American Century Companies Inc. Boosts Holdings in RingCentral, Inc. (NYSE:RNG)

American Century Companies Inc. raised its holdings in RingCentral, Inc. (NYSE:RNG) by 195.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 38,622 shares of the software maker’s stock after purchasing an additional 25,561 shares during the quarter. American Century Companies Inc.’s holdings in RingCentral were worth $1,089,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in RNG. Versant Capital Management Inc boosted its holdings in RingCentral by 138.3% in the second quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock valued at $32,000 after purchasing an additional 664 shares during the last quarter. Newbridge Financial Services Group Inc. boosted its holdings in RingCentral by 438.1% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 1,200 shares of the software maker’s stock valued at $41,000 after purchasing an additional 977 shares during the last quarter. Hexagon Capital Partners LLC boosted its holdings in RingCentral by 44.1% in the first quarter. Hexagon Capital Partners LLC now owns 1,340 shares of the software maker’s stock valued at $47,000 after purchasing an additional 410 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in RingCentral by 13.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 4,522 shares of the software maker’s stock valued at $154,000 after purchasing an additional 540 shares during the last quarter. Finally, Commonwealth Equity Services LLC boosted its holdings in RingCentral by 19.5% in the second quarter. Commonwealth Equity Services LLC now owns 8,378 shares of the software maker’s stock valued at $236,000 after purchasing an additional 1,366 shares during the last quarter. 98.61% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at RingCentral

In other RingCentral news, CEO Vladimir Shmunis sold 62,244 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $32.51, for a total value of $2,023,552.44. Following the completion of the sale, the chief executive officer now owns 573,725 shares in the company, valued at approximately $18,651,799.75. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CEO Vladimir Shmunis sold 62,244 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $32.51, for a total value of $2,023,552.44. Following the completion of the sale, the chief executive officer now owns 573,725 shares of the company’s stock, valued at approximately $18,651,799.75. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $33.45, for a total transaction of $331,589.85. Following the completion of the sale, the chief financial officer now directly owns 358,622 shares of the company’s stock, valued at approximately $11,995,905.90. The disclosure for this sale can be found here. In the last quarter, insiders sold 101,839 shares of company stock worth $3,324,067. Insiders own 6.76% of the company’s stock.

RingCentral Trading Up 0.3 %

RNG stock opened at $31.63 on Tuesday. The company has a market cap of $2.92 billion, a price-to-earnings ratio of -21.23, a PEG ratio of 2.38 and a beta of 1.03. RingCentral, Inc. has a 12 month low of $25.08 and a 12 month high of $38.35. The firm has a 50-day moving average of $32.09 and a two-hundred day moving average of $32.11.

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

Wall Street Analyst Weigh In

RNG has been the subject of a number of analyst reports. Northland Securities upped their price objective on shares of RingCentral from $43.00 to $50.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Rosenblatt Securities upgraded shares of RingCentral from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $35.00 to $45.00 in a research report on Friday, August 2nd. Robert W. Baird upped their price objective 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. Piper Sandler decreased their price objective on shares of RingCentral from $32.00 to $31.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. Finally, StockNews.com downgraded shares of RingCentral from a “strong-buy” rating to a “buy” rating in a research report on Friday, September 6th. Eight equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $40.07.

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.