Neo Ivy Capital Management Makes New Investment in RingCentral, Inc. (NYSE:RNG)

Neo Ivy Capital Management bought a new position in shares of RingCentral, Inc. (NYSE:RNG - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 22,374 shares of the software maker's stock, valued at approximately $708,000.

A number of other institutional investors have also made changes to their positions in RNG. MidWestOne Financial Group Inc. purchased a new position in shares of RingCentral during the 3rd quarter worth approximately $210,000. Y Intercept Hong Kong Ltd acquired a new position in RingCentral during the third quarter worth $1,132,000. Stifel Financial Corp boosted its position in shares of RingCentral by 3.5% during the third quarter. Stifel Financial Corp now owns 51,924 shares of the software maker's stock worth $1,642,000 after buying an additional 1,752 shares during the period. Quantinno Capital Management LP boosted its holdings in RingCentral by 59.1% during the 3rd quarter. Quantinno Capital Management LP now owns 135,474 shares of the software maker's stock valued at $4,285,000 after acquiring an additional 50,329 shares during the period. Finally, Quarry LP boosted its stake in shares of RingCentral by 106.7% in the third quarter. Quarry LP now owns 1,902 shares of the software maker's stock valued at $60,000 after purchasing an additional 982 shares during the period. 98.61% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at RingCentral

In other RingCentral news, SVP John H. Marlow sold 23,284 shares of the business's stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $34.96, for a total value 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. The trade was a 6.11 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Robert I. Theis sold 1,457 shares of the company's stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $37.79, for a total transaction of $55,060.03. Following the transaction, the director now owns 28,690 shares of the company's stock, valued at approximately $1,084,195.10. The trade was a 4.83 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 114,259 shares of company stock worth $4,054,153. 6.76% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Raymond James decreased their target price on RingCentral from $52.00 to $50.00 and set a "strong-buy" rating for the company in a report on Friday, November 8th. Robert W. Baird boosted their price objective on RingCentral from $36.00 to $38.00 and gave the stock a "neutral" rating in a research report on Monday, November 11th. Piper Sandler raised their target price on shares of RingCentral from $31.00 to $38.00 and gave the company a "neutral" rating in a report on Friday, November 8th. Needham & Company LLC reiterated a "buy" rating and set a $42.00 price target on shares of RingCentral in a report on Monday, November 11th. Finally, Rosenblatt Securities restated a "buy" rating and issued a $45.00 price objective on shares of RingCentral in a report on Friday, November 8th. Eight analysts have rated the stock with a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, RingCentral presently has a consensus rating of "Moderate Buy" and a consensus target price of $40.73.

RingCentral Price Performance

Shares of RNG traded down $0.47 during midday trading on Thursday, reaching $41.35. 1,135,623 shares of the stock were exchanged, compared to its average volume of 1,235,906. The company has a market capitalization of $3.74 billion, a price-to-earnings ratio of -39.01, a PEG ratio of 2.60 and a beta of 0.99. RingCentral, Inc. has a twelve month low of $26.98 and a twelve month high of $42.19. The business's 50-day moving average price is $35.91 and its 200 day moving average price is $33.00.

RingCentral (NYSE:RNG - Get Free Report) last announced its earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.14 by $0.10. The business had revenue of $608.77 million for 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, equities research analysts expect that RingCentral, Inc. will post 0.84 earnings per share for the current fiscal year.

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.