Caprock Group LLC Purchases New Position in Ringcentral, Inc. $RNG

Caprock Group LLC acquired a new stake in Ringcentral, Inc. (NYSE:RNG) in the third quarter, according to its most recent filing with the SEC. The fund acquired 31,539 shares of the software maker’s stock, valued at approximately $962,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Amalgamated Bank boosted its holdings in shares of Ringcentral by 6.9% in the third quarter. Amalgamated Bank now owns 6,512 shares of the software maker’s stock worth $185,000 after acquiring an additional 418 shares during the period. Global Retirement Partners LLC lifted its holdings in Ringcentral by 98.5% during the 3rd quarter. Global Retirement Partners LLC now owns 901 shares of the software maker’s stock worth $26,000 after purchasing an additional 447 shares in the last quarter. Jones Financial Companies Lllp boosted its stake in Ringcentral by 61.6% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,217 shares of the software maker’s stock worth $37,000 after purchasing an additional 464 shares during the period. California State Teachers Retirement System boosted its stake in Ringcentral by 0.8% in the 2nd quarter. California State Teachers Retirement System now owns 68,575 shares of the software maker’s stock worth $1,944,000 after purchasing an additional 524 shares during the period. Finally, KLP Kapitalforvaltning AS grew its holdings in Ringcentral by 4.6% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 15,800 shares of the software maker’s stock valued at $448,000 after buying an additional 700 shares in the last quarter. Institutional investors own 98.61% of the company’s stock.

Insider Buying and Selling at Ringcentral

In related news, CFO Vaibhav Agarwal sold 14,971 shares of Ringcentral stock in a transaction on Friday, November 21st. The shares were sold at an average price of $25.96, for a total value of $388,647.16. Following the transaction, the chief financial officer owned 165,593 shares in the company, valued at $4,298,794.28. This trade represents a 8.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Vladimir Shmunis sold 46,844 shares of the company’s stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $26.89, for a total transaction of $1,259,635.16. Following the sale, the chief executive officer owned 317,139 shares of the company’s stock, valued at approximately $8,527,867.71. The trade was a 12.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 114,956 shares of company stock valued at $3,139,914 over the last ninety days. Insiders own 7.30% of the company’s stock.

Ringcentral Trading Up 6.5%

RNG opened at $30.23 on Monday. The stock has a 50-day moving average price of $28.28 and a 200-day moving average price of $28.67. Ringcentral, Inc. has a 12-month low of $20.58 and a 12-month high of $35.25. The stock has a market capitalization of $2.62 billion, a P/E ratio of 215.96, a PEG ratio of 1.25 and a beta of 1.23.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on RNG shares. Morgan Stanley lowered their price target on shares of Ringcentral from $31.00 to $30.00 and set an “equal weight” rating on the stock in a report on Thursday, January 15th. Needham & Company LLC reissued a “buy” rating and issued a $36.00 price target on shares of Ringcentral in a report on Tuesday, November 4th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $32.00 price target on shares of Ringcentral in a report on Tuesday, November 4th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Ringcentral in a research report on Monday, December 29th. Finally, Zacks Research lowered Ringcentral from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 3rd. Four research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $31.46.

Ringcentral Company Profile

RingCentral, Inc is a leading provider of cloud-based business communications and collaboration solutions. The company’s flagship platform delivers unified communications as a service (UCaaS), integrating voice over IP (VoIP) phone systems, video conferencing, team messaging and SMS into a single, cloud-native application. In addition to its UCaaS offering, RingCentral provides contact center as a service (CCaaS) capabilities, enabling organizations to manage customer interactions across voice, email, chat and social channels from a centralized dashboard.

Founded in 1999 and headquartered in Belmont, California, RingCentral went public on the New York Stock Exchange under the ticker RNG in 2013.