Oak Thistle LLC Invests $543,000 in RingCentral, Inc. (NYSE:RNG)

Oak Thistle LLC purchased a new position in RingCentral, Inc. (NYSE:RNG - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm purchased 15,507 shares of the software maker's stock, valued at approximately $543,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Sovereign Financial Group Inc. grew its position in shares of RingCentral by 4.0% during the 4th quarter. Sovereign Financial Group Inc. now owns 10,079 shares of the software maker's stock worth $353,000 after buying an additional 386 shares during the period. Xponance Inc. grew its holdings in RingCentral by 6.8% during the second quarter. Xponance Inc. now owns 11,122 shares of the software maker's stock valued at $314,000 after purchasing an additional 704 shares during the period. KBC Group NV increased its stake in RingCentral by 38.9% in the third quarter. KBC Group NV now owns 2,659 shares of the software maker's stock valued at $84,000 after purchasing an additional 744 shares in the last quarter. Private Advisor Group LLC raised its holdings in RingCentral by 13.6% in the third quarter. Private Advisor Group LLC now owns 8,119 shares of the software maker's stock worth $257,000 after purchasing an additional 971 shares during the period. Finally, Quarry LP boosted its position in shares of RingCentral by 106.7% during the third quarter. Quarry LP now owns 1,902 shares of the software maker's stock worth $60,000 after purchasing an additional 982 shares in the last quarter. Institutional investors own 98.61% of the company's stock.

RingCentral Price Performance

RNG stock traded up $0.24 during midday trading on Friday, hitting $33.76. The company's stock had a trading volume of 727,921 shares, compared to its average volume of 1,258,566. The company's fifty day moving average price is $36.88 and its 200 day moving average price is $33.80. RingCentral, Inc. has a twelve month low of $26.98 and a twelve month high of $42.19. The stock has a market capitalization of $3.05 billion, a P/E ratio of -31.85, a PEG ratio of 1.36 and a beta of 0.99.

RingCentral (NYSE:RNG - Get Free Report) last released its earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.14 by $0.10. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. The business had revenue of $608.77 million for the quarter, compared to the consensus estimate of $601.91 million. Equities analysts expect that RingCentral, Inc. will post 0.84 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on RNG. Robert W. Baird upped their price objective on shares of RingCentral from $36.00 to $38.00 and gave the company a "neutral" rating in a research report on Monday, November 11th. Raymond James restated an "outperform" rating and issued a $45.00 price target (down from $50.00) on shares of RingCentral in a report on Friday, January 3rd. Wedbush lifted their price objective on RingCentral from $36.00 to $41.00 and gave the company a "neutral" rating in a report on Friday, November 8th. Piper Sandler increased their target price on RingCentral from $31.00 to $38.00 and gave the stock a "neutral" rating in a research note on Friday, November 8th. Finally, Morgan Stanley lifted their price target on shares of RingCentral from $38.00 to $40.00 and gave the company an "equal weight" rating in a research note on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $41.29.

Insider Activity

In other RingCentral news, CFO Vaibhav Agarwal sold 2,178 shares of the company's stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $35.27, for a total value of $76,818.06. Following the sale, the chief financial officer now owns 135,560 shares in the company, valued at $4,781,201.20. This represents a 1.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Vladimir Shmunis sold 66,451 shares of the firm's stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $34.96, for a total value of $2,323,126.96. Following the completion of the sale, the chief executive officer now directly owns 479,468 shares of the company's stock, valued at approximately $16,762,201.28. The trade was a 12.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 115,188 shares of company stock valued at $4,113,047. 6.97% of the stock is owned by company insiders.

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.