27,647 Shares in RingCentral, Inc. (NYSE:RNG) Bought by Summit Global Investments

Summit Global Investments acquired a new stake in RingCentral, Inc. (NYSE:RNG - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 27,647 shares of the software maker's stock, valued at approximately $968,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Hennessy Advisors Inc. purchased a new position in RingCentral during the 4th quarter valued at about $59,055,000. Valley Wealth Managers Inc. purchased a new position in shares of RingCentral in the fourth quarter valued at approximately $20,792,000. Algert Global LLC grew its holdings in shares of RingCentral by 80.8% in the third quarter. Algert Global LLC now owns 317,734 shares of the software maker's stock valued at $10,050,000 after purchasing an additional 141,999 shares in the last quarter. Fort Washington Investment Advisors Inc. OH grew its holdings in shares of RingCentral by 32.5% in the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 550,304 shares of the software maker's stock valued at $19,266,000 after purchasing an additional 134,928 shares in the last quarter. Finally, Great Lakes Advisors LLC purchased a new stake in RingCentral during the 4th quarter worth approximately $4,340,000. Hedge funds and other institutional investors own 98.61% of the company's stock.

RingCentral Stock Down 1.0 %

RingCentral stock traded down $0.29 during mid-day trading on Thursday, hitting $27.28. The company had a trading volume of 811,699 shares, compared to its average volume of 1,262,279. RingCentral, Inc. has a 1 year low of $26.22 and a 1 year high of $42.19. The business has a fifty day moving average of $31.11 and a 200 day moving average of $33.44. The stock has a market cap of $2.47 billion, a price-to-earnings ratio of -42.62, a PEG ratio of 1.27 and a beta of 1.20.

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RingCentral (NYSE:RNG - Get Free Report) last posted its 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 company had revenue of $614.51 million during the quarter, compared to analysts' expectations of $612.37 million. Equities analysts anticipate that RingCentral, Inc. will post 1.29 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have commented on RNG. Raymond James dropped their price target on shares of RingCentral from $45.00 to $40.00 and set an "outperform" rating for the company in a research note on Friday, February 21st. Rosenblatt Securities lowered their target price on RingCentral from $45.00 to $40.00 and set a "buy" rating for the company in a research note on Friday, February 21st. Needham & Company LLC cut their price target on RingCentral from $42.00 to $36.00 and set a "buy" rating on the stock in a report on Friday, February 21st. Piper Sandler decreased their price objective on RingCentral from $38.00 to $31.00 and set a "neutral" rating for the company in a research note on Friday, February 21st. Finally, Robert W. Baird cut their target price on shares of RingCentral from $38.00 to $32.00 and set a "neutral" rating on the stock in a research note on Tuesday, February 25th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, RingCentral has a consensus rating of "Hold" and a consensus price target of $37.69.

Insider Activity at RingCentral

In other RingCentral news, SVP John H. Marlow sold 22,979 shares of the business's stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $28.82, for a total value of $662,254.78. Following the completion of 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Vladimir Shmunis sold 123,560 shares of the firm's stock in a transaction on Monday, February 24th. The stock was sold at an average price of $28.56, for a total transaction of $3,528,873.60. Following the transaction, the chief executive officer now directly owns 444,740 shares in the company, valued at $12,701,774.40. The trade was a 21.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 247,740 shares of company stock valued at $7,099,279 in the last three months. 6.97% 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.