Vinva Investment Management Ltd Raises Stock Holdings in RingCentral, Inc. (NYSE:RNG)

Vinva Investment Management Ltd boosted its holdings in shares of RingCentral, Inc. (NYSE:RNGFree Report) by 24.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,616 shares of the software maker’s stock after purchasing an additional 2,090 shares during the quarter. Vinva Investment Management Ltd’s holdings in RingCentral were worth $360,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of RNG. GAMMA Investing LLC purchased a new position in shares of RingCentral in the fourth quarter valued at approximately $26,000. Hexagon Capital Partners LLC lifted its position in shares of RingCentral by 116.8% in the fourth quarter. Hexagon Capital Partners LLC now owns 930 shares of the software maker’s stock valued at $32,000 after acquiring an additional 501 shares in the last quarter. Tennessee Valley Asset Management Partners purchased a new position in shares of RingCentral in the fourth quarter valued at approximately $33,000. Nisa Investment Advisors LLC lifted its position 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 valued at $34,000 after acquiring an additional 500 shares in the last quarter. Finally, Neo Ivy Capital Management purchased a new position in shares of RingCentral in the third quarter valued at approximately $53,000. Hedge funds and other institutional investors own 98.61% of the company’s stock.

Analyst Ratings Changes

RNG has been the topic of several research reports. Wells Fargo & Company raised their target price on RingCentral from $31.00 to $33.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 8th. The Goldman Sachs Group cut their price target on RingCentral from $38.00 to $34.00 and set a “neutral” rating for the company in a report on Wednesday, February 21st. StockNews.com raised RingCentral from a “buy” rating to a “strong-buy” rating in a report on Thursday, May 9th. Morgan Stanley cut their price target on RingCentral from $35.00 to $32.00 and set an “equal weight” rating for the company in a report on Wednesday, April 17th. Finally, Wedbush reaffirmed a “neutral” rating and issued a $40.00 price target on shares of RingCentral in a report on Thursday, May 9th. Ten equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $39.28.

View Our Latest Research Report on RingCentral

Insider Transactions at RingCentral

In other news, CFO Sonalee Elizabeth Parekh sold 8,478 shares of the firm’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $34.85, for a total transaction of $295,458.30. Following the completion of the transaction, the chief financial officer now directly owns 388,919 shares in the company, valued at $13,553,827.15. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, CFO Sonalee Elizabeth Parekh sold 8,478 shares of the firm’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $34.85, for a total transaction of $295,458.30. Following the completion of the transaction, the chief financial officer now directly owns 388,919 shares in the company, valued at $13,553,827.15. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Vaibhav Agarwal sold 14,113 shares of RingCentral stock in a transaction on Friday, March 15th. The shares were sold at an average price of $34.84, for a total value of $491,696.92. Following the completion of the transaction, the chief financial officer now owns 116,640 shares of the company’s stock, valued at $4,063,737.60. The disclosure for this sale can be found here. Insiders sold a total of 35,981 shares of company stock worth $1,266,432 over the last ninety days. Company insiders own 6.76% of the company’s stock.

RingCentral Stock Down 1.6 %

RNG stock opened at $34.29 on Friday. The business has a fifty day moving average of $33.09 and a two-hundred day moving average of $33.11. The stock has a market cap of $3.16 billion, a price-to-earnings ratio of -23.01, a price-to-earnings-growth ratio of 2.96 and a beta of 1.02. RingCentral, Inc. has a 52-week low of $25.08 and a 52-week high of $43.28.

RingCentral (NYSE:RNGGet Free Report) last released its quarterly earnings results on Tuesday, May 7th. The software maker reported $0.06 EPS for the quarter, topping the consensus estimate of $0.01 by $0.05. The firm had revenue of $584.21 million for the quarter, compared to analysts’ expectations of $577.81 million. As a group, sell-side analysts anticipate that RingCentral, Inc. will post 0.54 EPS for the current year.

RingCentral Company Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for RingCentral (NYSE:RNG)

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