Pacer Advisors Inc. Buys 822,892 Shares of RingCentral, Inc. (NYSE:RNG)

Pacer Advisors Inc. increased its holdings in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 45.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,639,356 shares of the software maker's stock after acquiring an additional 822,892 shares during the quarter. Pacer Advisors Inc. owned about 2.87% of RingCentral worth $83,483,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the business. Versant Capital Management Inc increased its holdings in shares of RingCentral by 138.3% in the second 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 during the last quarter. Point72 DIFC Ltd bought a new stake in shares of RingCentral during the 2nd quarter worth about $39,000. Venturi Wealth Management LLC grew its stake in RingCentral by 150.4% in the 3rd quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker's stock valued at $59,000 after buying an additional 1,119 shares during the last quarter. KBC Group NV raised its holdings in RingCentral by 38.9% in the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker's stock valued at $84,000 after acquiring an additional 744 shares during the period. Finally, Central Pacific Bank Trust Division acquired a new stake in RingCentral during the third quarter worth approximately $121,000. Institutional investors own 98.61% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Wells Fargo & Company upped their target price on RingCentral from $28.00 to $35.00 and gave the company an "equal weight" rating in a research report on Friday, August 2nd. StockNews.com raised RingCentral from a "buy" rating to a "strong-buy" rating in a report on Monday, November 11th. Deutsche Bank Aktiengesellschaft upped their price target on shares of RingCentral from $42.00 to $45.00 and gave the company a "buy" rating in a research note on Tuesday, August 6th. Northland Securities lifted their price objective on shares of RingCentral from $43.00 to $50.00 and gave the stock an "outperform" rating in a research note on Friday, August 2nd. Finally, Piper Sandler boosted their price objective on shares of RingCentral from $31.00 to $38.00 and gave the company a "neutral" rating in a report on Friday, November 8th. Eight investment analysts have rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $40.73.

RingCentral Trading Up 5.9 %

NYSE:RNG traded up $2.04 on Friday, hitting $36.91. The company had a trading volume of 1,282,240 shares, compared to its average volume of 1,222,489. The firm has a 50 day moving average of $33.32 and a two-hundred day moving average of $32.59. The stock has a market capitalization of $3.34 billion, a price-to-earnings ratio of -34.82, a PEG ratio of 2.26 and a beta of 0.99. RingCentral, Inc. has a 52 week low of $26.98 and a 52 week high of $40.98.

RingCentral (NYSE:RNG - Get Free Report) last posted its earnings results on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, beating the consensus estimate of $0.14 by $0.10. The firm had revenue of $608.77 million during the quarter, compared to the consensus estimate of $601.91 million. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. As a group, equities analysts forecast that RingCentral, Inc. will post 0.84 EPS for the current year.

Insider Buying and Selling at RingCentral

In other news, CFO Vaibhav Agarwal sold 1,985 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $31.40, for a total value of $62,329.00. Following the completion of the sale, the chief financial officer now owns 135,560 shares of the company's stock, valued at approximately $4,256,584. This represents a 1.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP John H. Marlow sold 23,284 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $34.96, for a total transaction of $814,008.64. Following the sale, the senior vice president now owns 357,818 shares of the company's stock, valued at approximately $12,509,317.28. This trade represents a 6.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 104,082 shares of company stock worth $3,632,417. 6.76% of the stock is currently 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.