Point72 Hong Kong Ltd lifted its holdings in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 294.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 75,355 shares of the software maker's stock after purchasing an additional 56,229 shares during the quarter. Point72 Hong Kong Ltd owned 0.08% of RingCentral worth $2,125,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Versant Capital Management Inc grew its holdings 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 worth $32,000 after purchasing an additional 664 shares in the last quarter. Point72 DIFC Ltd bought a new stake in RingCentral in the 2nd quarter worth approximately $39,000. Newbridge Financial Services Group Inc. lifted its position in RingCentral by 438.1% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 1,200 shares of the software maker's stock worth $41,000 after buying an additional 977 shares during the last quarter. Hexagon Capital Partners LLC lifted its position in RingCentral by 44.1% in the 1st quarter. Hexagon Capital Partners LLC now owns 1,340 shares of the software maker's stock worth $47,000 after buying an additional 410 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its position in RingCentral by 13.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 4,522 shares of the software maker's stock worth $154,000 after buying an additional 540 shares during the last quarter. Hedge funds and other institutional investors own 98.61% of the company's stock.
RingCentral Stock Performance
Shares of RingCentral stock traded up $0.83 during midday trading on Thursday, reaching $31.07. 1,122,661 shares of the company's stock traded hands, compared to its average volume of 1,206,445. The company has a market cap of $2.86 billion, a PE ratio of -20.31, a price-to-earnings-growth ratio of 2.37 and a beta of 1.03. The stock has a 50 day moving average of $32.16 and a 200-day moving average of $32.24. RingCentral, Inc. has a 12 month low of $25.08 and a 12 month high of $38.35.
RingCentral (NYSE:RNG - Get Free Report) last issued its quarterly earnings results on Thursday, August 1st. The software maker reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.03. The firm had revenue of $592.91 million during the quarter, compared to analysts' expectations of $586.39 million. RingCentral's revenue for the quarter was up 9.9% on a year-over-year basis. During the same period in the previous year, the company earned ($0.03) earnings per share. On average, equities analysts anticipate that RingCentral, Inc. will post 0.63 earnings per share for the current fiscal year.
Insider Buying and Selling
In related news, CAO John H. Marlow sold 19,498 shares of the company's stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $32.52, for a total value of $634,074.96. Following the sale, the chief accounting officer now directly owns 391,542 shares of the company's stock, valued at $12,732,945.84. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CAO John H. Marlow sold 19,498 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $32.52, for a total value of $634,074.96. Following the sale, the chief accounting officer now directly owns 391,542 shares of the company's stock, valued at $12,732,945.84. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Vladimir Shmunis sold 62,244 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $32.51, for a total value of $2,023,552.44. Following the completion of the sale, the chief executive officer now directly owns 573,725 shares in the company, valued at $18,651,799.75. The disclosure for this sale can be found here. Insiders have sold a total of 103,824 shares of company stock valued at $3,380,044 over the last ninety days. Company insiders own 6.76% of the company's stock.
Analyst Upgrades and Downgrades
A number of analysts recently weighed in on RNG shares. Deutsche Bank Aktiengesellschaft boosted their target price on RingCentral from $42.00 to $45.00 and gave the stock a "buy" rating in a research report on Tuesday, August 6th. Rosenblatt Securities upgraded RingCentral from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $35.00 to $45.00 in a research report on Friday, August 2nd. Needham & Company LLC reiterated a "buy" rating and issued a $42.00 price objective on shares of RingCentral in a research report on Monday, August 5th. Northland Securities boosted their price objective on RingCentral from $43.00 to $50.00 and gave the company an "outperform" rating in a research report on Friday, August 2nd. Finally, Piper Sandler lowered their price objective on RingCentral from $32.00 to $31.00 and set a "neutral" rating for the company in a research report on Wednesday, July 10th. Eight analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $40.07.
Check Out Our Latest Research Report on RNG
About RingCentral
(
Free Report)
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.
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