Mackenzie Financial Corp Purchases 18,491 Shares of RingCentral, Inc. (NYSE:RNG)

Mackenzie Financial Corp boosted its holdings in shares of RingCentral, Inc. (NYSE:RNG) by 32.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 75,114 shares of the software maker’s stock after acquiring an additional 18,491 shares during the period. Mackenzie Financial Corp owned about 0.08% of RingCentral worth $2,550,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Tennessee Valley Asset Management Partners bought a new position in shares of RingCentral during the fourth quarter valued at approximately $33,000. Nisa Investment Advisors LLC lifted its holdings in RingCentral by 100.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the software maker’s stock worth $34,000 after buying an additional 500 shares during the period. Neo Ivy Capital Management bought a new stake in RingCentral during the 3rd quarter valued at $53,000. DekaBank Deutsche Girozentrale purchased a new position in shares of RingCentral in the 3rd quarter valued at $92,000. Finally, IFP Advisors Inc raised its position in shares of RingCentral by 36.1% in the 3rd quarter. IFP Advisors Inc now owns 3,206 shares of the software maker’s stock worth $95,000 after acquiring an additional 850 shares in the last quarter. Hedge funds and other institutional investors own 98.61% of the company’s stock.

Insiders Place Their Bets

In other news, Director Kenneth A. Goldman sold 1,287 shares of the business’s stock in a transaction dated Thursday, March 7th. The stock was 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 owns 23,688 shares of the company’s stock, valued at approximately $816,525.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Kenneth A. Goldman sold 1,287 shares of RingCentral stock in a transaction that occurred on 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 transaction, the director now directly owns 23,688 shares in the company, valued at $816,525.36. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Vaibhav Agarwal sold 14,113 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $34.84, for a total value of $491,696.92. Following the completion of the sale, the chief financial officer now owns 116,640 shares in the company, valued at approximately $4,063,737.60. The disclosure for this sale can be found here. In the last three months, insiders have sold 23,608 shares of company stock valued at $800,974. Company insiders own 6.76% of the company’s stock.

RingCentral Stock Up 0.5 %

RingCentral stock opened at $29.51 on Tuesday. RingCentral, Inc. has a 52 week low of $25.08 and a 52 week high of $43.28. The stock has a 50-day moving average price of $33.04 and a 200 day moving average price of $31.84. The company has a market capitalization of $2.72 billion, a price-to-earnings ratio of -16.86, a price-to-earnings-growth ratio of 3.12 and a beta of 0.92.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Tuesday, February 20th. The software maker reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.31). The business had revenue of $571.27 million for the quarter, compared to analyst estimates of $569.65 million. Research analysts anticipate that RingCentral, Inc. will post 0.45 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have issued reports on RNG shares. Wedbush reiterated a “neutral” rating and issued a $40.00 target price on shares of RingCentral in a research note on Friday, February 16th. Needham & Company LLC reduced their price objective on shares of RingCentral from $46.00 to $42.00 and set a “buy” rating for the company in a research note on Wednesday, February 21st. Piper Sandler lowered their target price on shares of RingCentral from $34.00 to $31.00 and set a “neutral” rating for the company in a research note on Wednesday, February 21st. Wells Fargo & Company reduced their price target on RingCentral from $36.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 21st. Finally, Morgan Stanley lowered their price objective on RingCentral from $35.00 to $32.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 17th. Eight equities research 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 MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $38.56.

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.