California Public Employees Retirement System Grows Stock Position in RingCentral, Inc. (NYSE:RNG)

California Public Employees Retirement System grew its position in RingCentral, Inc. (NYSE:RNGFree Report) by 21.6% during the third quarter, Holdings Channel reports. The firm owned 150,454 shares of the software maker’s stock after acquiring an additional 26,773 shares during the period. California Public Employees Retirement System’s holdings in RingCentral were worth $4,458,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Sylebra Capital Ltd grew its holdings in RingCentral by 903.4% during the second quarter. Sylebra Capital Ltd now owns 8,163,680 shares of the software maker’s stock worth $267,197,000 after acquiring an additional 7,350,105 shares during the period. Renaissance Technologies LLC grew its holdings in RingCentral by 102.8% in the second quarter. Renaissance Technologies LLC now owns 1,857,600 shares of the software maker’s stock valued at $60,799,000 after purchasing an additional 941,700 shares during the period. Norges Bank acquired a new stake in RingCentral in the fourth quarter valued at approximately $31,316,000. Maple Rock Capital Partners Inc. purchased a new position in shares of RingCentral in the first quarter valued at approximately $13,986,000. Finally, Vanguard Group Inc. lifted its position in shares of RingCentral by 4.9% in the third quarter. Vanguard Group Inc. now owns 8,927,410 shares of the software maker’s stock valued at $356,739,000 after acquiring an additional 420,567 shares in the last quarter. 84.48% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

RNG has been the topic of several research reports. Piper Sandler raised their target price on RingCentral from $32.00 to $34.00 and gave the company a “neutral” rating in a research report on Friday, January 12th. Needham & Company LLC reiterated a “buy” rating and set a $46.00 price objective on shares of RingCentral in a research report on Tuesday, November 7th. William Blair reiterated an “outperform” rating on shares of RingCentral in a research report on Tuesday, November 7th. Jefferies Financial Group downgraded RingCentral from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $40.00 to $35.00 in a research report on Tuesday, December 12th. Finally, Rosenblatt Securities reiterated a “neutral” rating and set a $35.00 price objective on shares of RingCentral in a research report on Monday, December 4th. Ten analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $40.95.

View Our Latest Stock Report on RNG

Insider Activity

In other news, CAO John H. Marlow sold 17,159 shares of RingCentral stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $28.89, for a total value of $495,723.51. Following the completion of the sale, the chief accounting officer now directly owns 282,711 shares of the company’s stock, valued at $8,167,520.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Chairman Vladimir Shmunis sold 58,223 shares of the business’s stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $28.90, for a total transaction of $1,682,644.70. Following the completion of the transaction, the chairman now directly owns 371,751 shares of the company’s stock, valued at approximately $10,743,603.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO John H. Marlow sold 17,159 shares of the business’s stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $28.89, for a total value of $495,723.51. Following the transaction, the chief accounting officer now directly owns 282,711 shares of the company’s stock, valued at $8,167,520.79. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 127,344 shares of company stock valued at $3,733,591. 6.76% of the stock is currently owned by corporate insiders.

RingCentral Trading Down 4.7 %

Shares of NYSE RNG opened at $33.87 on Thursday. RingCentral, Inc. has a twelve month low of $25.08 and a twelve month high of $49.32. The stock has a fifty day simple moving average of $32.89 and a 200-day simple moving average of $31.66. The stock has a market capitalization of $3.18 billion, a PE ratio of -8.03, a PEG ratio of 44.08 and a beta of 0.97.

RingCentral (NYSE:RNGGet Free Report) last issued its quarterly earnings data on Monday, November 6th. The software maker reported ($0.16) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.08). The firm had revenue of $558.16 million during the quarter, compared to analyst estimates of $553.92 million. On average, equities analysts predict that RingCentral, Inc. will post -0.2 earnings per share for the current year.

RingCentral Company Profile

(Free Report)

RingCentral, Inc provides cloud communications, video meetings, collaboration, and contact center software-as-a-service solutions worldwide. The company's products include RingCentral Message Video Phone (MVP) 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 omni-channel and workforce engagement solution with integrated RingCentral MVP; and RingCentral Engage Digital, a digital customer engagement platform that allows enterprises to interact with their customers.

Further Reading

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Institutional Ownership by Quarter for RingCentral (NYSE:RNG)

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