Truist Financial Corp Purchases New Position in RingCentral, Inc. (NYSE:RNG)

Truist Financial Corp purchased a new stake in RingCentral, Inc. (NYSE:RNG - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 31,120 shares of the software maker's stock, valued at approximately $878,000.

A number of other large investors have also recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in shares of RingCentral by 3.8% in the 4th quarter. Vanguard Group Inc. now owns 10,371,224 shares of the software maker's stock valued at $352,103,000 after purchasing an additional 382,343 shares during the last quarter. PNC Financial Services Group Inc. increased its stake 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 period. Newbridge Financial Services Group Inc. raised its position in RingCentral by 438.1% during 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. Alaska Permanent Fund Corp lifted its stake in shares of RingCentral by 6.5% in the 1st quarter. Alaska Permanent Fund Corp now owns 76,603 shares of the software maker's stock worth $2,661,000 after acquiring an additional 4,681 shares during the period. Finally, Sovereign Financial Group Inc. boosted its holdings in shares of RingCentral by 6.0% in the first quarter. Sovereign Financial Group Inc. now owns 8,927 shares of the software maker's stock valued at $310,000 after acquiring an additional 507 shares in the last quarter. Institutional investors and hedge funds own 98.61% of the company's stock.

Insider Activity

In related news, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the firm's stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $33.45, for a total transaction of $331,589.85. Following the sale, the chief financial officer now owns 358,622 shares in the company, valued at approximately $11,995,905.90. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Vladimir Shmunis sold 62,244 shares of the company's stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $32.51, for a total transaction of $2,023,552.44. Following the completion of the transaction, the chief executive officer now owns 573,725 shares of the company's stock, valued at $18,651,799.75. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $33.45, for a total transaction of $331,589.85. Following the transaction, the chief financial officer now owns 358,622 shares in the company, valued at approximately $11,995,905.90. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 103,824 shares of company stock valued at $3,386,396 over the last 90 days. Insiders own 6.76% of the company's stock.

RingCentral Stock Up 0.4 %

Shares of RingCentral stock traded up $0.13 during trading on Tuesday, hitting $32.84. 765,294 shares of the company were exchanged, compared to its average volume of 1,225,164. RingCentral, Inc. has a fifty-two week low of $25.08 and a fifty-two week high of $38.35. The firm has a 50 day moving average price of $31.47 and a 200 day moving average price of $31.81. The stock has a market capitalization of $3.02 billion, a price-to-earnings ratio of -23.13, a P/E/G ratio of 2.44 and a beta of 1.03.

RingCentral (NYSE:RNG - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $592.91 million during the quarter, compared to analysts' expectations of $586.39 million. The firm's revenue was up 9.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.03) earnings per share. Analysts predict that RingCentral, Inc. will post 0.63 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Robert W. Baird raised their price objective on shares of RingCentral from $35.00 to $36.00 and gave the company a "neutral" rating in a research report on Monday, August 5th. Deutsche Bank Aktiengesellschaft lifted 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. Northland Securities increased their price objective on RingCentral from $43.00 to $50.00 and gave the stock an "outperform" rating in a research report on Friday, August 2nd. Wells Fargo & Company boosted their target price on shares of RingCentral from $28.00 to $35.00 and gave the stock an "equal weight" rating in a research report on Friday, August 2nd. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $42.00 price target on shares of RingCentral in a report on Monday, August 5th. Eight equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $40.07.

RingCentral 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.