Tennessee Valley Asset Management Partners Takes $33,000 Position in RingCentral, Inc. (NYSE:RNG)

Tennessee Valley Asset Management Partners acquired a new stake in shares of RingCentral, Inc. (NYSE:RNG) during the 4th quarter, HoldingsChannel.com reports. The firm acquired 972 shares of the software maker’s stock, valued at approximately $33,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Nisa Investment Advisors LLC raised its stake in RingCentral by 100.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the software maker’s stock valued at $34,000 after purchasing an additional 500 shares in the last quarter. Neo Ivy Capital Management bought a new position in RingCentral during the third quarter valued at $53,000. DekaBank Deutsche Girozentrale bought a new position in RingCentral during the third quarter valued at $92,000. IFP Advisors Inc increased its position in RingCentral by 36.1% during the third quarter. IFP Advisors Inc now owns 3,206 shares of the software maker’s stock valued at $95,000 after acquiring an additional 850 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its position in RingCentral by 60.4% during the third quarter. PNC Financial Services Group Inc. now owns 3,982 shares of the software maker’s stock valued at $118,000 after acquiring an additional 1,500 shares during the last quarter. Institutional investors own 98.61% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on RNG. Morgan Stanley cut their price objective on shares of RingCentral from $35.00 to $32.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 17th. Piper Sandler cut their price target on shares of RingCentral from $34.00 to $31.00 and set a “neutral” rating on the stock in a report on Wednesday, February 21st. The Goldman Sachs Group cut their price target on shares of RingCentral from $38.00 to $34.00 and set a “neutral” rating on the stock in a report on Wednesday, February 21st. Needham & Company LLC cut their price target on shares of RingCentral from $46.00 to $42.00 and set a “buy” rating on the stock in a report on Wednesday, February 21st. Finally, Wedbush restated a “neutral” rating and issued a $40.00 price target on shares of RingCentral in a report on Friday, February 16th. Eight research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, RingCentral has a consensus rating of “Moderate Buy” and an average target price of $38.56.

RingCentral Price Performance

NYSE:RNG opened at $30.54 on Wednesday. RingCentral, Inc. has a 1-year low of $25.08 and a 1-year high of $43.28. The company has a 50-day moving average of $33.02 and a 200 day moving average of $31.84. The firm has a market cap of $2.82 billion, a PE ratio of -17.45, a price-to-earnings-growth ratio of 3.12 and a beta of 0.92.

RingCentral (NYSE:RNG) last released its quarterly earnings results 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. Sell-side analysts anticipate that RingCentral, Inc. will post 0.45 EPS for the current fiscal year.

Insider Buying and Selling at RingCentral

In other RingCentral news, CFO Vaibhav Agarwal sold 6,224 shares of the stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $31.55, for a total transaction of $196,367.20. Following the completion of the sale, the chief financial officer now directly owns 130,753 shares of the company’s stock, valued at $4,125,257.15. The transaction 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 the 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 approximately $816,525.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Vaibhav Agarwal sold 6,224 shares of the stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $31.55, for a total transaction of $196,367.20. Following the completion of the transaction, the chief financial officer now directly owns 130,753 shares of the company’s stock, valued at $4,125,257.15. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 23,608 shares of company stock valued at $800,974. 6.76% of the stock is currently owned by 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.