Victory Capital Management Inc. Acquires 17,215 Shares of RingCentral, Inc. (NYSE:RNG)

Victory Capital Management Inc. lifted its holdings in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 14.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 133,515 shares of the software maker's stock after acquiring an additional 17,215 shares during the quarter. Victory Capital Management Inc. owned approximately 0.15% of RingCentral worth $4,223,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Versant Capital Management Inc boosted its position in RingCentral by 138.3% during the second quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker's stock worth $32,000 after purchasing an additional 664 shares during the period. 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. Central Pacific Bank Trust Division bought a new position in RingCentral in the 3rd quarter valued at about $121,000. Finally, CWM LLC lifted its position in RingCentral by 595.9% during the third quarter. CWM LLC now owns 4,746 shares of the software maker's stock worth $150,000 after acquiring an additional 4,064 shares during the last quarter. 98.61% of the stock is currently owned by institutional investors.

RingCentral Trading Up 5.9 %

NYSE RNG traded up $2.04 on Friday, hitting $36.91. 1,329,316 shares of the company's stock were exchanged, compared to its average volume of 1,308,540. The stock has a 50-day moving average of $33.47 and a 200-day moving average of $32.65. The stock has a market cap of $3.34 billion, a price-to-earnings ratio of -34.82, a P/E/G ratio of 2.21 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 quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, topping analysts' consensus estimates of $0.14 by $0.10. The company had revenue of $608.77 million during the quarter, compared to analysts' expectations 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, analysts predict that RingCentral, Inc. will post 0.84 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on RNG shares. Raymond James decreased their target price on RingCentral from $52.00 to $50.00 and set a "strong-buy" rating on the stock in a research report on Friday, November 8th. Piper Sandler increased their price objective on RingCentral from $31.00 to $38.00 and gave the stock a "neutral" rating in a research report on Friday, November 8th. Robert W. Baird lifted their target price on RingCentral from $36.00 to $38.00 and gave the stock a "neutral" rating in a report on Monday, November 11th. Rosenblatt Securities restated a "buy" rating and issued a $45.00 price target on shares of RingCentral in a research note on Friday, November 8th. Finally, Wedbush lifted their price objective on shares of RingCentral from $36.00 to $41.00 and gave the stock a "neutral" rating in a research note on Friday, November 8th. Eight investment analysts have rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, RingCentral currently has a consensus rating of "Moderate Buy" and an average target price of $40.73.

Insider Transactions at RingCentral

In related news, CFO Vaibhav Agarwal sold 2,178 shares of the company's stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $35.27, for a total transaction of $76,818.06. Following the completion of the transaction, the chief financial officer now directly owns 135,560 shares in the company, valued at $4,781,201.20. This represents a 1.58 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP John H. Marlow sold 23,284 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 transaction of $814,008.64. Following the completion of the sale, the senior vice president now owns 357,818 shares in the company, valued at $12,509,317.28. This represents a 6.11 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 104,082 shares of company stock valued at $3,632,417. 6.76% of the stock is currently owned by insiders.

About RingCentral

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.