Hexagon Capital Partners LLC Boosts Stake in RingCentral, Inc. (NYSE:RNG)

Hexagon Capital Partners LLC increased its holdings in shares of RingCentral, Inc. (NYSE:RNGFree Report) by 116.8% during the fourth quarter, HoldingsChannel reports. The fund owned 930 shares of the software maker’s stock after buying an additional 501 shares during the period. Hexagon Capital Partners LLC’s holdings in RingCentral were worth $32,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the business. Intellectus Partners LLC grew its holdings in shares of RingCentral by 4.3% in the 4th quarter. Intellectus Partners LLC now owns 8,550 shares of the software maker’s stock worth $290,000 after acquiring an additional 350 shares during the period. Bailard Inc. grew its stake in RingCentral by 138.3% in the 4th quarter. Bailard Inc. now owns 19,032 shares of the software maker’s stock valued at $646,000 after acquiring an additional 11,045 shares during the last quarter. Alaska Permanent Fund Corp raised its position in RingCentral by 1.6% during the fourth quarter. Alaska Permanent Fund Corp now owns 71,922 shares of the software maker’s stock worth $2,442,000 after acquiring an additional 1,122 shares during the last quarter. GAMMA Investing LLC purchased a new stake in shares of RingCentral in the fourth quarter valued at about $26,000. Finally, New York State Common Retirement Fund grew its position in shares of RingCentral by 1.2% in the fourth quarter. New York State Common Retirement Fund now owns 313,616 shares of the software maker’s stock valued at $10,647,000 after purchasing an additional 3,852 shares during the last quarter. Hedge funds and other institutional investors own 98.61% of the company’s stock.

Analyst Upgrades and Downgrades

RNG has been the subject of several recent research reports. Piper Sandler dropped their price target on RingCentral from $34.00 to $31.00 and set a “neutral” rating for the company in a research report on Wednesday, February 21st. KeyCorp cut their target price 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. Morgan Stanley decreased their price target on shares of RingCentral from $35.00 to $32.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 17th. The Goldman Sachs Group lowered their price target on shares of RingCentral from $38.00 to $34.00 and set a “neutral” rating for the company in a report on Wednesday, February 21st. Finally, Wells Fargo & Company reduced their price objective on shares of RingCentral from $36.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 21st. Eight analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $38.56.

Check Out Our Latest Research Report on RNG

RingCentral Stock Performance

NYSE:RNG opened at $30.48 on Friday. RingCentral, Inc. has a twelve month low of $25.08 and a twelve month high of $43.28. The firm’s fifty day simple moving average is $32.87 and its 200 day simple moving average is $31.84.

RingCentral (NYSE:RNGGet Free Report) last issued its earnings results on Tuesday, February 20th. The software maker reported ($0.33) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.31). The firm had revenue of $571.27 million during the quarter, compared to the consensus estimate of $569.65 million. Sell-side analysts anticipate that RingCentral, Inc. will post 0.45 earnings per share for the current year.

Insider Buying and Selling at RingCentral

In other news, Director Kenneth A. Goldman sold 1,287 shares of the business’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $34.47, for a total transaction of $44,362.89. Following the transaction, the director now directly owns 23,688 shares of the company’s stock, valued at $816,525.36. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Kenneth A. Goldman sold 1,287 shares of the firm’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $34.47, for a total transaction of $44,362.89. Following the completion of the sale, the director now directly owns 23,688 shares in the company, valued at $816,525.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Vaibhav Agarwal sold 6,224 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $31.55, for a total value of $196,367.20. Following the completion of the transaction, the chief financial officer now owns 130,753 shares in the company, valued at approximately $4,125,257.15. The disclosure for this sale can be found here. Insiders sold 23,608 shares of company stock valued at $800,974 over the last 90 days. 6.76% of the stock is owned by corporate insiders.

RingCentral Company Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for RingCentral (NYSE:RNG)

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