RingCentral, Inc. (NYSE:RNG) Shares Acquired by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC increased its stake in shares of RingCentral, Inc. (NYSE:RNG) by 19.5% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 8,378 shares of the software maker’s stock after acquiring an additional 1,366 shares during the period. Commonwealth Equity Services LLC’s holdings in RingCentral were worth $236,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Panagora Asset Management Inc. acquired a new position in shares of RingCentral during the second quarter worth $1,859,000. Lecap Asset Management Ltd. boosted its position in RingCentral by 3.0% in the 2nd quarter. Lecap Asset Management Ltd. now owns 34,325 shares of the software maker’s stock valued at $968,000 after buying an additional 1,001 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of RingCentral during the second quarter valued at about $2,476,000. Wedge Capital Management L L P NC increased its position in shares of RingCentral by 14.4% during the second quarter. Wedge Capital Management L L P NC now owns 57,628 shares of the software maker’s stock worth $1,625,000 after acquiring an additional 7,251 shares during the last quarter. Finally, SG Americas Securities LLC lifted its stake in shares of RingCentral by 782.0% in the second quarter. SG Americas Securities LLC now owns 78,836 shares of the software maker’s stock worth $2,223,000 after acquiring an additional 69,898 shares in the last quarter. Hedge funds and other institutional investors own 98.61% of the company’s stock.

Wall Street Analysts Forecast Growth

RNG has been the subject of a number of recent analyst reports. Needham & Company LLC restated a “buy” rating and set a $42.00 price objective on shares of RingCentral in a research note on Monday, August 5th. StockNews.com cut shares of RingCentral from a “strong-buy” rating to a “buy” rating in a report on Friday, September 6th. Rosenblatt Securities upgraded shares of RingCentral from a “neutral” rating to a “buy” rating and increased their price objective for the company from $35.00 to $45.00 in a research note on Friday, August 2nd. Robert W. Baird boosted their target price on shares of RingCentral from $35.00 to $36.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. Finally, Piper Sandler reduced their price target on shares of RingCentral from $32.00 to $31.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. Eight analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $40.07.

Insider Buying and Selling at RingCentral

In related news, CFO Vaibhav Agarwal sold 1,985 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $28.20, for a total value of $55,977.00. Following the completion of the sale, the chief financial officer now owns 156,799 shares of the company’s stock, valued at $4,421,731.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CAO John H. Marlow sold 19,498 shares of the business’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $32.52, for a total value of $634,074.96. Following the sale, 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 Securities & Exchange Commission, which can be accessed through this link. Also, CFO Vaibhav Agarwal sold 1,985 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $28.20, for a total value of $55,977.00. Following the completion of the sale, the chief financial officer now owns 156,799 shares of the company’s stock, valued at approximately $4,421,731.80. The disclosure for this sale can be found here. Insiders have sold 103,824 shares of company stock valued at $3,380,044 in the last quarter. Corporate insiders own 6.76% of the company’s stock.

RingCentral Stock Performance

RingCentral stock opened at $30.26 on Thursday. RingCentral, Inc. has a one year low of $25.08 and a one year high of $38.35. The company has a 50-day simple moving average of $32.16 and a 200-day simple moving average of $32.24. The firm has a market capitalization of $2.78 billion, a P/E ratio of -20.31, a P/E/G ratio of 2.37 and a beta of 1.03.

RingCentral (NYSE:RNG) last posted its earnings results on Thursday, August 1st. The software maker reported $0.91 EPS for the quarter, topping the consensus estimate of $0.88 by $0.03. The firm had revenue of $592.91 million during the quarter, compared to the consensus estimate of $586.39 million. RingCentral’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter last year, the company posted ($0.03) EPS. As a group, sell-side analysts forecast that RingCentral, Inc. will post 0.63 earnings per share for the current year.

RingCentral 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.