GAMMA Investing LLC Takes $26,000 Position in RingCentral, Inc. (NYSE:RNG)

GAMMA Investing LLC purchased a new position in shares of RingCentral, Inc. (NYSE:RNG) during the fourth quarter, Holdings Channel reports. The firm purchased 761 shares of the software maker’s stock, valued at approximately $26,000.

A number of other hedge funds have also recently added to or reduced their stakes in RNG. Tennessee Valley Asset Management Partners acquired a new stake in RingCentral in the fourth quarter valued at about $33,000. Nisa Investment Advisors LLC lifted its holdings in shares of RingCentral by 100.0% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the software maker’s stock worth $34,000 after acquiring an additional 500 shares during the last quarter. Neo Ivy Capital Management acquired a new stake in shares of RingCentral in the 3rd quarter valued at approximately $53,000. DekaBank Deutsche Girozentrale bought a new stake in shares of RingCentral during the 3rd quarter valued at approximately $92,000. Finally, PNC Financial Services Group Inc. grew its holdings in shares of RingCentral by 60.4% during the 3rd quarter. PNC Financial Services Group Inc. now owns 3,982 shares of the software maker’s stock valued at $118,000 after purchasing an additional 1,500 shares during the last quarter. Institutional investors own 98.61% of the company’s stock.

RingCentral Stock Performance

Shares of RNG opened at $30.00 on Wednesday. The firm has a market cap of $2.77 billion, a PE ratio of -17.14, a price-to-earnings-growth ratio of 3.24 and a beta of 0.94. RingCentral, Inc. has a 52-week low of $25.08 and a 52-week high of $43.28. The business’s 50 day moving average price is $32.80 and its two-hundred day moving average price is $31.90.

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

Analyst Upgrades and Downgrades

RNG has been the topic of a number of research analyst reports. Wedbush restated a “neutral” rating and issued a $40.00 target price on shares of RingCentral in a research report on Friday, February 16th. Mizuho lowered their target price on RingCentral from $40.00 to $36.00 and set a “buy” rating for the company in a report on Wednesday, February 21st. Morgan Stanley cut their price target on RingCentral from $35.00 to $32.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 17th. Piper Sandler decreased their price target on shares of RingCentral from $34.00 to $31.00 and set a “neutral” rating for the company in a research report on Wednesday, February 21st. Finally, 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. Eight equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $38.56.

Insider Activity

In related news, CFO Vaibhav Agarwal sold 6,224 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $31.55, for a total transaction of $196,367.20. Following the transaction, the chief financial officer now directly owns 130,753 shares of the company’s stock, valued at approximately $4,125,257.15. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, Director Kenneth A. Goldman sold 1,287 shares of RingCentral stock in a transaction dated Thursday, March 7th. The shares were 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 filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Vaibhav Agarwal sold 6,224 shares of the company’s stock in a transaction dated Wednesday, February 21st. The stock was 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 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 a total of 23,608 shares of company stock worth $800,974 in the last three months. Company insiders own 6.76% of the company’s stock.

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.