New Age Alpha Advisors LLC Takes Position in Ringcentral, Inc. (NYSE:RNG)

New Age Alpha Advisors LLC acquired a new stake in shares of Ringcentral, Inc. (NYSE:RNG) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 1,993 shares of the software maker’s stock, valued at approximately $49,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. PNC Financial Services Group Inc. lifted its position in shares of Ringcentral by 26.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,925 shares of the software maker’s stock valued at $72,000 after acquiring an additional 615 shares during the last quarter. Jupiter Asset Management Ltd. lifted its position in shares of Ringcentral by 29.0% during the 1st quarter. Jupiter Asset Management Ltd. now owns 1,365,724 shares of the software maker’s stock valued at $33,815,000 after acquiring an additional 306,971 shares during the last quarter. Bayforest Capital Ltd acquired a new stake in shares of Ringcentral during the 1st quarter valued at $145,000. XTX Topco Ltd lifted its holdings in shares of Ringcentral by 267.6% in the first quarter. XTX Topco Ltd now owns 43,795 shares of the software maker’s stock valued at $1,084,000 after purchasing an additional 31,881 shares in the last quarter. Finally, Federated Hermes Inc. lifted its holdings in shares of Ringcentral by 7.7% in the first quarter. Federated Hermes Inc. now owns 26,633 shares of the software maker’s stock valued at $659,000 after purchasing an additional 1,894 shares in the last quarter. Institutional investors and hedge funds own 98.61% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on RNG shares. Oppenheimer upgraded Ringcentral from a “market perform” rating to an “outperform” rating and set a $35.00 target price for the company in a report on Wednesday, August 6th. Needham & Company LLC started coverage on Ringcentral in a report on Friday, May 9th. They issued a “buy” rating and a $36.00 target price for the company. Morgan Stanley reduced their target price on Ringcentral from $40.00 to $29.00 and set an “equal weight” rating for the company in a report on Wednesday, April 16th. Raymond James Financial reduced their target price on Ringcentral from $40.00 to $35.00 and set an “outperform” rating for the company in a report on Friday, May 9th. Finally, Jefferies Financial Group reduced their target price on Ringcentral from $30.00 to $29.00 and set a “hold” rating for the company in a report on Wednesday, August 6th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $30.62.

Insider Activity

In other news, CFO Vaibhav Agarwal sold 14,969 shares of the firm’s stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $26.88, for a total value of $402,366.72. Following the sale, the chief financial officer directly owned 153,900 shares of the company’s stock, valued at approximately $4,136,832. This trade represents a 8.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Tarun Arora sold 7,776 shares of the firm’s stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $28.00, for a total value of $217,728.00. Following the completion of the sale, the chief accounting officer directly owned 114,497 shares in the company, valued at approximately $3,205,916. This represents a 6.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 244,647 shares of company stock valued at $6,531,804. Corporate insiders own 6.97% of the company’s stock.

Ringcentral Price Performance

Ringcentral stock opened at $27.08 on Tuesday. The company has a market capitalization of $2.44 billion, a price-to-earnings ratio of -193.41, a PEG ratio of 1.47 and a beta of 1.28. Ringcentral, Inc. has a one year low of $20.58 and a one year high of $42.19. The company’s fifty day moving average price is $27.29 and its two-hundred day moving average price is $27.54.

Ringcentral (NYSE:RNG) last posted its earnings results on Tuesday, August 5th. The software maker reported $1.06 EPS for the quarter, topping the consensus estimate of $1.02 by $0.04. The firm had revenue of $620.40 million for the quarter, compared to the consensus estimate of $617.90 million. Ringcentral had a negative net margin of 0.50% and a negative return on equity of 19.63%. The business’s quarterly revenue was up 4.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.91 earnings per share. As a group, sell-side analysts anticipate that Ringcentral, Inc. will post 1.29 earnings per share for the current year.

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.