Skandinaviska Enskilda Banken AB publ Makes New $675,000 Investment in RingCentral, Inc. (NYSE:RNG)

Skandinaviska Enskilda Banken AB publ bought a new position in RingCentral, Inc. (NYSE:RNG) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 22,000 shares of the software maker’s stock, valued at approximately $675,000.

Several other hedge funds also recently added to or reduced their stakes in the company. Vise Technologies Inc. purchased a new position in shares of RingCentral during the first quarter valued at approximately $294,000. Prescott Group Capital Management L.L.C. purchased a new position in RingCentral during the 1st quarter valued at $1,533,000. Pictet Asset Management SA grew its position in RingCentral by 25.7% in the 1st quarter. Pictet Asset Management SA now owns 4,602,025 shares of the software maker’s stock valued at $141,144,000 after acquiring an additional 940,926 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in RingCentral by 26.1% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 355,304 shares of the software maker’s stock worth $10,897,000 after purchasing an additional 73,516 shares during the period. Finally, Jupiter Asset Management Ltd. increased its stake in RingCentral by 10.1% in the first quarter. Jupiter Asset Management Ltd. now owns 58,609 shares of the software maker’s stock worth $1,797,000 after purchasing an additional 5,362 shares during the period. 84.48% of the stock is currently owned by institutional investors.

RingCentral Price Performance

Shares of RNG opened at $29.02 on Monday. RingCentral, Inc. has a 12-month low of $25.32 and a 12-month high of $49.32. The firm has a 50-day moving average price of $34.70 and a 200 day moving average price of $32.95.

RingCentral (NYSE:RNG) last announced its quarterly earnings results on Monday, August 7th. The software maker reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.04. The firm had revenue of $539.31 million for the quarter, compared to analyst estimates of $536.04 million. On average, sell-side analysts anticipate that RingCentral, Inc. will post -0.07 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have recently commented on RNG. Piper Sandler cut their price target on shares of RingCentral from $45.00 to $29.00 in a report on Wednesday, May 10th. Barclays dropped their price objective on RingCentral from $55.00 to $45.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 8th. The Goldman Sachs Group cut RingCentral from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $52.00 to $37.00 in a report on Thursday, May 11th. KeyCorp raised their target price on shares of RingCentral from $45.00 to $54.00 and gave the company an “overweight” rating in a research report on Friday, July 21st. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $52.00 price target on shares of RingCentral in a research report on Tuesday, August 8th. Ten equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $44.00.

Insider Transactions at RingCentral

In related news, CFO Vaibhav Agarwal sold 5,434 shares of the business’s stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $28.73, for a total value of $156,118.82. Following the sale, the chief financial officer now directly owns 108,370 shares in the company, valued at approximately $3,113,470.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CEO Vladimir Shmunis sold 59,299 shares of the firm’s stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $34.22, for a total transaction of $2,029,211.78. Following the completion of the transaction, the chief executive officer now directly owns 507,200 shares in the company, valued at $17,356,384. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Vaibhav Agarwal sold 5,434 shares of the business’s stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $28.73, for a total value of $156,118.82. Following the completion of the sale, the chief financial officer now owns 108,370 shares in the company, valued at approximately $3,113,470.10. The disclosure for this sale can be found here. In the last ninety days, insiders sold 164,415 shares of company stock worth $5,169,083. 6.49% of the stock is currently owned by company insiders.

About RingCentral

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.