Algert Global LLC Raises Stock Holdings in RingCentral, Inc. (NYSE:RNG)

Algert Global LLC boosted its position in RingCentral, Inc. (NYSE:RNG - Free Report) by 428.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 175,735 shares of the software maker's stock after acquiring an additional 142,495 shares during the period. Algert Global LLC owned 0.19% of RingCentral worth $4,956,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in RNG. 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 in the last quarter. Point72 DIFC Ltd acquired a new stake in RingCentral in the 2nd quarter valued at approximately $39,000. Newbridge Financial Services Group Inc. raised 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 valued at $41,000 after buying an additional 977 shares during the last quarter. Hexagon Capital Partners LLC raised 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 valued at $47,000 after buying an additional 410 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised 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 valued at $154,000 after buying an additional 540 shares during the last quarter. Institutional investors own 98.61% of the company's stock.

RingCentral Price Performance

RNG traded up $0.09 during trading on Monday, hitting $31.63. The stock had a trading volume of 1,112,861 shares, compared to its average volume of 1,204,527. The company has a 50 day moving average price of $32.11 and a 200-day moving average price of $32.14. The firm has a market cap of $2.92 billion, a price-to-earnings ratio of -21.39, a P/E/G ratio of 2.38 and a beta of 1.03. RingCentral, Inc. has a one year low of $25.08 and a one year high of $38.35.

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 (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.03. The firm had revenue of $592.91 million during the quarter, compared to the consensus estimate of $586.39 million. The business's revenue for the quarter was up 9.9% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.03) earnings per share. As a group, sell-side analysts predict that RingCentral, Inc. will post 0.63 EPS for the current fiscal year.

Insider Buying and Selling at RingCentral

In related news, CAO John H. Marlow sold 19,498 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer now directly owns 391,542 shares in the company, valued at approximately $12,732,945.84. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Vladimir Shmunis sold 62,244 shares of RingCentral stock in a transaction on Wednesday, August 21st. The shares were 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 owns 573,725 shares of the company's stock, valued at approximately $18,651,799.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO John H. Marlow sold 19,498 shares of RingCentral 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 completion of the sale, 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. Insiders sold a total of 101,839 shares of company stock worth $3,324,067 over the last three months. Corporate insiders own 6.76% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Needham & Company LLC reissued a "buy" rating and issued a $42.00 target price on shares of RingCentral in a research report on Monday, August 5th. Rosenblatt Securities raised RingCentral from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $35.00 to $45.00 in a research report on Friday, August 2nd. StockNews.com lowered RingCentral from a "strong-buy" rating to a "buy" rating in a research report on Friday, September 6th. Northland Securities boosted 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. Finally, Wells Fargo & Company boosted their price target on RingCentral from $28.00 to $35.00 and gave the stock an "equal weight" rating in a research report on Friday, August 2nd. Eight analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $40.07.

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.