RingCentral, Inc. (NYSE:RNG) Shares Purchased by Victory Capital Management Inc.

Victory Capital Management Inc. boosted its holdings in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 35.0% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 116,300 shares of the software maker's stock after acquiring an additional 30,138 shares during the quarter. Victory Capital Management Inc. owned 0.13% of RingCentral worth $3,280,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the business. Versant Capital Management Inc lifted its holdings in shares of RingCentral by 138.3% during the 2nd quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker's stock valued at $32,000 after purchasing an additional 664 shares during the last quarter. Newbridge Financial Services Group Inc. boosted its holdings in RingCentral by 438.1% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 1,200 shares of the software maker's stock worth $41,000 after acquiring an additional 977 shares in the last quarter. Hexagon Capital Partners LLC grew its stake in shares of RingCentral by 44.1% during the first quarter. Hexagon Capital Partners LLC now owns 1,340 shares of the software maker's stock worth $47,000 after acquiring an additional 410 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of RingCentral by 13.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 4,522 shares of the software maker's stock valued at $154,000 after acquiring an additional 540 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of RingCentral by 18.0% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 5,726 shares of the software maker's stock valued at $178,000 after purchasing an additional 874 shares during the last quarter. Institutional investors own 98.61% of the company's stock.

Insider Activity at RingCentral

In other news, CFO Vaibhav Agarwal sold 1,985 shares of the business's stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $28.20, for a total transaction of $55,977.00. Following the sale, the chief financial officer now owns 156,799 shares of the company's stock, valued at approximately $4,421,731.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Vaibhav Agarwal sold 1,985 shares of the business's stock in a transaction on Monday, July 1st. The stock was sold at an average price of $28.20, for a total value of $55,977.00. Following the completion of the transaction, the chief financial officer now directly owns 156,799 shares of the company's stock, valued at $4,421,731.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $33.45, for a total value of $331,589.85. Following the sale, the chief financial officer now directly owns 358,622 shares in the company, valued at approximately $11,995,905.90. The disclosure for this sale can be found here. Insiders sold 103,824 shares of company stock worth $3,380,044 over the last 90 days. Company insiders own 6.76% of the company's stock.

Analysts Set New Price Targets

RNG has been the topic of several recent research reports. Rosenblatt Securities raised shares of RingCentral from a "neutral" rating to a "buy" rating and upped their price objective for the company from $35.00 to $45.00 in a report on Friday, August 2nd. Robert W. Baird boosted their price objective on RingCentral from $35.00 to $36.00 and gave the company a "neutral" rating in a report on Monday, August 5th. Needham & Company LLC restated a "buy" rating and issued a $42.00 target price on shares of RingCentral in a research note on Monday, August 5th. Wells Fargo & Company lifted their price target on RingCentral from $28.00 to $35.00 and gave the company an "equal weight" rating in a research report on Friday, August 2nd. Finally, StockNews.com lowered RingCentral from a "strong-buy" rating to a "buy" rating in a research report on Friday, September 6th. Eight investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $40.07.

RingCentral Trading Down 0.9 %

Shares of RingCentral stock traded down $0.27 on Tuesday, reaching $30.04. 1,069,474 shares of the stock were exchanged, compared to its average volume of 1,195,767. The firm has a market capitalization of $2.77 billion, a PE ratio of -20.38, a PEG ratio of 2.21 and a beta of 1.03. RingCentral, Inc. has a 1-year low of $25.08 and a 1-year high of $38.35. The business has a fifty day moving average price of $32.15 and a two-hundred day moving average price of $32.39.

RingCentral (NYSE:RNG - Get Free Report) last posted its quarterly earnings results on Thursday, August 1st. The software maker reported $0.91 EPS for the quarter, beating the consensus estimate of $0.88 by $0.03. The business had revenue of $592.91 million during the quarter, compared to analyst estimates of $586.39 million. During the same period in the prior year, the business earned ($0.03) earnings per share. The firm's quarterly revenue was up 9.9% compared to the same quarter last year. Research analysts expect that RingCentral, Inc. will post 0.63 EPS for the current 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.