingCentral during the 2nd quarter valued at approximately $39,000. Venturi Wealth Management LLC lifted its holdings in RingCentral by 150.4% in the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker's stock worth $59,000 after buying an additional 1,119 shares during the period. KBC Group NV grew 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 worth $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 during the third quarter valued at approximately $121,000. Hedge funds and other institutional investors own 98.61% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on RNG. Needham & Company LLC reiterated a "buy" rating and issued a $42.00 price target on shares of RingCentral in a report on Monday, November 11th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of RingCentral from $42.00 to $45.00 and gave the company a "buy" rating in a research report on Tuesday, August 6th. Rosenblatt Securities restated a "buy" rating and issued a $45.00 price objective on shares of RingCentral in a report on Friday, November 8th. Robert W. Baird upped their target price on RingCentral from $36.00 to $38.00 and gave the stock a "neutral" rating in a report on Monday, November 11th. Finally, Northland Securities raised their target price on RingCentral from $43.00 to $50.00 and gave the company an "outperform" rating in a research note on Friday, August 2nd. Eight analysts have rated the stock with a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, RingCentral currently has an average rating of "Moderate Buy" and a consensus target price of $40.73.

RingCentral Stock Up 5.9 %

Shares of NYSE RNG traded up $2.04 during midday trading on Friday, hitting $36.91. The stock had a trading volume of 1,329,316 shares, compared to its average volume of 1,308,540. The company has a market cap of $3.34 billion, a P/E ratio of -34.82, a PEG ratio of 2.21 and a beta of 0.99. The business's 50 day moving average is $33.47 and its 200-day moving average is $32.64. RingCentral, Inc. has a 52 week low of $26.98 and a 52 week high of $40.98.

RingCentral (NYSE:RNG - Get Free Report) last issued its earnings results on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, beating the consensus estimate of $0.14 by $0.10. The business had revenue of $608.77 million for the quarter, compared to the consensus estimate of $601.91 million. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. As a group, analysts expect that RingCentral, Inc. will post 0.84 EPS for the current fiscal year.

Insider Activity at RingCentral

In other RingCentral news, CFO Vaibhav Agarwal sold 1,985 shares of the business's stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total transaction of $62,329.00. Following the completion of the sale, the chief financial officer now directly owns 135,560 shares in the company, valued at approximately $4,256,584. The trade was a 1.44 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Vladimir Shmunis sold 66,451 shares of the firm's stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $34.96, for a total value of $2,323,126.96. Following the completion of the transaction, the chief executive officer now owns 479,468 shares in the company, valued at approximately $16,762,201.28. This trade represents a 12.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 104,082 shares of company stock valued at $3,632,417 over the last ninety days. 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.