RingCentral, Inc. (NYSE:RNG) Position Raised by Point72 Hong Kong Ltd

Point72 Hong Kong Ltd raised its stake in RingCentral, Inc. (NYSE:RNG) by 294.0% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 75,355 shares of the software maker’s stock after buying an additional 56,229 shares during the quarter. Point72 Hong Kong Ltd owned approximately 0.08% of RingCentral worth $2,125,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Cubist Systematic Strategies LLC raised its stake in shares of RingCentral by 130.1% during the second quarter. Cubist Systematic Strategies LLC now owns 414,347 shares of the software maker’s stock valued at $11,685,000 after purchasing an additional 234,238 shares in the last quarter. Point72 DIFC Ltd bought a new stake in shares of RingCentral during the second quarter valued at about $39,000. Xponance Inc. raised its stake in shares of RingCentral by 6.8% during the second quarter. Xponance Inc. now owns 11,122 shares of the software maker’s stock valued at $314,000 after purchasing an additional 704 shares in the last quarter. Magnetar Financial LLC bought a new stake in shares of RingCentral during the second quarter valued at about $460,000. Finally, Sei Investments Co. raised its stake in shares of RingCentral by 46.4% during the second quarter. Sei Investments Co. now owns 34,392 shares of the software maker’s stock valued at $970,000 after purchasing an additional 10,907 shares in the last quarter. 98.61% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on RNG. Rosenblatt Securities upgraded shares of RingCentral from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $35.00 to $45.00 in a research note on Friday, August 2nd. Robert W. Baird lifted their target price on RingCentral from $35.00 to $36.00 and gave the stock a “neutral” rating in a report on Monday, August 5th. StockNews.com lowered RingCentral from a “strong-buy” rating to a “buy” rating in a report on Friday, September 6th. Piper Sandler lowered their target price on RingCentral from $32.00 to $31.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. Finally, Northland Securities lifted their target price on RingCentral from $43.00 to $50.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Eight 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. Based on data from MarketBeat, RingCentral currently has a consensus rating of “Moderate Buy” and a consensus price target of $40.07.

RingCentral Trading Down 1.2 %

Shares of RNG opened at $30.26 on Thursday. The business’s 50-day moving average price is $32.16 and its 200 day moving average price is $32.24. The stock has a market capitalization of $2.79 billion, a P/E ratio of -20.31, a P/E/G ratio of 2.37 and a beta of 1.03. RingCentral, Inc. has a 1-year low of $25.08 and a 1-year high of $38.35.

RingCentral (NYSE:RNG) last issued its quarterly earnings results on Thursday, August 1st. The software maker reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The company had revenue of $592.91 million during the quarter, compared to analysts’ expectations of $586.39 million. The company’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.03) EPS. On average, research analysts predict that RingCentral, Inc. will post 0.63 earnings per share for the current year.

Insider Buying and Selling at RingCentral

In other RingCentral news, CFO Sonalee Elizabeth Parekh sold 9,913 shares of RingCentral stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $33.45, for a total transaction of $331,589.85. Following the transaction, the chief financial officer now owns 358,622 shares of the company’s stock, valued at approximately $11,995,905.90. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other RingCentral news, CAO John H. Marlow sold 19,498 shares of RingCentral stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $32.52, for a total transaction of $634,074.96. Following the transaction, the chief accounting officer now owns 391,542 shares of the company’s stock, valued at approximately $12,732,945.84. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Sonalee Elizabeth Parekh sold 9,913 shares of RingCentral stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $33.45, for a total value of $331,589.85. Following the transaction, the chief financial officer now directly owns 358,622 shares in the company, valued at approximately $11,995,905.90. The disclosure for this sale can be found here. Insiders have sold a total of 103,824 shares of company stock valued at $3,380,044 in the last 90 days. 6.76% of the stock is currently owned by corporate insiders.

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.