Wealthfront Advisers LLC bought a new stake in shares of RingCentral, Inc. (NYSE:RNG – Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 8,908 shares of the software maker’s stock, valued at approximately $312,000.
Several other institutional investors have also recently added to or reduced their stakes in RNG. Sovereign Financial Group Inc. grew its position in shares of RingCentral by 4.0% during the fourth quarter. Sovereign Financial Group Inc. now owns 10,079 shares of the software maker’s stock worth $353,000 after acquiring an additional 386 shares during the last quarter. Gagnon Securities LLC grew its position in shares of RingCentral by 5.6% during the fourth quarter. Gagnon Securities LLC now owns 7,703 shares of the software maker’s stock worth $270,000 after acquiring an additional 407 shares during the last quarter. KBC Group NV grew its position in shares of RingCentral by 38.9% during the third quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock worth $84,000 after acquiring an additional 744 shares during the last quarter. Private Advisor Group LLC grew its position in shares of RingCentral by 9.6% during the fourth quarter. Private Advisor Group LLC now owns 8,896 shares of the software maker’s stock worth $311,000 after acquiring an additional 777 shares during the last quarter. Finally, Quarry LP grew its position in shares of RingCentral by 106.7% during the third quarter. Quarry LP now owns 1,902 shares of the software maker’s stock worth $60,000 after acquiring an additional 982 shares during the last quarter. Institutional investors own 98.61% of the company’s stock.
RingCentral Trading Up 0.4 %
NYSE:RNG opened at $27.12 on Tuesday. RingCentral, Inc. has a twelve month low of $26.22 and a twelve month high of $42.19. The company has a 50-day moving average of $31.93 and a 200-day moving average of $33.64. The firm has a market cap of $2.46 billion, a price-to-earnings ratio of -42.37, a price-to-earnings-growth ratio of 1.27 and a beta of 1.20.
Analyst Upgrades and Downgrades
Several equities analysts have recently commented on the stock. Mizuho lowered their price target on shares of RingCentral from $42.00 to $36.00 and set a “neutral” rating for the company in a research report on Monday, February 10th. StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a report on Monday. Raymond James reduced their price objective on shares of RingCentral from $45.00 to $40.00 and set an “outperform” rating for the company in a report on Friday, February 21st. Morgan Stanley upped their price objective on shares of RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 18th. Finally, Robert W. Baird reduced their price objective on shares of RingCentral from $38.00 to $32.00 and set a “neutral” rating for the company in a report on Tuesday, February 25th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $37.69.
Check Out Our Latest Analysis on RNG
Insiders Place Their Bets
In other RingCentral news, CEO Vladimir Shmunis sold 66,112 shares of the firm’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $28.83, for a total value of $1,906,008.96. Following the completion of the transaction, the chief executive officer now directly owns 568,300 shares in the company, valued at $16,384,089. This trade represents a 10.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP John H. Marlow sold 35,089 shares of the firm’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $28.56, for a total transaction of $1,002,141.84. Following the completion of the transaction, the senior vice president now owns 313,510 shares of the company’s stock, valued at approximately $8,953,845.60. The trade was a 10.07 % 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 worth $7,099,279 over the last ninety days. 6.97% of the stock is currently owned by company insiders.
RingCentral Company 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.
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