Sovereign Financial Group Inc. Acquires 507 Shares of RingCentral, Inc. (NYSE:RNG)

Sovereign Financial Group Inc. grew its stake in RingCentral, Inc. (NYSE:RNG) by 6.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,927 shares of the software maker’s stock after purchasing an additional 507 shares during the period. Sovereign Financial Group Inc.’s holdings in RingCentral were worth $310,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently bought and sold shares of the company. GAMMA Investing LLC acquired a new stake in shares of RingCentral during the fourth quarter worth approximately $26,000. Hexagon Capital Partners LLC lifted its holdings in RingCentral by 116.8% during the 4th quarter. Hexagon Capital Partners LLC now owns 930 shares of the software maker’s stock worth $32,000 after buying an additional 501 shares in the last quarter. Tennessee Valley Asset Management Partners bought a new position in RingCentral in the 4th quarter valued at $33,000. Nisa Investment Advisors LLC increased its stake in shares of RingCentral by 100.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the software maker’s stock valued at $34,000 after buying an additional 500 shares during the period. Finally, Newbridge Financial Services Group Inc. raised its position in shares of RingCentral by 438.1% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 1,200 shares of the software maker’s stock worth $41,000 after acquiring an additional 977 shares during the last quarter. 98.61% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

RNG has been the subject of a number of research reports. StockNews.com upgraded RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Thursday, May 9th. Wells Fargo & Company dropped their price target on shares of RingCentral from $33.00 to $28.00 and set an “equal weight” rating for the company in a research note on Friday, June 21st. Wedbush reaffirmed a “neutral” rating and issued a $40.00 price objective on shares of RingCentral in a research note on Thursday, May 9th. Rosenblatt Securities reiterated a “neutral” rating and set a $35.00 target price on shares of RingCentral in a research report on Wednesday, May 1st. Finally, Morgan Stanley reduced their price target on RingCentral from $35.00 to $32.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 17th. Ten research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $39.00.

Insider Transactions at RingCentral

In other RingCentral news, CFO Vaibhav Agarwal sold 1,984 shares of RingCentral stock in a transaction on Monday, April 1st. The shares were sold at an average price of $34.55, for a total value of $68,547.20. Following the sale, the chief financial officer now directly owns 114,656 shares in the company, valued at approximately $3,961,364.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Sonalee Elizabeth Parekh sold 8,478 shares of the firm’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $34.85, for a total value of $295,458.30. Following the completion of the transaction, the chief financial officer now directly owns 388,919 shares of the company’s stock, valued at $13,553,827.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Vaibhav Agarwal sold 1,984 shares of the business’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $34.55, for a total transaction of $68,547.20. Following the transaction, the chief financial officer now owns 114,656 shares in the company, valued at $3,961,364.80. The disclosure for this sale can be found here. Insiders have sold a total of 21,868 shares of company stock valued at $774,736 over the last 90 days. 6.76% of the stock is owned by corporate insiders.

RingCentral Trading Up 3.0 %

RNG stock opened at $27.79 on Friday. The stock has a 50-day moving average price of $32.23 and a two-hundred day moving average price of $32.99. RingCentral, Inc. has a 1 year low of $25.08 and a 1 year high of $43.28.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Tuesday, May 7th. The software maker reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.01 by $0.05. The firm had revenue of $584.21 million for the quarter, compared to the consensus estimate of $577.81 million. As a group, equities research analysts forecast that RingCentral, Inc. will post 0.54 earnings per share for the current fiscal 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.