Scientech Research LLC Takes $957,000 Position in RingCentral, Inc. (NYSE:RNG)

Scientech Research LLC bought a new position in shares of RingCentral, Inc. (NYSE:RNG - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 33,939 shares of the software maker's stock, valued at approximately $957,000.

Other hedge funds also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in RingCentral in the fourth quarter worth about $30,471,000. Capital World Investors raised its position in shares of RingCentral by 7.3% in the 1st quarter. Capital World Investors now owns 12,139,394 shares of the software maker's stock valued at $421,723,000 after purchasing an additional 825,156 shares during the last quarter. Vanguard Group Inc. raised its position in shares of RingCentral by 5.2% in the 1st quarter. Vanguard Group Inc. now owns 10,909,549 shares of the software maker's stock valued at $378,998,000 after purchasing an additional 538,325 shares during the last quarter. Pacer Advisors Inc. boosted its stake in RingCentral by 25.2% in the 2nd quarter. Pacer Advisors Inc. now owns 1,816,464 shares of the software maker's stock worth $51,224,000 after purchasing an additional 365,738 shares in the last quarter. Finally, First Trust Advisors LP grew its position in RingCentral by 15.9% during the 4th quarter. First Trust Advisors LP now owns 1,991,917 shares of the software maker's stock worth $67,626,000 after purchasing an additional 273,109 shares during the last quarter. 98.61% of the stock is owned by institutional investors and hedge funds.

RingCentral Trading Up 1.5 %

RNG traded up $0.47 on Friday, reaching $31.54. The stock had a trading volume of 908,049 shares, compared to its average volume of 1,401,699. The business's 50-day moving average price is $32.11 and its two-hundred day moving average price is $32.17. RingCentral, Inc. has a 12-month low of $25.08 and a 12-month high of $38.35. The company has a market cap of $2.90 billion, a P/E ratio of -21.17, a price-to-earnings-growth ratio of 2.38 and a beta of 1.03.

RingCentral (NYSE:RNG - Get Free Report) last released its quarterly earnings results on Thursday, August 1st. The software maker reported $0.91 earnings per share for the quarter, topping analysts' consensus estimates 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 previous year, the company posted ($0.03) EPS. The business's revenue for the quarter was up 9.9% compared to the same quarter last year. As a group, analysts predict that RingCentral, Inc. will post 0.63 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Robert W. Baird lifted their price objective on shares of RingCentral from $35.00 to $36.00 and gave the stock a "neutral" rating in a research note on Monday, August 5th. Northland Securities lifted their price target on RingCentral from $43.00 to $50.00 and gave the stock an "outperform" rating in a research report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft boosted their price target on RingCentral from $42.00 to $45.00 and gave the company a "buy" rating in a research note on Tuesday, August 6th. StockNews.com cut RingCentral from a "strong-buy" rating to a "buy" rating in a research note on Friday, September 6th. Finally, Piper Sandler dropped their target price on RingCentral from $32.00 to $31.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 10th. 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. According to MarketBeat.com, RingCentral presently has an average rating of "Moderate Buy" and an average target price of $40.07.

Insider Buying and Selling

In other RingCentral news, CAO John H. Marlow sold 19,498 shares of the stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $32.52, for a total transaction of $634,074.96. Following the transaction, 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 accessible through the SEC website. In related news, CFO Vaibhav Agarwal sold 1,985 shares of RingCentral stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $28.20, for a total value of $55,977.00. Following the sale, the chief financial officer now directly owns 156,799 shares in the company, valued at approximately $4,421,731.80. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO John H. Marlow sold 19,498 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $32.52, for a total value of $634,074.96. Following the transaction, the chief accounting officer now directly owns 391,542 shares of the company's stock, valued at approximately $12,732,945.84. The disclosure for this sale can be found here. In the last quarter, insiders sold 103,824 shares of company stock valued at $3,380,044. 6.76% of the stock is owned by corporate insiders.

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.