Optimize Financial Inc Makes New $1.17 Million Investment in RingCentral, Inc. (NYSE:RNG)

Optimize Financial Inc purchased a new stake in shares of RingCentral, Inc. (NYSE:RNG - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 33,319 shares of the software maker's stock, valued at approximately $1,166,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Venturi Wealth Management LLC boosted its holdings in shares of RingCentral by 55.2% during the 4th quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker's stock valued at $101,000 after purchasing an additional 1,028 shares during the last quarter. KBC Group NV raised its position in shares of RingCentral by 30.8% in the 4th quarter. KBC Group NV now owns 3,478 shares of the software maker's stock valued at $122,000 after purchasing an additional 819 shares during the last quarter. Harvest Fund Management Co. Ltd purchased a new stake in RingCentral in the fourth quarter valued at approximately $173,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of RingCentral by 10.4% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker's stock valued at $176,000 after purchasing an additional 468 shares in the last quarter. Finally, Central Pacific Bank Trust Division increased its stake in shares of RingCentral by 31.1% during the fourth quarter. Central Pacific Bank Trust Division now owns 5,033 shares of the software maker's stock worth $176,000 after purchasing an additional 1,194 shares in the last quarter. 98.61% of the stock is owned by institutional investors.

Insider Buying and Selling at RingCentral

In related news, CEO Vladimir Shmunis sold 66,112 shares of the business's stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $28.83, for a total value of $1,906,008.96. Following the completion of the transaction, the chief executive officer now owns 568,300 shares of the company's stock, valued at $16,384,089. The trade was a 10.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP John H. Marlow sold 22,979 shares of the business's stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $28.82, for a total value of $662,254.78. Following the sale, the senior vice president now owns 348,599 shares in the company, valued at approximately $10,046,623.18. The trade was a 6.18 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 247,740 shares of company stock valued at $7,099,279 over the last ninety days. 6.97% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on RNG. Raymond James cut their target price on RingCentral from $45.00 to $40.00 and set an "outperform" rating on the stock in a research report on Friday, February 21st. Mizuho lowered their price target on RingCentral from $32.00 to $25.00 and set a "neutral" rating on the stock in a report on Tuesday. Piper Sandler decreased their price target on RingCentral from $38.00 to $31.00 and set a "neutral" rating on the stock in a research note on Friday, February 21st. UBS Group decreased their target price on RingCentral from $40.00 to $38.00 and set a "neutral" rating for the company in a research report on Friday, February 21st. Finally, Wells Fargo & Company reiterated an "underweight" rating and issued a $30.00 price target (down from $38.00) on shares of RingCentral in a research note on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat, RingCentral has an average rating of "Hold" and a consensus target price of $36.00.

RingCentral Price Performance

Shares of NYSE RNG traded up $0.21 during midday trading on Thursday, reaching $22.76. The company's stock had a trading volume of 804,131 shares, compared to its average volume of 1,331,212. The stock has a market capitalization of $2.07 billion, a P/E ratio of -35.57, a PEG ratio of 1.27 and a beta of 1.30. RingCentral, Inc. has a 12-month low of $20.59 and a 12-month high of $42.19. The firm has a 50 day moving average price of $27.42 and a 200-day moving average price of $32.69.

RingCentral (NYSE:RNG - Get Free Report) last posted its quarterly earnings results on Thursday, February 20th. The software maker reported $0.23 EPS for the quarter, missing analysts' consensus estimates of $0.96 by ($0.73). RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The firm had revenue of $614.51 million for the quarter, compared to the consensus estimate of $612.37 million. On average, equities analysts predict that RingCentral, Inc. will post 1.29 EPS for the current year.

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.