Simplicity Solutions LLC Increases Holdings in RingCentral, Inc. (NYSE:RNG)

Simplicity Solutions LLC boosted its position in shares of RingCentral, Inc. (NYSE:RNG) by 4.5% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,761 shares of the software maker’s stock after purchasing an additional 467 shares during the quarter. Simplicity Solutions LLC’s holdings in RingCentral were worth $365,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Sylebra Capital LLC purchased a new position in shares of RingCentral during the third quarter valued at $242,462,000. Ameriprise Financial Inc. increased its position in RingCentral by 515.7% during the 3rd quarter. Ameriprise Financial Inc. now owns 2,716,470 shares of the software maker’s stock valued at $80,489,000 after purchasing an additional 2,275,245 shares during the period. Norges Bank bought a new stake in shares of RingCentral in the 4th quarter valued at about $31,316,000. Sylebra Capital Ltd purchased a new stake in shares of RingCentral in the 1st quarter worth approximately $24,952,000. Finally, Renaissance Technologies LLC bought a new position in shares of RingCentral during the first quarter valued at approximately $83,500,000. 98.61% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. KeyCorp reduced their price objective on shares of RingCentral from $50.00 to $48.00 and set an “overweight” rating for the company in a research note on Wednesday, February 21st. Wedbush restated a “neutral” rating and set a $40.00 price objective on shares of RingCentral in a research note on Friday, February 16th. Mizuho cut their target price on RingCentral from $40.00 to $36.00 and set a “buy” rating on the stock in a research note on Wednesday, February 21st. Morgan Stanley decreased their price target on shares of RingCentral from $35.00 to $32.00 and set an “equal weight” rating for the company in a research report on Wednesday. Finally, Needham & Company LLC cut their price objective on shares of RingCentral from $46.00 to $42.00 and set a “buy” rating on the stock in a research report on Wednesday, February 21st. Eight research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, RingCentral has a consensus rating of “Moderate Buy” and an average price target of $38.56.

RingCentral Stock Up 0.4 %

Shares of RNG opened at $29.36 on Friday. The stock has a 50-day moving average of $33.10 and a two-hundred day moving average of $31.80. RingCentral, Inc. has a one year low of $25.08 and a one year high of $43.28.

RingCentral (NYSE:RNG) last issued its earnings results on Tuesday, February 20th. The software maker reported ($0.33) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.31). The company had revenue of $571.27 million during the quarter, compared to analysts’ expectations of $569.65 million. On average, equities analysts expect that RingCentral, Inc. will post 0.45 earnings per share for the current year.

Insider Transactions at RingCentral

In related news, CFO Vaibhav Agarwal sold 14,113 shares of the business’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $34.84, for a total transaction of $491,696.92. Following the completion of the transaction, the chief financial officer now directly owns 116,640 shares in the company, valued at $4,063,737.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Vaibhav Agarwal sold 14,113 shares of the firm’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $34.84, for a total transaction of $491,696.92. Following the sale, the chief financial officer now directly owns 116,640 shares of the company’s stock, valued at $4,063,737.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Kenneth A. Goldman sold 1,287 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $34.47, for a total value of $44,362.89. Following the completion of the transaction, the director now directly owns 23,688 shares of the company’s stock, valued at $816,525.36. The disclosure for this sale can be found here. Insiders have sold 23,608 shares of company stock worth $800,974 over the last 90 days. 6.76% of the stock is currently owned by company 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.